Japanese investors sold the most US sovereign bonds in almost four years as a jump in oil prices led to an abrupt turnaround in Federal Reserve policy bets.

Net sales of debt issued by the US government, agencies and local authorities totaled ¥4.67 trillion ($29.6 billion) in the three months ended March 31. That’s the highest since the second quarter of 2022, according to Japan’s balance-of-payments data released Wednesday.