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Forex reserves log 1st fall in 3 months

Jiji Press TOKYO (Jiji Press) — Japan’s foreign exchange reserves declined for the first time in three months in October, the Finance Ministry said Wednesday.

External reserves totaled $1,252,873 million at the end of October, down $6,800 million from a month before, the ministry said.

The drop chiefly reflected a decline in the market value of U.S. Treasury securities held by the Japanese government in line with rising yields.

In addition, the dollar value of euro-denominated assets held by the government decreased due to the European currency’s weakness against the greenback.

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