Japan is setting a new high for its gold exports as individuals holding jewellery from more than 20 years ago hope to take advantage of the record prices, Bloomberg reports.

In the 10 months to October, gold shipments out of Japan reached 95.6 metric tonnes, from the previous high of 95.5 tonnes recorded in 2008, according to figures from the World Gold Council. In the nine months to September, Tanaka Kikinzoku Kogyo, Japan's largest gold retailer, reportedly bought 40 per cent more gold bars and jewelry from individuals, complementing the 33 per cent increase in global gold investment in the third quarter of 2011 compared to the year-earlier period. 

"Japan's gold exports will reach 100 tonnes this year," Takahiro Morita, Japan director of the WGC, was quoted as saying. 

There are mixed opinions worldwide as to the stability of gold as an investment, with some investors saying that it is nearing a bubble, especially in the more developed countries affected by the European debt crisis. In Asia, however, gold appears to hold strong, with China recorded as the largest gold-jewelry consumer, making up 1.6 per cent of its foreign-currency reserves. Additional forecasts from the Finance Ministry of Japan also show that bullion exports to Thailand triped in the 10 months to October from a year earlier, while exports to Singapore had doubled. 

Gold is currently priced at $1,689.73 per troy ounce.