Japan's foreign-exchange reserves at the end of March hit a new record for the fourth straight month, rising $10.92 billion from a month earlier to $496.18 billion, the Finance Ministry said Monday.
The rise was due mainly to currency market intervention by Japanese monetary authorities in late February to early March totaling about 1.2 trillion yen, or about $10 billion, a ministry official told reporters.
The strengthening of the euro against the dollar contributed to the rise by pushing up the value of Japan's euro-denominated assets in dollar terms, while interest income from various investments also increased, the official said.
Although a drop in the value of U.S. bonds weighed on Japan's foreign-exchange reserves, the intervention, strengthening of the euro and a rise in interest income more than offset the fall, the official said.
The previous all-time high for the nation's foreign-exchange reserves was $485.27 billion, reached in February.
Japan remained the largest holder of foreign reserves of any country or territory for the 40th straight month, according to the latest comparable data, the ministry said.
Foreign-exchange reserves consist of securities and deposits denominated in foreign currencies plus International Monetary Fund reserve positions, IMF special drawing rights and gold.
Japan had $409.55 billion in foreign securities in March, up from $398.60 billion in February, and $68.23 billion in foreign currency deposits, down slightly from $68.47 billion.
Of the deposits, $6.55 billion was at foreign central banks and the Swiss-based Bank for International Settlements, $34.54 billion at Japanese banks and $27.13 billion at foreign banks.
Japan had $8.24 billion in gold, down from $8.55 billion in February.
It had $7.62 billion in IMF reserve positions and $2.54 billion in SDRs.