Japan's International Investment Position at Year-End 2012

International Department
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International Department: Bank of Japan

No 2013-08-08, Bank of Japan Research Papers from Bank of Japan

Abstract: Japan's external financial assets increased in 2012. Specifically, Japanese holdings of foreign bonds and notes increased due to an increase in their yen value reflecting the yen's depreciation compared to the previous year end as well as due to net purchases. Reserve assets also increased due to an increase in their yen value reflecting the yen's depreciation. Meanwhile, Japan's external liabilities also increased as a whole in 2012. This was due to increases in (1) foreign holdings of Japanese equity securities reflecting a rise in Japanese equity prices and (2) loans (liabilities) to foreign residents. Japan's net asset position increased in 2012 as the increase in assets exceeded that in liabilities. Net assets stood at 296.3 trillion yen at year-end 2012, up from 265.4 trillion yen at year-end 2011.

Date: 2013-08-08
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