Japan just made a big move—adding $10.7 billion to its Treasury holdings, pushing the total to $1.2 trillion. That's the highest level since mid-2022, a solid three-year run. As the world's largest foreign holder of U.S. debt, this shift signals something. When Tokyo's Treasury game changes, the broader market tends to listen. Bigger allocations suggest confidence in dollar stability, or maybe a strategic repositioning in the face of shifting geopolitical winds. Either way, that kind of capital movement doesn't happen by accident—and it's worth keeping an eye on how this ripples through crypto and traditional markets.