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MACRO ANALYSIS: JPY and CAD Saw Largest Reserve ‘Inflows’ As % GDP In Q2 [3/3]

MACRO ANALYSIS
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  • Converting the quoted USD amounts into local currency, we saw the largest quarterly increases in the level of reserves being held in CAD (4.9%) and JPY (4.1%).
  • The latter comes as JPY holdings in reserves fell ‘only’ from $654.5bn to $641bn despite USDJPY jumping from 151.35 to 160.88 on an end-quarter on end-quarter basis, offering more compelling entry points. USDJPY has since swung back to 143.63 for end Q3.   
  • In terms of crude inflows as shares of local GDP, JPY tops the table at 0.7% GDP in Q2 after a strong 1.2% GDP in Q1 whilst CAD follows with 0.6% GDP after 0.3% GDP.
  • The reduction in US dollar share was equivalent to an outflow of 0.3% GDP. 
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  • Converting the quoted USD amounts into local currency, we saw the largest quarterly increases in the level of reserves being held in CAD (4.9%) and JPY (4.1%).
  • The latter comes as JPY holdings in reserves fell ‘only’ from $654.5bn to $641bn despite USDJPY jumping from 151.35 to 160.88 on an end-quarter on end-quarter basis, offering more compelling entry points. USDJPY has since swung back to 143.63 for end Q3.   
  • In terms of crude inflows as shares of local GDP, JPY tops the table at 0.7% GDP in Q2 after a strong 1.2% GDP in Q1 whilst CAD follows with 0.6% GDP after 0.3% GDP.
  • The reduction in US dollar share was equivalent to an outflow of 0.3% GDP.