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Currencies

Global foreign reserves dwindle as countries counter dollar's rise

Japan's holdings sink 13%, sharpest on record; China falls short of IMF benchmark

South Korea, China and Japan all saw drops in their foreign exchange reserves last year as the dollar strengthened.   © Reuters

TOKYO -- Foreign currency reserves worldwide shrank 10% in the first nine months of last year as countries like Japan scrambled to defend their currencies against a rapidly strengthening dollar.

The global total dropped to $11.6 trillion at the end of September, falling below $12 trillion for the first time since March 2020, according to the International Monetary Fund.

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