Japan's Foreign reserves rise above $1 trillion

Japan's foreign reserves exceeded $1 trillion in March, thanks to gains in the appraisal values of its US Treasury bond holdings and euro-denominated assets.The nation's foreign reserves totalled $1.02 trillion, up from $9.2 billion in the previous month.Japan held $905.53 billion in foreign securities as of March 31 while its foreign currency deposits amounted to $84.2 billion.

The nation had $7.43 billion of those deposits in foreign central banks and the Basel-based Bank for International Settlements, $20.9 billion in Japanese banks and $55.88 billion in foreign financial institutions.Gold reserves totalled $22.55 billion.

Japan was the world's second-largest holder of foreign reserves after China, according to IMF data. Japan's foreign exchange reserves consist mainly of securities and deposits denominated in foreign currencies, gold, and reserve positions and special drawing rights at the IMF.