This morning, this message popped up on Bloomberg:

"MARKET NEWS SAYS 'RUMORS' ARE JAPAN MAY TELL OF PLANNED SALE"

Said sale in question is rumored to be a U.S. Treasury sell off by the Japanese government.

Adding fuel to the fire is the U.S. and the Federal Reserve. Today, the Fed conducted a reverse repo (repurchase) test that could help with the Japanese UST sale.

On the other hand, this wouldn't seem to jibe with reports that the country's main concern is the rising yen. If anything, you'd think they'd be snapping up more treasuries. So something is amiss.

The Houston Chronicle reports Japan could be selling off as much as $100 billion worth of treasuries.