In addition, retailinvestors' directshare of Japan's foreign-currencymarketmay be20-30%, whereasindividuals' holdingsofforeign currencyexceedforeigners' holdings of Japanesesecurities.
Cash reserves that have funded SWFs have accrued from several sources such as foreigncurrency deposits, gold holdings, Special Drawing Rights, petroleum, and state pensionsSWFs are essentially a byproduct of globalization.