Japan Reserves Data Likely Too Early to Show Intervention

Japan’s foreign currency reserves at the end of April were largely unchanged from the previous month, likely an indication that recent currency intervention in the market came too close to the end of the month to be reflected in the data.

The country’s foreign reserves stood at $1.17 trillion in April, up slightly from $1.16 trillion a month earlier, according to a Finance Ministry report released Tuesday. The increase was driven by bond interest income, gains by currencies other than the dollar and other factors, according to the ministry.