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Gold Reserves
846t
Reserve Value
$78.88B
% of Reserves
5.1%
YoY Change
0.0t
Est. Purchase Cost
—
Gold/Currency Ratio
0.82%
Japan maintains stable gold levels due to its massive US Treasury holdings and yen carry trade dynamics, avoiding disruptive rebalancing. Stability reflects low urgency for change amid deflationary pressures and alliance commitments. Gold serves as a steady hedge without active adjustment.
Notable Activity
Japan's reserves remained at 846 tonnes year-over-year.
Key Motivations
What this means
The gold/currency ratio measures how much of a country's money supply is "backed" by gold reserves. A higher ratio suggests stronger implicit gold backing of the currency. This country has a relatively low gold/currency ratio, suggesting room for additional gold accumulation.
Bullion Fear & Greed Index
Was the market fearful or greedy when Japan was buying? Central banks often buy gold during market fear — the opposite of retail.
Gold/Silver Ratio
Central banks buy gold, not silver. Track the gold/silver ratio to understand relative value between the two metals.
Mining ETFs
Central bank buying supports gold prices, which flows through to mining company valuations. Track GDX, GDXJ, and miner sentiment.
Data Sources
Gold holdings from IMF International Financial Statistics (IFS) and World Gold Council. M1 money supply from FRED and IMF. Geopolitical context enriched monthly. Last updated: 2026-03-31.