PANews reported on May 22 that according to Bloomberg, Japan's Norinchukin Bank recorded a loss of 1.8 trillion yen (about 12.6 billion U.S. dollars) in fiscal 2024 due to the massive sale of U.S. Treasuries and other overseas bonds. The bank's unrealized bond losses amounted to 1.24 trillion yen, accounting for 20% of its portfolio in CLO. Arthur Hayes commented that this will shake the confidence of other institutions to increase their holdings of U.S. Treasuries, "another potential buyer has withdrawn, and the demand for U.S. Treasuries has been hit again."