Now this article makes some good points arguing that all these billions $ in US treasuries were most likely authentic.
This can only mean that the Central Bank of Japan is desperately trying to get rid of a good part of his US$ reserves a.s.a.p., whatever the cost and the means.
If I were you I would do the same, but since I am not, I am safely positioned in cold, heavy, physical allocated gold from a couple of years already.
P.S. The funny part is that if these bonds are real, the italian gov't should seize 50% of them, according its law about money trafficking. I wonder how the japanese would react! Hahaha!
P.P.S. In the meanwhile, Fed Buying Treasuries; China Selling Treasuries. Don't you hear some bell ringing?
Update - June 18 2009 : not surprisingly, both italian and US authorities are declaring that the bonds are fake (to silent the issue). So why the two japanese were immediately released free? (If the bonds were fake, the two carrying them should have been arrested and indicted for counterfeiting).
Further update 06/18/2009: After two weeks a US Treasury official says securities were fakes. Italy’s financial police is silent. The case is still baffling and full of discrepancies.