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Japan’s Foreign Reserves at all-time High of $932.2 billion in August

September 8, 2007
By Ken Worsley


On Friday, the Ministry of Finance announced that Japan’s foreign reserves hit an all-time high of $932.157 at the end of August. This figure was up from $923.718 billion at the end of July, and showed a rise for the third consecutive month. The all-time high was broken for the second month in a row.

Speaking at a news conference after the announcement, new Chief Cabinet Secretary Kaoru Yosano told reporters:

If you try to hit the jackpot or try to surpass average global yields, you can end up losing…If mistakes are made, the aftermath can be harrowing…it is necessary to move gradually while paying attention to the stability of global currency markets.

These comments come in stark contrast with the bullish attitude of his predecessor, Yasuhisa Shiozaki, who pushed for the Ministry of Finance to invest the nation’s reserves in a way that might generate greater returns. Shiozaki met opposition from the ministry itself, and with Yosano in the Cabinet Office’s driver’s seat, it looks as if the pressure may be off the ministry.

Yosano, as we’ve mentioned before, is not afraid to advocate raising funds by hiking taxes. Good luck with that in this political climate…

Filed Under Economic Reports, Foreign reserves 

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Comments

One Response to “Japan’s Foreign Reserves at all-time High of $932.2 billion in August”

  1. Japan’s Foreign Reserve reaches $932.2 billion in August, 2007 » JapanLoad.com on September 8th, 2007 9:52 am

    […] Japan’s Foreign Reserves at all-time High of $932.2 billion in August: On Friday, the Ministry of Finance announced that Japan’s foreign reserves hit an all-time high of $932.157 at the end of August. This figure was up from $923.718 billion at the end of July, and showed a rise for the third consecutive month. The all-time high was broken for the second month in a row. […]

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