Given the amount of USD denominated debt that the Chinese own, and are continuing to buy, (thankfully, because no one else is), that is a defensive, rational move.

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The treasury was directed to purchase silver at the market price in the amount of 2 to 4 million USD monthly in the form of coins.

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In value terms the deals totaled JPY 3.5 trillion (USD 44.7 billion), up 9%, the second highest amount on record.

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For the month, the trade fell into deficit of JPY 559 billion (USD 7 billion), the third consecutive month of deficit and the largest amount ever for the month.

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