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Breadcrumb Trail Links (/) Home  (/category/investing/) Investor    (mailto:?Subject=I%20saw%20this%20on%20Financial%20Post&Body=https%3A//financialpost.com/investing/china-japan-pull-back-treasuries) (Share via email)   (https://www.reddit.com/submit?kind=link&url=https%3A//financialpost.com/investing/china-japan-pull-back-treasuries&title=) (Share on Reddit in new tab) (Reddit)   (https://twitter.com/intent/tweet?url=https%3A//financialpost.com/investing/china-japan-pull-back-treasuries&text=Financial%20Post&via=) (Share on X in new tab) (X)   (https://www.linkedin.com/sharing/share-offsite/?url=https%3A//financialpost.com/investing/china-japan-pull-back-treasuries) (Share on LinkedIn) (Share on Linkedin)   (Open more share options)   (Close)  Share this Story : Financial Post  (https://financialpost.com/investing/china-japan-pull-back-treasuries)               Copy Link   (mailto:?Subject=I%20saw%20this%20on%20Financial%20Post&Body=https%3A//financialpost.com/investing/china-japan-pull-back-treasuries) (Share via email) Email   (https://twitter.com/intent/tweet?url=https%3A//financialpost.com/investing/china-japan-pull-back-treasuries&text=Financial%20Post&via=) (Share on X in new tab) X   (https://www.reddit.com/submit?kind=link&url=https%3A//financialpost.com/investing/china-japan-pull-back-treasuries&title=Financial%20Post) (Share on Reddit in new tab) Reddit   (https://pinterest.com/pin/create/button/?url=https://financialpost.com/investing/china-japan-pull-back-treasuries&media=https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2026/10/ray-dalio-gs1006.jpg) (Share on Pinterest in new tab) Pinterest   (https://www.linkedin.com/sharing/share-offsite/?url=https://financialpost.com/investing/china-japan-pull-back-treasuries) (Share on LinkedIn in new tab) LinkedIn   (https://www.tumblr.com/widgets/share/tool?canonicalUrl=https://financialpost.com/investing/china-japan-pull-back-treasuries&title=Financial%20Post) (Share on Tumblr in new tab) Tumblr        China, Japan may pull back from Treasuries, warns billionaire investor Ray Dalio The U.S. relies on foreign capital for about a third of its debt Author of the article: (Bloomberg News) Bloomberg News David Ramli, Ruth Carson and Haslinda Amin   Published Oct 06, 2026 Last updated 4 hours ago 3 minute read    Join the conversation          (Ray Dalio)  Ray Dalio, billionaire and founder of Bridgewater Associates LP, speaks during an interview at the World Economic Forum in Davos, Switzerland, last year. Dalio told Bloomberg that China and Japan don't want to keep accumulating U.S. debt in the form of Treasuries. Photo by Chris Ratcliffe /Bloomberg      Article content (https://financialpost.com/tag/billionaire/) Billionaire Ray Dalio warned that the (https://financialpost.com/tag/treasuries/) Treasury market is vulnerable to a pullback of demand from (https://financialpost.com/tag/china/) China and (https://financialpost.com/tag/japan) Japan , two of the United States’s largest foreign creditors, highlighting a potential pain point for a sector that has endured wild swings this year.   (Financial Post) THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others. Daily content from Financial Times, the world's leading global business publication. 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(/activate/) Activate your Online Access Now      Article content The U.S. relies on foreign capital for about a third of its debt, and a lot of that is coming from Japan and China, Dalio, the founder of Bridgewater Associates LP, said on Bloomberg Television in Singapore on Tuesday.   Article content (Loading...)  We apologize, but this video has failed to load. Try refreshing your browser, or(Video Centre) (/video-centre/) tap here to see other videos from our team .    Back to video          (Close sticky video)         Article content    Advertisement 1  Story continues below   This advertisement has not loaded yet, but your article continues below.        Article content “The Chinese don’t want to continue to accumulate — there are geopolitical issues as well as economic issues,” he said. “When you have a debtor-creditor relationship and you have an adversary relationship, that’s a very difficult dynamic.”   Article content (FP Investor Banner)  Investor Canada's best source for investing news, analysis and insight.   (iQusSDSGT2sv5NYfLJehKYtdpu9w5d3ayiegWLPkbmcadlDBbBJYg6c4ZyoCnCJ4) (youremail@email.com) There was an error, please provide a valid email address.    