Foreign holdings of US Treasuries fell by $72 billion in June to $9.30 trillion, the lowest level since January and the third monthly decline in four months, bringing the cumulative reduction to $190 billion. Foreign private-sector net purchases of Treasury notes and bonds fell to $16.6 billion, the weakest monthly reading since January, while official investors sold nearly $10 billion. Japan, the largest foreign holder, reduced its position by about $26 billion to $1.116 trillion; China cut holdings by roughly $25.9 billion to $633.4 billion, and the United Kingdom reduced its position by about $8.7 billion to $939.9 billion. The decline coincided with long-dated US yields near two-decade highs, federal debt at roughly 120% of gross domestic product and heavy expected issuance. However, foreign investors bought a record $181.4 billion of US equities in June, suggesting a rotation within US assets rather than a wholesale retreat.