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Foreign-exchange reserves at the end of January rose $3.67 billion from a month earlier to $1.053 trillion, up for the first time in two months to hit the third-highest level on record, the government said Friday.

The Finance Ministry said the reserves increased due to gains in the value of its holdings in U.S. Treasury bonds as stock markets weakened globally and led to a flow of funds into the bond market, although euro-denominated assets declined as the European currency fell against the dollar.

Japan’s foreign-exchange reserves consist mainly of securities and deposits denominated in foreign currencies, gold, and reserve positions and special drawing rights at the International Monetary Fund.

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