The official reserve assets, the world's second biggest after China's, shrank for the second consecutive month, also affected by diminishing gold prices, as well as by an increase in loans using the reserves to the Japan Bank for International Cooperation, a state-owned policy financing institution involved in such projects as overseas infrastructure development.
As yields on U.S. and European government bonds have recently increased, their market values have declined, the ministry said.
The Japanese reserves mainly consist of securities and deposits denominated in foreign currencies and gold in addition to reserve positions and special drawing rights at the International Monetary Fund.
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