Japan 's foreign currency reserves at the end of November rose 16.94 billion USD from a month earlier to a record 1.073 trillion USD, reported the Finance Ministry on Dec. 7.

The reserves, the world's second largest after China's, reached an all-time high for the fourth straight month, due to gains in the value of its holdings of US Treasury bonds, euro-denominated assets and gold prices, the ministry said.

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

Regarding measures to foster the economy’s growth, Finance Minister Shizuka Kamei said on Dec. 6 that the government’s additional stimulus package is not enough.

Two days earlier, the Cabinet Office Secretary, Hirofumi Hirano, said that the government’s second stimulus package should be higher than the planned 81.65 billion USD (7.1 trillion JPY).

Despite the government’s move to restrain loans during the next fiscal year beginning in April 2010, it is necessary to issue more government bonds to create an impetus to start-up the economy, Kamei said./.

Source: vnplus

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