Everyone thinks Japan is the largest foreign holder of US Treasuries.
The Fed quietly documented four months ago that it's actually Cayman Islands hedge funds, $1.85 trillion at up to 56:1 leverage, the same weekend Japan's new PM makes domestic bonds competitive for the first time in a generation and China orders its banks to stop buying.
Three creditors. One bridge. Twenty-four dealers. $28 trillion market. Buffer gone. Backstop contested.
And MOVE at 66 says everything is fine.
Full thesis, mechanism, timing, and institutional playbook:
open.substack.com/pub/shanakaans
