Japan Forex Reserves Fall Sharply in May

2026-06-04 23:59 By Joshua Ferrer 1 min. read

Japan’s foreign reserves dropped by USD 77.11 billion to USD 1.31 trillion in May 2026 from USD 1.38 trillion in the previous month, hitting their lowest level since July 2025.

The decline was also the steepest since records began in 2000, according to the Finance Ministry, and likely reflects Japan’s large-scale yen-buying intervention through May 28, during which authorities spent a record JPY 11.7 trillion supporting the currency.

Foreign currency reserves declined to USD 1.09 trillion, consisting of USD 931.68 billion in securities and USD 162.24 billion in deposits.

Of the deposits, USD 161.80 billion were held with foreign central banks and the BIS, while deposits with banks headquartered in Japan totaled USD 410 million.

The IMF reserve position stood at USD 11.51 billion, SDR holdings were valued at USD 60.89 billion, and gold reserves amounted to USD 123.65 billion.

Other reserve assets totaled USD 15.91 billion, while other foreign currency assets stood at USD 34.50 billion.



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Japan Forex Reserves Fall Sharply in May
Japan’s foreign reserves dropped by USD 77.11 billion to USD 1.31 trillion in May 2026 from USD 1.38 trillion in the previous month, hitting their lowest level since July 2025. The decline was also the steepest since records began in 2000, according to the Finance Ministry, and likely reflects Japan’s large-scale yen-buying intervention through May 28, during which authorities spent a record JPY 11.7 trillion supporting the currency. Foreign currency reserves declined to USD 1.09 trillion, consisting of USD 931.68 billion in securities and USD 162.24 billion in deposits. Of the deposits, USD 161.80 billion were held with foreign central banks and the BIS, while deposits with banks headquartered in Japan totaled USD 410 million. The IMF reserve position stood at USD 11.51 billion, SDR holdings were valued at USD 60.89 billion, and gold reserves amounted to USD 123.65 billion. Other reserve assets totaled USD 15.91 billion, while other foreign currency assets stood at USD 34.50 billion.
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Japan Forex Reserves Rise in April
Japan’s foreign reserves rose by USD 8.25 billion to USD 1.38 trillion in April 2026 from a three-month low of USD 1.37 trillion in the previous month. The reserves consisted of USD 1.17 trillion in foreign currency assets, including USD 1.01 trillion in securities and USD 162.20 billion in deposits, while the IMF reserve position stood at USD 11.27 billion, SDRs totaled USD 61.05 billion, and gold holdings were valued at USD 125.43 billion. Other reserve assets amounted to USD 15.82 billion. The modest increase in total reserves came despite foreign currency holdings remaining largely unchanged, suggesting limited immediate impact from FX intervention operations late in the month. Japan stepped into the currency market on April 30 to support the yen, with some estimates pointing to sizeable intervention activity that may not yet be fully reflected in April figures due to timing effects.
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Japan Forex Reserves Smallest in 3 Months
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2026-04-06