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Japan foreign reserves rise to $288.080 bln in Dec

TOKYO: Japan's foreign reserves rose to $288.080 billion at the end of December, up $16.121 billion from a month earlier, the Ministry of Finance (MOF) said on Wednesday.Reserves at the end of November were $271.959 billion, down $799 million from the previous month.

Foreign reserves acquired through currency interventions at the end of November and on Christmas Eve were included in the December figure. Currency settlements are made two business days after the transaction.

The ministry has confirmed that it intervened to buy dollars for yen, using the Bank of Japan as an agent, on November 29 and November 30. Bankers said the BOJ was also detected buying euros against the yen on both dates.

The ministry has also confirmed that it intervened to buy dollars for yen on December 24.

Foreign reserves fluctuate from month to month due to factors such as intervention in the foreign exchange market, income from interest and fluctuations in the dollar value of foreign reserve assets.-Reuters