Getting to the bottom of foreign currency reserves

According to this recent article from The Japan Times, the news about sharp increases in foreign reserves held by emerging economies has been big news in Japanese papers.

It says that comparisons between the levels of reserves held by developing and industrialised countries is meaningless, however.

Because most developing countries are net debtors, it is more important to look at a country's external debt and credit positions than its foreign currency reserves, it argues.

Japan stands out alone as

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