Japan's net external assets stood at 172.82 trillion yen as of the end of 2003, down 1.4 percent from a year earlier, according to a government report released Friday.
This marks a second consecutive yearly decline, the report says.
But the balance -- assets held overseas by the government, businesses and individuals minus their debts -- has apparently remained the world's highest for 13 years in a row, given that Switzerland ranked second with 52 trillion yen as of the end of 2002.
Behind the yearly fall is the fact that Japan's debts have increased as assets, including Japanese stocks held in Japan by foreigners, have grown, allied to the yen's appreciation, which eroded the value of the nation's foreign-currency assets in yen terms, the report says.
The yen appreciated by more than 10 yen to the dollar, compared with levels as of the end of 2002.
The outstanding balance of Japan's overseas assets grew 5.4 percent to a record 385.54 trillion yen, while that of external debts jumped 11.6 percent to 212.72 billion yen.
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