"big banks (in Japan) had reduced their holdings of JGBs for the second straight month by a combined 15 trillion yen with the balance at 92.8 trillion yen as of the end of May, the lowest since January 2011, the BOJ data showed....banks instead increased deposits by 8.2 trillion yen to 32.6 trillion yen .....Doing so makes sense when markets are volatile as BOJ deposits are safe from market swings, and the central bank pays 0.1% interest to excess funds parked there."
Source:
Big Japan banks cut JGB holdings, pile up cash
July 2nd 2013
Japan Today
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