December 6, 2019

FX Reserve and Intervention

In November 2019, the Japanese Government did not conduct any FX Intervention. Japan had a total FX reserve of 1.317 trillion USD in November, a decrease of 7 million USD from October 2019.

Published monthly by the Ministry of Finance. FX reserve statistics is updated until November 2019 (published on December 6th, 2019). FX intervention statistics are updated for November 2019 (published on December 6th, 2019)

Recent data trend

At the end of November 2019, Japan had a total of 1.317 trillion USD, a decrease of 7 million USD from October 2019. In November 2019, Japan did not conduct any foreign exchange intervention operations. The last time Japan intervened to suppress the strength of yen was in November 2011; the Japanese yen was at the historical peak of 75.3 yen per US dollar. ...

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Brief Overview (FX Reserves & FX Intervention)

FX Reserves

Ministry of Finance publishes FX Reserve statistics. Japan’s FX Reserve is the second largest in the world after that of China. As of December 2016, Japan had 1.21 trillion dollars equivalent of international reserve assets, while that of China totalled 3.01 trillion dollars equivalent, according to SAFE, China. MoF does not disclose details on the currency composition nor maturity structure of its FX reserves, but they are assumed to consist of short-term US Treasury securities largely. For more information, please visit the government website

FX Intervention

Ministry of Finance publishes statistics on FX Intervention under the title of "Foreign Exchange Intervention Operations". The Japanese government has in the past intervened extensively to counter currency movements it deemed undesirable. The most significant of Japan's interventions took place over four periods to restrain appreciations of yen; 1993-1996, 1999-2000, 2001-2004 and 2010-2011. Heavy buying of US dollars has resulted in an accumulation of foreign exchange reserves to the tune of 1.26 trillion dollars as of September 2016. On rare occasions, in December 1997 and April 1998, Japan intervened to purchase yen.

The FX Intervention statistics are officially published with Yen denomination. The amount of FX intervention expressed in US dollar in our (JMA) page is our conversion. To convert the amount into US Dollar, we use exchange rates published by the Bank of Japan, "US Dollar/Yen, Average in the month" for monthly figures and “US Dollar/Yen Spot Rate at 17:00 in JST" for daily figures.

For more information, please visit the government website.  

The Next Release Date:  January 10th, 2020

Japan's FX Intervention: Daily statistics

China's FX Reserve

Note: China's Foreign Exchange Reserves is published by State Administration of Foreign Exchange. For more information, please visit their website.

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