Japan's Foreign Reserves Hit Record High

March 7, 2007
Second in the world behind China.

Japan's foreign exchange reserves rose to an all-time high of $905.05 billion at the end of February, up $9.67 billion from January, the finance ministry said March 7.

The latest figure topped the previous record of $896.95 billion set in November last year.

Tokyo's forex reserves remain the second largest in the world, next to China whose holdings reached $1.07 trillion at the end of 2006, according to China's central bank.

A finance ministry official attributed the rise in Japan's foreign reserves to rising U.S. bond valuations and profits from other securities. Japan's large foreign exchange reserves are the result of years of currency intervention by the government to keep the yen down against the dollar and help exporters stay competitive. However, Japan's monetary authorities have not intervened since mid-March 2004, allowing the yen to find its own level against the dollar.

Foreign exchange reserves consist of securities and deposits denominated in foreign currencies, plus International Monetary Fund reserves, IMF special drawing rights (SDRs) and gold.

Copyright Agence France-Presse, 2007

Popular Sponsored Recommendations

Process Mining For Dummies

Nov. 19, 2023
Here it is. Everything you need to know about process mining in a single book, written in the easy-to-understand, hard-to-forget style that ‘For Dummies’ manages so effortlessly...

Navigating Disruption: A Leader’s Guide to Strategy Under Uncertainty

Nov. 1, 2023
AI, sustainability, digital--industrials are facing disruptive forces that are redefining what it takes to win. What got your company where it is today won’t get you where you...

Digital Production Tracking: How Connected Platforms with No-Code Deliver Value

Sept. 19, 2023
Manual tracking lacks the real-time visibility manufacturers need to identify root causes and remain competitive. Digital, connected production tracking is crucial for your operations...

3D Printing a More Efficient Factory Floor

Nov. 16, 2023
Today’s additive manufacturing platforms make it simple to print a wide range of high-performing industrial parts as soon as possible and right where you need them — unlocking...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!