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durumis AI News Japan

Japan's foreign currency reserves drop by 7.4 trillion yen in May, affected by currency intervention

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Summarized by durumis AI

  • As of the end of May, Japan's foreign currency reserves decreased by about 7.4 trillion yen from the end of April. This is analyzed to be due to currency intervention by the Japanese government and the Bank of Japan.
  • In particular, securities holdings decreased by $50.4 billion, recording the largest decline ever.
  • The Japan Research Institute pointed out that the Japanese government's foreign exchange reserve policy could pose risks to fiscal operations, and advocated for adjusting the size through measures such as selling foreign assets.

Japan's foreign currency reserves decreased by about 7.4 trillion yen in May from the end of April. This is mainly attributed to the yen intervention by the Japanese government and the Bank of Japan.

According to the Ministry of Finance, foreign currency reserves stood at 1.2315 trillion dollars (about 193 trillion yen) at the end of May, down 47.4 billion dollars (about 7.4 trillion yen) from the end of April. This is believed to be due to the yen intervention of 9.7885 trillion yen conducted by the Japanese government from April to May. The decrease is the second largest ever, following the large-scale dollar selling and yen buying intervention in September 2022.

In particular, the decrease in securities was significant. Securities holdings stood at 927.5 billion dollars (about 145 trillion yen) at the end of May, down 50.4 billion dollars (about 7.9 trillion yen) from the previous month. This is the largest decrease ever.

Meanwhile, concerns are being raised about the Japanese government's foreign currency reserve policy. The Japan Research Institute recently issued a report stating that "the Japanese government's foreign currency reserve policy could pose a risk to Japan's future fiscal operations." The report explained that "as Japan's foreign currency reserves have increased to the world's highest level, it could be more exposed to market risks such as exchange rate fluctuations and interest rate changes."

There are calls for the Japanese government to reexamine its foreign currency reserve policy and adjust the size of its foreign currency reserves by selling foreign assets.

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