BREAKING: Japan's gold reserves rose to a record $120 billion in 2025, up +60% year-over-year. Gold reserves now reflect 9% of Japan's total reserve assets, more than doubling since 2022. Meanwhile, the country’s FX reserves are up to $1.17 trillion, the highest since 2021. As a result, total reserve assets are up to $1.37 trillion, also the highest since 2021. This comes as Japan is now the largest foreign holder of US Treasuries, at $1.2 trillion, the highest since July 2022. Gold is boosting reserve assets worldwide.(The Kobeissi Letter)