Japan's 2003 Forex Reserves Hit Record 673 Bln Dollars

Jan. 9, 2004

TOKYO, (Xinhuanet) -- Japan's foreign exchange reserves hita new record high of 673.53 billion US dollars in December, mainlydue to heavy yen-selling interventions in the currency market, theFinance Ministry said Friday.

The forex reserves increased by 203.80 billion dollars from a year earlier and 28.96 billion dollars against the previous month,said the ministry. The figure signaled a rise for five consecutiveyears and made Japan the largest holder of forex reserves worldwide for the 49th straight month.

The ministry said the hike was attributed to government's intervention efforts to hold back rising yen.

Japan put record more than 2 trillion yen (18 billion dollars) into foreign exchange market last year.

The foreign exchange reserves consist of securities and deposits denominated in foreign currencies plus International Monetary Fund (IMF) reserve positions, IMF special drawing rights and gold.

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