Economic Buzz: Japans Forex Reserves Fall By Record $54 Billion

7 Oct 2022 , 11:48 AM

Japans foreign currency reserves fell by a record $54 billion to $1.238 trillion at the end of September, the largest monthly decline on record, after the first intervention in 24 years to arrest the yens rapid depreciation, Finance Ministry data showed Friday. Among the reserves, securities, which include U.S. Treasuries, decreased to $985.27 billion from $1.036 trillion at the end of August, marking the largest decline for a month. Deposits were almost flat at $136.11 billion. Japans foreign currency reserves fell to their lowest level since the end of March 2017. Finance Minister Shunichi Suzuki has said the yen-buying, dollar-selling intervention on Sept. 22, which likely cost a record 2.84 trillion yen ($20 billion), had a certain effect and served as a warning to speculators who were behind the yens sharp slump to its 24-year low versus the U.S. dollar. Powered by Commodity Insights