Dollar’s Strength Prompts Question: What Will Japan Do With Its Bounty of Bucks?

TOKYO—The U.S. dollar’s rise to a 24-year high against the yen is great news for Japanese savers who put a chunk of their retirement nest eggs into dollar-denominated assets.

The biggest such saver is the Japanese government. Now it faces decisions about what to do with its windfall—including whether to sell some of its dollar stash.