Japan's foreign reserves rise to record high
( 2001-08-07 10:18 ) (7 )

The reserves rose $5.010 billion in July from $362.666 a month earlier, reflecting the rise in the euro against the dollar during the month that helped to lift the reserves, he said.

Japan retained its position as the holder of the world's foreign reserves for the 20th consecutive month.

"The euro's gains against the dollar were the major factor behind the rise in the reserves," the official told reporters.

The euro rose 3.04 percent to as high as $0.8756 in July from $0.8498 at the end of June.

The MOF said it conducted no foreign exchange intervention in the April-June quarter. In Japan, the Bank of Japan conducts foreign exchange intervention on the Finance Ministry's behalf.

The ministry said in mid-July that Japan last intervened in the foreign exchange market on September 22, 2000 when it conducted euro-buying/yen-selling intervention, with a volume of 143.5 billion yen.

Japan jointly stepped into the foreign exchange market that time to buy euros with other Group of Seven nations to help to stem a decline in the single European currency.