According to PANews, Japan's Norinchukin Bank has reported a substantial loss of 1.8 trillion yen (approximately $12.6 billion) for the fiscal year 2024, attributed to the large-scale sale of U.S. Treasuries and other foreign bonds. The bank's unrealized bond losses reached 1.24 trillion yen, with 20% of its investment portfolio consisting of collateralized loan obligations (CLOs). Arthur Hayes commented that this development could undermine other institutions' confidence in increasing their holdings of U.S. Treasuries, suggesting that another potential buyer has exited, further impacting demand for U.S. debt.