Japan sold ¥11.73 trillion ($73.4 billion) of foreign assets through late May to finance yen-buying interventions, contributing to a record $75.6 billion monthly decline in its foreign securities holdings. Total foreign reserves fell $77.1 billion, or 5.6%, to $1.306 trillion, while foreign securities in the portfolio dropped to $931.7 billion. Japan remains the largest foreign holder of US Treasuries, with estimated holdings of $1.1 trillion to $1.24 trillion; analysts estimate that about 70% of its reserves are invested in US government debt. The yen’s slide toward 40-year lows against the dollar prompted action by Japanese authorities. In late July and early August, Tokyo and Washington carried out their first coordinated yen-buying intervention since 2011, with a comparable joint operation otherwise dating to the late 1990s. Japan also used the Federal Reserve’s FIMA repo facility (a dollar-liquidity program for foreign central banks), allowing it to pledge Treasury collateral for dollars without selling bonds directly in the open market.