Japan says it will keep dollar assets while diversifying portfolio
AFP, April, 2005
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TOKYO (AFP) — Japan said it would diversify its huge foreign reserves, mostly in dollars, into assets other than US treasury bonds but would not shift funds into instruments in other currencies.
Japan, which holds the world's largest reserves worth 840 billion dollars, wants to send a message that it has no plans to sell off dollar assets in a portfolio shuffle, a finance ministry official said.
A steady dollar is crucial for the world's second-largest economy as it is struggling to cling to growth after slipping into a mild recession in the second and third quarters of last year as a result of slowing exports.
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In a rare guideline on ways to manage reserves, the ministry said in a statement that it "will focus on maintaining security of its assets while pursuing higher returns".
"We have no plans to change the breakdown of our holdings, which ...
