Whether you’re speaking with Europe’s largest money manager, Australia’s giant pension funds, or a cash-rich insurer in Japan, there’s a resounding message you’ll hear when it comes to US Treasuries: ...

could potentially damage relations between the US and Japan, which is America’s biggest ally in Asia. Japan is also the largest foreign holder of US debt.

The stance of overseas investors toward Treasuries is more important than ever. Foreign funds held $7.33 trillion of long-term US debt at the end of October, about a third of the outstanding amount, ...