07 Dec '11, 3am

Japan forex reserves hit new record high: TOKYO: Japan's foreign exchange reserves hit a record high of $1.3 tri...

Japan forex reserves hit new record high: TOKYO: Japan's foreign exchange reserves hit a record high of $1.3 tri...

TOKYO: Japan's foreign exchange reserves hit a record high of $1.3 trillion in November after authorities intervened in currency markets to stem the yen's rise, the government said Wednesday. The level was US$94.88 billion higher than in October, the finance ministry said, and surpassed a previous record of US$1.22 trillion set in August. The reserves are composed mainly of foreign-currency denominated securities and bank deposits along with gold and other assets, according to ministry data. The country's foreign exchange reserves expanded following Japan's intervention in currency markets on October 31, after the yen hit a fresh post-war high of 75.32 against the dollar. In the month to November 28, Tokyo sold 9.09 trillion yen (US$116.99 billion) to tame the unit's appreciation, the ministry said earlier. The government did not reveal how many times it stepped into curre...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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