Foreign governments are reducing their ownership of U.S. government debt, Bloomberg reports.

It cites data that shows the Chinese investors have been ditching Treasuries since May, while in Japan, they reduced their holdings in December for the second month in a row.

The reason: Bloomberg suggests these trends are caused by Donald Trump, and his market-spooking erratic style and tough talk on trade, but it offers little in the way of proof. Given the post-election run up in stocks, what is more likely happening is that investors abroad and at home are expecting faster growth, higher inflation, and higher corporate profits in the United States. These factors ding bond prices, as investors demand higher yields to compete with equity returns.