Once having an almost insatiable appetite for U.S. Dollars, Japanese banks could be counted on to absorb ever growing quantities of U.S. Debt. Collectively they have held one of the world’s largest hoards of U.S. Treasury bonds. In a turnabout that has shocked many in the financial community, the Japanese are no longer buying U.S. bonds. In fact, some of the heaviest selling of late has come from Japanese banks. They have dumped about $10 billion in each week of this quarter. The favored replacement? Anything but dollars. Gold has received steady support from Asian buyers and the dollar has reached 3 year lows against the Japanese yen.