Japan Foreign Reserves Increase in July

Reserve assets in Japan increased slightly to $1.254 trillion in July 2023 from $1.247 trillion in June, rising for the first time in three months driven mainly by a gain in foreign currency reserves.

Total reserve assets were broken down into foreign currency reserves ($1.124 trillion), IMF reserve position ($10,777 million), SDRs ($58,995 million), gold ($53,600 million), and other reserve assets ($6,026 million).

In October of last year, official data showed that Japanese authorities spent a total of 6.35 trillion yen in foreign exchange intervention operations to support the local currency without further actions in November and December.

Meanwhile, latest data showed that the government did not conduct currency intervention operations for the first half of this year.