SINGAPORE, Oct 7: Asian foreign exchange reserves have risen to $1.74 trillion, according to the latest available figures from regional central banks.

Japan’s official reserves rose by almost $50 billion in September to a record $604.873 billion, the Ministry of Finance said on Tuesday.

Singapore reported a rise of $3.3 billion in reserves during September while Hong Kong’s rose by $300 million.

The build-up of Asian forex reserves, mostly in US dollars, reflects steady intervention by the region’s monetary authorities to stall currency appreciation due to strong portfolio inflows and rising export receipts.

The policy has come under increasing criticism by US and European policy makers, who say it makes their exports less competitive and leads to job losses.

The Group of Seven’s call in September for more flexibility in exchange rates was interpreted by markets as a call for Asian countries to moderate the intervention and allow their currencies to strengthen.

Since the G7’s call, the Japanese yen has rallied to three-year highs and pulled other Asian currencies higher.

Asia’s currency management is expected to be a top issue at the APEC leaders summit in Thailand later this month.

The following are the forex reserves positions: Japan $604.9 billion, China 364.7bn, Taiwan 190.6bn, South Korea $141.5bn, Hong Kong $112.1bn, Singapore $91.1bn, India $89.3bn, Thailand $39.6 billion, Malaysia $39.6 billion, Indonesia $33.7bn, Philippines $16.2 billion, Pakistan $11.2 billion, and Bangladesh $2.5 billion.—Reuters