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Japan’s foreign-exchange reserves stood at $839.66 billion at the end of July, down $3.88 billion from a month earlier, the Finance Ministry said Friday.

The figure represents a first decline in two months, the ministry said. The ministry attributed the fall to valuation losses on its holdings of U.S. Treasuries, incurred by rising interest rates.

Despite the fall, Japan retained its status as the largest holder of foreign reserves of any country or territory for the 68th straight month, the ministry said, citing the latest comparable data.

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