http://www.321gold.com/editorials/denninger/denninger120409.html

Their purported reason for this, of course, would be to weaken the Yen. Selling Treasuries would have this effect since it would strengthen the dollar, and in a fiat monetary system all values are relative.

Here's the problem: The first seller wins in these circumstances, since price is essentially "coupon x duration."

If Japan starts selling in size, rates on the long end will go materially higher. This will whack the daylights out of the cash price for these bonds. Who else has a lot of these things? China .

Stampede risk here? Yep.