FX.co ★ Japan Forex Reserves Fall Further in September

Japan’s official reserve assets fell by USD 29.1 billion (2.4%) in September 2026, declining to USD 1.178 trillion from USD 1.208 trillion at the end of August, and extending the downturn that followed August’s record fall. The September decrease was driven primarily by a reduction in foreign currency reserves, which dropped to USD 976.9 billion from USD 995.0 billion. Within that category, securities declined to USD 821.7 billion from USD 839.6 billion, while deposits with foreign central banks and the Bank for International Settlements eased to USD 154.8 billion from USD 155.0 billion.

Gold reserves also decreased, falling to USD 113.6 billion from USD 124.1 billion. Special Drawing Rights (SDR) holdings slipped to USD 60.8 billion, and Japan’s reserve position at the IMF edged down to USD 11.3 billion. Other reserve assets were little changed at USD 15.8 billion.

The latest decline follows the record USD 79.6 billion drop in August, which came after Japan conducted a ¥15.4 trillion yen-buying intervention to support its currency.