Japan's May foreign reserves fall below 1 trillion dollars

Tokyo  - Japan's foreign reserves fell below 1 trillion dollars for the first time in May due to declines in US Treasury bond prices, the Finance Ministry said Friday.

The nation's foreign reserves amounted to 996.98 billion dollars in May, down 6.86 billion dollars from late April, after hitting record 1.02 trillion in late March.

Japan had 853.51 billion dollars in foreign securities as of May 31.

Of 116.50 billion dollars in foreign currency deposits, Japan held 6.10 billion dollars in foreign central banks and the Basel-based Bank for International Settlements, 24.98 billion dollars in Japanese banks and 85.41 billion dollars in foreign financial institutions.

Gold reserves came to 21.79 billion.

Japan had 1.66 billion dollars in IMF reserve positions and 3.15 billion dollars in IMF special drawing rights.

Other reserve assets came to 368 million dollars in May.

Japan's foreign exchange reserves consist mainly of securities and deposits denominated in foreign currencies, International Monetary Fund reserve positions, IMF special drawing rights and gold. (dpa)

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