The Japanese government pension investment fund increased its holdings of U.S. Treasury bonds to a ten-year high.

Jin10 data, July 10 - With the pump of the USD/JPY and the rise in U.S. yields enhancing the attractiveness of U.S. Treasuries, Japan’s $1.7 trillion Government Pension Investment Fund (GPIF) has increased its investment in U.S. Treasuries to the highest level in a decade. As of March, 51.8% of the foreign bonds held by the GPIF were U.S. Treasuries, the highest level since data has been available in 2015. The proportion of such debt held by the fund is higher than the 49.4% a year ago. In the fiscal year ending March 31, the USD/JPY exchange rate surged to nearly a 40-year high, driven by the significant spread between the two major economies, further enhancing the returns on U.S. assets.