Japan cuts debt by selling dollar reserves at stronger yen rates, Brad Setser notes

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Olga Shendetskaya

16.05.2026

Japan cuts debt by selling dollar reserves at stronger yen rates, Brad Setser notes — Japan profits from yen interventions

Brad Setser points out that when Japan's Ministry of Finance sells dollar reserves it previously bought for 80 yen at higher rates between 155 and 160 yen, it realizes a significant profit and reduces Japan's gross debt.

He observes that framing these currency interventions simply as 'spending reserves' overlooks the financial impact for Japan in such transactions.

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Setser has recently analyzed trends in gold trade reporting, noting that Q1 2025 data classified imports as metal forms and exports as non-monetary gold here. He has also observed that China's import growth has stalled while its export volumes have risen, resulting in a trade imbalance here. These observations reflect his ongoing focus on technical distinctions in international trade and financial flows.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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