Japanese Foreign Exchange Reserves (Jul) 1287.1B (Prev. 1287.5B)

Japan's monthly reserve stock is followed less for its level than as a forensic check on intervention: a materially smaller month-on-month drop than the estimated cost of any suspected yen-buying operations implies the MoF stayed out, while a larger drawdown than valuation effects would explain confirms spot-dollar selling. This print is essentially flat, consistent with valuation and interest-income effects rather than active operations. On prior occasions, reserve composition, the split between securities and deposits, has mattered more than the headline, since heavy deposit drawdowns are the tell of cash-funded intervention whereas securities sales leave a different footprint. The figure also feeds the standing debate over how much firepower Japan can deploy without touching its US Treasury holdings. The follow-ons are the MoF's own intervention data and daily fixing behaviour in USD/JPY, which historically reveal operations before the reserve account does. As a standalone release this is routine; its value is corroborative.