require(latticeExtra) require(quantmod) japanReserves <- getSymbols("TRESEGJPM052N", src = "FRED", auto.assign = FALSE) asTheEconomist(xyplot(japanReserves, scales = list(y = list(rot = 1)), main = "Japan Foreign Reserves excluding Gold"))
Based on data from the US Treasury, 1.1 trillion of the 1.2 trillion of Japanese foreign reserves are US Treasury bonds. If Japan decides (is forced) to liquidate, the only thing they have to liquidate are US Treasury bonds. Who will buy if they sell? What happens next?
# get data from US Treasury for top 10 foreign # holders of US treasuries foreignUSTreas <- read.csv("http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/mfhhis01.csv", skip = 4, nrows = 13, stringsAsFactors = FALSE) top10 <- data.frame(foreignUSTreas[4:13, 1:2]) colnames(top10) <- c("Country", "Value") top10$Value <- as.numeric(top10$Value) top10$Country <- factor(top10$Country, levels = top10$Country[order(top10$Value)]) barchart(Country ~ Value, data = top10, origin = 0, xlab = "Value (in $Billions)", main = "Foreign Holders of US Treasuries - Top 10", scales = list(y = list(alternating = 3)), par.settings = theEconomist.theme(box = "transparent"), lattice.options = theEconomist.opts())
For those comparing the Federal Reserve H4 data to the US Treasury TIC data, this is a very good summary http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticfaq2.aspx#q10.