The Analysis Of Changes And Factors Of U.S. Treasury Holdings By Japan

The development of the U.S. Treasury market began in 1800, the main participants are local investors and institutions. U.S. Treasury Department in 1962 after World War II first began issuing treasury bonds to foreign public bodies. As the world's top economic power, the U.S. economy is relatively healthy, relatively stable economic development, making its debt with a lower risk, strong liquidity, higher yields and so on. Therefore, many economically developed countries in their handling of a large number of foreign exchange reserves, have chosen to purchase U.S. Treasury bonds so that increasing the value of foreign exchange reserves.Opening up after World WarⅡU.S. Treasury bonds for nearly 50 years, the United Kingdom, Japan, and China are the major foreign holders of U.S. Treasury bonds. These three countries are the world after World WarⅡeconomic development in countries with higher contribution, but also the U.S. Treasury market opening up an important participant. In the experience of the sub-prime crisis, the continued large holdings of U.S. treasuries, on the continuing national debate. Taking Japan as the main object of study, analysis of its U.S. debt holdings and the reasons for the change, after the countries on the issue of government bonds held by the United States has a reference.The 20th century, late 80s, Japan began to buy large amounts of U.S. Treasuries, after 10 years of development, Japan became the biggest U.S. creditor.2004-2006, the Japanese holdings of U.S. treasuries negative growth in 2008 exceeded by China, the United States has the second largest creditor.Japanese holdings of U.S. treasuries features mainly in the following three aspects. First, the US-Japan relations. Relations with the United States is largely affected the Japanese holdings of U.S. treasuries. Second, Sino-Japanese relations. This year due to China's rapid economic development, Japan's trade with China increased gradually, buying bonds and direct investment in China will affect the Japanese holdings of U.S. treasuries. Third, the U.S. economic hegemony. Although in this few years, several Japanese holdings of U.S. Treasury bonds, but because of the yen severely controlled by the U.S., Japan had to continue to holdings of U.S. Treasury bonds. For more features, you can change the Japanese holdings of U.S. treasuries attributed the political and economic aspects. Politically controlled by the United States, mainly for economic reasons include increasing the value of large numbers of foreign exchange reserves, exchange rate stability control and the substitution effect of China's economic takeoff.At present, China replaced Japan as the largest creditor, and its holdings of U.S. treasuries and the development of Japan has more similarities. Chinese holdings of U.S. treasuries by the development of the research, summed up the three factors affecting the changes in the foreign exchange reserves, exchange rates and income. Japanese holdings of U.S. treasuries for the problems, China should keep the dollar resulted in substantial foreign exchange reserves diminished vigilance. Meanwhile, foreign exchange reserves should be taken to promote investment diversification and globalization of the RMB way to make internationalization of the RMB, the U.S. dollar against the yuan out of control, the economic initiative in their own hands.In this paper, by comparing the analysis, the main focus of the study is of Japanese holdings of U.S. treasuries change factors. Structural arrangements, the first analysis of the theory of buying foreign bonds. Second, the study of the United States opening up the development process. Again, compare the Chinese and Japanese holdings of U.S. Treasury bonds change, and analyze why. Finally, sum up experience and lessons of Japanese holdings of U.S. Treasury bonds on issue of China put forward specific proposals on the measures.