Japan's net overseas assets hit a record high for the fifth straight year in 2023. That made Japan the world's biggest creditor nation for the 33rd year in a row, followed by Germany and China.

The finance ministry said on Tuesday that net external assets stood at 471.3 trillion yen at the end of last year. That is roughly 3 trillion dollars at the current exchange rate.

The total rose more than 12 percent in yen terms from 2022.

The figure is calculated by subtracting the value of assets in Japan held by foreign entities from the value of assets the Japanese government, companies and individuals own abroad.

One major factor was an increase in investment by Japanese firms in countries including the United States and Australia. A rise in the value of overseas stocks held by Japanese entities also contributed. In addition, the Japanese currency's depreciation boosted the value of assets held abroad in yen terms.