Japan's foreign exchange reserves, the first $ 1 trillion breakthrough ... China in the next world's second largest
Ministry of Finance is the end of February of the foreign exchange reserves, which was announced seven days reached the one trillion 7.9 billion 81 million US dollars (about 105 trillion yen) in the world topped $ 1 trillion in the second only to China.
Investment funds in the United States stock prices slump flows such as bond market, but factors such as the US bond prices of Japanese-owned rises. By foreign exchange reserves exceeded $ 1 trillion, controversy surrounding such as appropriate scale and operational'm activation likely.
Japan's foreign exchange reserves is, they rapidly inflated in the large-scale yen selling dollar-buying intervention in the foreign exchange market, which went to the 2003-'04. Overall about 90% of seen as dollar assets such as US Treasury bonds, then have also been masa piling the investment income such as interest on US Treasury bonds.
To the yen selling dollar-buying intervention, it's necessary yen funds to buy the dollar. For this reason the government will issue a is a kind of government bonds "government short-term securities", has been raised yen funds to be used for intervention from financial institutions.
Even if the foreign reserves swell in such as the US debt of investment income, if an attempt is made to take advantage is carried over the minute to the general accounting of the country, for the foreign currency assets, such as $ in yen-denominated, minutes of government short-term securities that it continues to stay abreast of the foreign currency assets it must issue a. By the amount of dollar assets has increased in the intervention, in fact it will be going up also piled country of debt in yen.
In addition, operational because it is biased to dollar assets, dollar the yen-based assets is eroded if promoted, there is also concern that the financial structure of the country is worsening.
Article like that ... is, but we noisiness on the newspaper, because the major media of Japan do not write that the bottom line by way of example, I will supplement.
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Nameless's less number >> 225. The other, how can you. Deep appreciation!
■ dollar assets (that is, Japan receivables) on the back of the, of containing the short-term government securities debt of the Japanese government have fuss as "financial collapse! Financial collapse!" Who? On the back of the debt of the Japanese government, and'm not exposed himself if there are "assets" of the Japanese government, through?
■ when China's foreign exchange reserves were unplug the Japan, to that extent in the habit of "Japan! China's world! That was overtaken by China," repeated the news and, Japan's foreign exchange reserves increase is problematic? Prior to Japan the problem view, towards China would be dangerous, even if considered to be (see below).
To begin with ■, Japan of the dollar's share of foreign exchange reserves, but he has been reduced gradually, without knowing even such a thing, I better article you write, really.
http://members3.jcom.home.ne.jp/takaaki.mitsuhashi/data_04.html#beikokusai
As such, it is plunged far from full.
Moreover, when we digs for China's foreign exchange reserves, it is the thing more amazing is known.
If the domestic currency has risen against the dollar, I will be foreign currency reserves of dollars to erosion.
In fact, in Japan after the Plaza Accord, just this three years from 85 years of 87 years by erosion, has reduced the net external assets also indeed 20 trillion yen.
However, in the case of China, 24.7% and even at the time-to-GDP ratio of 06 end-of-year net foreign debt, it is much higher than in Japan (9.4%) at the time of the Plaza Accord. Now, the renminbi, which is suppressed If artificially cheap, and to rise in the same way as against the US dollar and Japan after the Plaza Accord, and I will be net external assets is decreased also really $ 610 billion in three years.
And this $ 610 billion, it applies to half of China's foreign exchange reserves. Only RMB normalize against the dollar, half of China's huge foreign exchange reserves disappear.
In the case of Japan, it is not it is believed to be rising in the rapidly yen against the US dollar as of the later much everything Plaza Accord, but China does not meet the case. China's foreign exchange reserves, in the current situation where the yuan is cheap suppressed to artificially, you no longer think that does not matter to be referred to as a "bad debt".
It is not to say that the Na criticize about Japan's foreign exchange reserves, what are those who reported also fit that there is more Dangerous country, not that fair? Media's.
