Exact(28)
Japan's domestic debt problems undercut its massive foreign reserve strength.
But, current-account data suggest that in the absence of massive foreign reserve accumulation it would have fallen by much more.
This stock of foreign reserve holdings almost certainly is keeping down the value of the yuan against the dollar and other freely traded currencies.
But Japan, which has looked like a secular stagnation economy for two decades suddenly seems less a candidate, and not because of any remarkable structural shifts in the economy.The most straightforward story for a place like America is that various factors, from inequality to foreign reserve accumulation to demand for safe assets, have depressed nominal interest rates in America.
Russia's foreign reserve is just $17 billion, well below the $40 billion precrisis reserve of Thailand.
The only way the monetary base could expand would be from an increase in the central bank's foreign reserve assets.
Similar(30)
An important reason for foreigners' relative optimism is the robust state of Brazilian foreign reserves.
Foreign reserves have shrunk.
Foreign reserves are being depleted.
Foreign reserves have been run down.
Foreign reserves are essentially unchanged this year.
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