The Globe and Mail reports in its Thursday, Jan. 29, edition that the "Sell America" trade is a concern. A Reuters dispatch to The Globe reports that global exposure to U.S. assets is nearing $69-trillion (U.S.) ($27-trillion (U.S.) net of American holdings), there are plenty of potential sellers if investors choose to "de-risk" from the U.S. There is unease over Washington's disregard for the global order, its strained relations with allies like Europe and Canada, and threats of punitive tariffs on trading partners. Many of America's traditional allies are major lenders to Uncle Sam through Treasury bond purchases and are heavily invested in U.S. tech and artificial intelligence. So who would be most likely to reduce these purchases moving forward, or even bring some of that money home? Japan is a key player, being the third-largest foreign holder of U.S. stocks and the largest holder of U.S. bonds. Its public and private sectors have about $1-trillion (U.S.) in equities and over $1.5-trillion (U.S.) in debt. But Japanese investors' home bias is very strong, and their share of U.S. assets relative to their total holdings is modest. From a diversification perspective, the incentive to rebalance is pretty limited.