Japan loses status as world's top creditor ...Middle East

Japan's net external assets as of the end of last year stood at 533.05 trillion yen ($3.7 trillion), up 12.9 percent from a year earlier, according to data released by the finance ministry.

The government played down the development.

“In light of these points and the fact that Japan's net foreign assets have been steadily increasing, we do not believe that the change in ranking alone should be taken as a sign of a major change in Japan's position,“ Hayashi told reporters.

For Japan, a weaker yen contributed to increases in both foreign assets and liabilities, but assets grew at a faster pace, driven in part by expanded business investment abroad, according to the data.

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