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Updated Wednesday, September 8, 2010 9:04 pm TWN, The China Post Staff

Japan's forex reserves maintain at second highest level on record

The China Post Staff -- Japan's Finance Ministry said its foreign exchange reserves stayed at the second highest level on record, after surging by US$6.63 billion from the previous month to US$1,070.15 billion at the end of August, according to the Xinhua agency Tuesday.

It was the third consecutive month of growth for the country's reserves, Kyodo News reported. The reserves expanded to a record US$1, 073.71 billion in last November. In July the reserves stood at US$1,063.51 billion, the second largest level ever.

Japan's foreign currency reserves, ranking second after China's, comprises mainly securities and deposits denominated in foreign currencies, gold, and reserve positions and special drawing rights at the International Monetary Fund.

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