Sign Up  By signing up you consent to receive the above newsletter from Postmedia Network Inc.  Thanks for signing up! A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Investor will soon be in your inbox.  We encountered an issue signing you up. Please try again  Interested in more newsletters? (/newsletters) Browse here.        Article content He added that Japan has lent “a lot of money” that the country now wants to take back.   Article content His comments came after U.S. Treasury Secretary (https://financialpost.com/tag/scott-bessent/) Scott Bessent tried to reassure investors that a mix of economic growth and spending restraints will “very quickly” start to alter the path of U.S. government borrowing. Bessent, speaking at a fireside chat in Pennsylvania on Monday night, said the government would start “bending the curve.”   Article content Dalio’s remarks suggest the Treasury Secretary has a long way to go to convince some investors. The Bridgewater founder repeated his warning that the U.S. faces a potential debt crisis within three years, arguing that some borrowers are already starting to feel the squeeze.   Article content Bonds have extended their months-long slide this week. Yields on 10-year U.S. Treasuries are trading at around 5.3 per cent, hovering at levels last seen in 2002. Global bonds have lost three per cent this year, according to data compiled by Bloomberg. Treasuries have fallen 2.8 per cent in the same period.   Article content Advertisement 2  Story continues below   This advertisement has not loaded yet, but your article continues below.        Article content The U.S. Treasury market has been vulnerable this year to increasing investor jitters over government borrowing and inflation risks. Similar concerns have roiled sovereign debt markets elsewhere, with France in particular becoming a trouble spot after its 10-year bonds suffered their worst quarter since the birth of the euro.   Article content Read More (https://financialpost.com/investing/china-isnt-buying-us-treasuries-matters-investors) (The U.S. Treasury Department building in Washington, D.C.)  China isn't buying U.S. Treasuries like it used to. Here's why that matters to investors    (https://financialpost.com/real-estate/mortgages/why-americas-bond-problem-could-be-your-mortgage-problem) (Why should a mortgage shopper in Canada care about any of this U.S. bond drama? Because our federal bonds (and resulting mortgage rates) typically take their cues from their Treasury market.)  Why America's bond problem could become your mortgage problem       Advertisement 1  Story continues below   This advertisement has not loaded yet, but your article continues below.             Article content Dalio said France had “reached its borrowing limit,” adding to investor concerns that the country’s under-fire debt market was facing a moment of reckoning.   Article content Japan, China   Article content Japan — the biggest foreign owner of U.S. Treasuries — and China have already been paring their holdings.   Article content Japan saw a US$12.8 billion drop in its Treasury holdings in July to US$1.1 trillion. That month included action by Japanese authorities to prop up the yen. Recent figures from the country’s Finance Ministry indicated that Tokyo likely sold a portion of its holdings of foreign securities to help fund its yen intervention moves.   Article content Mainland China has seen its official Treasuries pile drop from a peak of US$1.3 trillion in 2013 to around US$618 billion in July, the third-largest foreign holding. However, market analysts suggest that figure may be an undercount as holdings of other countries such as Belgium likely include Chinese custodial accounts. The latest figures for Belgian Treasury holdings stood at US$470.7 billion.       Advertisement 1     This advertisement has not loaded yet.        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Article content Dalio also spoke of increasing funding strains for large technology companies that are investing in artificial intelligence. That means so-called hyperscalers are starting to encounter issues.   Article content “Before, they would raise equity and now they need to come to debt,” he said, warning that several factors could cause the AI bubble to burst. “Something like a wealth tax would have that effect, or having to pay back loans.”   Article content —With assistance from Abhishek Vishnoi.    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