It seems the Russian central bank has been buying yen when no one else wanted too …
Interesting. At one time, Russia was a source of global financial instability. Now, well, it is a big part of the global market. Nothing like almost $270b in the bank.
Incidentally, the valuation gains Russia’s central bank reported on its reserves in q2 imply that it was holding a bit more than 45% of its reserves in dollars. At least at the beginning of q2. But it could have shifted away from the dollar during the course of q2. Who really knows.