Big Japan banks cut JGB holdings, pile up cash

Well of course they are. The BOJ is buying massive amounts of bonds from the banks and then crediting their accounts with money. Obviously the banks' bond holdings will shrink and reserves will inflate.

Seems dumb for them to cut their equities holdings, though. There's money to be made in those markets right now.

And the big banks don't dare invest more in commodities, precious metals since that would put demand pressure on the market and cause the price to rise indicating decreasing confidence in the currency.