In recent months, news about sharp rises in foreign currency reserves held by emerging economies has been making headlines in Japanese papers.
China's forex reserves hit $875.1 billion at the end of March, topping Japan's $852 billion, while the combined reserves of the so-called BRICs -- Brazil, Russia, India and China -- topped the total reserves of the Group of Seven major industrialized economies.
I would like to point out, however, that the significance of the foreign currency reserves held by developing and industrialized countries differs for each, and that comparing the figures is meaningless. In this sense, Japan is unusual as a developed economy in that it has massive foreign currency reserves even though its own currency is convertible.