In May 2025, Japanese investors purchased over $20 billion in U.S. sovereign bonds, marking the highest level of Japanese buying since August 2024. This surge reflects increased interest in U.S. debt, with Japan’s Government Pension Investment Fund (GPIF) raising its holdings of U.S. Treasuries to the highest level in a decade. Over the past 28 years, the 11 largest Asian countries have accumulated $4.7 trillion in U.S. stocks and bonds, contributing to total Asian investments in the U.S. reaching $7.5 trillion. Separately, foreign ownership of New Zealand government bonds increased to 62.7% in June 2025, up from 61.9% the previous year, indicating a notable rise in non-resident bond holdings in New Zealand.