Foreign governments are dumping US Treasury bonds to stabilize their currencies amid the energy shock and financial volatility triggered by the Iran war.

Data showed seven of the top 10 foreign holders of US government debt trimmed their holdings of US Treasurys in March: Japan, to protect its currency, and China in response to short-term volatility, though Beijing has been steadily reducing its exposure to US dollar assets for years. Saudi Arabia and the UAE also shed their holdings as the war has stopped the oil-for-dollars trade.

“US Treasury yields are flirting with levels last seen in 2007,” Semafor’s Liz Hoffman wrote, owing to a global bond selloff driven by fears of inflation and sustained high oil prices.