Foreign holdings of U.S. Treasuries fell by $139 billion in March to $9.35 trillion, the largest monthly decline since September 2022. Japan, identified in the source as the biggest foreign holder, reduced its stockpile by $48 billion to $1.19 trillion. U.S. Treasuries are government debt securities widely used as reserve assets and benchmarks for global markets, so shifts in foreign demand can affect liquidity, yields, and broader financial conditions. The source does not provide additional reasons beyond the partial statement shown.