Forex reserves climb to $461 billion

Japan’s foreign exchange reserves at the end of September hit a new record for the sixth straight month, rising $4.66 billion from a month earlier to $460.73 billion, the Finance Ministry said Monday.

The increase was due largely to the rise in prices of Japan’s U.S. bond holdings, a ministry official said.

According to the report, Japan remained the largest holder of foreign reserves of any country or territory for the 34th consecutive month.

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

The previous record was $456.07 billion at the end of August, following $453.09 billion at the end of July.

According to the report, Japan had $375.76 billion in foreign securities in September, up from $371.76 billion a month earlier, and $67.33 billion in foreign currency deposits, up from $67.23 billion.

Of the deposits, $8.7 billion were at foreign central banks and the Switzerland-based Bank for International Settlements, $33.61 billion at Japanese banks, and $25.03 billion at foreign banks.

Japan had $7.96 billion in gold, up from $7.7 billion in August.

It had $7.24 billion in IMF reserve positions and $2.43 billion in SDRs.