Japanese foreign exchange reserves fell by a record amount in September and China’s dipped closer to $3tn as the surging dollar hit two of the world’s most significant pools of central bank assets.
Japan’s foreign reserves dropped by a record $54bn to $1.24tn after authorities spent nearly $20bn last month to intervene in currency markets to stem the yen’s fall. The decline was also driven by the falling value of the foreign bonds in Japan’s portfolio.
In unusual remarks on the foreign exchange rate by a prime minister, Fumio Kishida told parliament on Friday that “sharp, one-sided yen declines are undesirable”.
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