Tuesday, October 13
Japan has lost its position as the world's top creditor after 34 years, falling behind Germany, even as its net external assets last year hit a record high, officials said Tuesday.Japan's net external assets as of the end of last year stood at 533.05 trillion yen ($3.7 trillion), up 12.9 percent from a year earlier, according to data released by the finance ministry.That, however, was below Germany's 569.65 trillion yen, meaning Japan lost the top spot it has held since 1991, the finance ministry said.The government played down the development."Net external assets are determined by the accumulation of various factors, including changes in the prices of financial assets and debts as well as the balance of payments," spokesman Yoshimasa Hayashi said."In light of these points and the fact tha
