BREAKING: Japanese investors sold -$29.6 billion in US Treasuries, agency, and local authority debt in Q1 2026, the largest quarterly sale since Q2 2022.
This marks the first quarterly outflow since Q4 2024 and follows 11 quarters of purchases of the last 12.
Agency debt… pic.twitter.com/VslFdhMG8Z
— The Kobeissi Letter (@KobeissiLetter) May 17, 2026
This last chart is terrifying. Sulphur is a key ingredient in fertilizer and apparently the world gets 40% of it through the Straight to Hell of Hormuz