Japan has surpassed China as the biggest official holder of US Treasuries, a position Japan last held in August 2008, as the falling yen exchange rate attracts more dollars into the country and the higher-yielding bonds lure Japanese investors.

In its monthly report on bond holdings, the Treasury Department said Wednesday total foreign holdings of Treasury debt dipped 0.9 percent in February to $6.16 trillion, down from a record of $6.22 trillion in January, according to a report of the Associated Press.

The holdings of the Chinese mainland, normally the top holder of Treasury debt, slipped 1.2 percent to $1.22 trillion. Japan's fell 1.1 percent from January. China's decline was a bit larger, allowing Japan to jump into the top spot, $700 million above China.

China overtook Japan for the top spot in ownership of US Treasury debt in 2008 as the financial crisis and a deep recession pushed up US government borrowing to finance government deficits. The US deficit topped $1 trillion annually for four consecutive years.

Let's take a look at the top foreign holders of US Treasuries, based on a Financial Times report citing the latest US Treasury International Capital data, as of Feburary this year.

No 10 Taiwan

Holdings: $165.9 billion

Girls take photos with a selfie stick when traveling in Taiwan, March 21, 2015. [Photo / IC]