The government has absolute trust in the dollar, Finance Minister Kaoru Yosano said Tuesday after a report showed global demand for American assets slowed.
Japan's confidence in U.S. Treasuries and the dollar "is absolutely unshakable," Yosano said at a news conference. "I have faith in the U.S. dollar's status as a reserve currency."
International purchases of American financial assets grew at a slower pace in April as China, Japan and Russia pared demand for Treasuries, underscoring the danger of U.S. reliance on foreigners to finance its fiscal deficit. Total net purchases of long-term equities, notes and bonds climbed to a net $11.2 billion, compared with buying of $55.4 billion in March, the Treasury Department said.