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Japan’s Foreign Reserves up to Record High for Third Straight Month

May 15, 2007
By Ken Worsley


Someone asked: What was up with the chart showing Japanese exports out of the blue the other day? Was that in some sort of context?

It was. I was supporting David Andrew Taylor’s assertion that the Ministry of Finance’s announcement that week that Japan’s foreign reserves had hit all-time highs for three months in a row was related to the surge in exports that we have seen since at least January 2004.

As of April 30, Japan’s foreign reserves had hit $915.62 billion, which was up over $6 billion from the month before. Sure, there was an increase in Euro-denominated holdings, but I’m apt to think that as Japan’s exporters are bring home more and more foreign currency, the smoothing operations are just starting to pick up.

I’ll say it now: I don’t expect to see a cooling off in exports (defined here as matching or going below the same month in the previous year) until June or July, if it happens at all.

Filed Under Banking, Economics, Exchange Rates, Export & Import 

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Comments

2 Responses to “Japan’s Foreign Reserves up to Record High for Third Straight Month”

  1. Abe Cabinet, Ministry of Finance Headed Toward Showdown Over Management of Foreign Reserves? : Japan Economy News & Blog on December 2nd, 2007 10:34 pm

    […] staring to hear calls from within the government for Japan to follow suit. A week after the Ministry of Finance announced that the nation’s foreign reserves had hit a record high for the third consecutive month, Chief Cabinet Secretary Yasuhisa Shiozaki […]

  2. Japan’s Foreign Reserves at $911.14 Billion in May, Down $4.49 Billion : Japan Economy News & Blog on December 2nd, 2007 10:40 pm

    […] Yesterday, the Ministry of Finance announced that the value of Japan’s foreign reserves decreased by $4.49 billion in May, to $911.14 billion. This was the first fall in five months, and comes on the heels of April’s third consecutive record-setting increase. […]

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