By Makiko Yamazaki
TOKYO (Reuters) -Japan’s net external assets rose to a record 533.1 trillion yen ($3.73 trillion) in 2024, the Ministry of Finance said on Tuesday, rising for a seventh straight year thanks to a weak yen and strong appetite for overseas corporate acquisitions.
However, Japan surrendered its position as the world’s top creditor for the first time in 34 years to Germany, which posted 569.7 trillion yen of net external assets as of the end of 2024. China ranked third with 516.3 trillion yen.
The value of net external assets, held by the Japanese government, businesses and individuals, increased 60.9 trillion yen, or 12.9%, from a year before.
The dollar and euro strengthened against the yen by 11.7% and 5% respectively, boosting the value of existing overseas assets in yen terms, while brisk overseas merger and acquisition activities by Japanese companies also contributed to the growth.
Gross external assets stood at 1,659 trillion yen as of the end of last year, up 169 trillion yen from a year earlier, and external debt came to 1,126 trillion yen, up 109 trillion yen.
The ministry also released revised current account balance data. For the whole of 2024, Japan logged a current account surplus of 29.4 trillion yen, versus the preliminary 29.3 trillion yen surplus.
($1 = 142.7200 yen)
(Reporting by Makiko Yamazaki; Editing by Joe Bavier)
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