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私の = "It's mine"

Yes, the "no" indicates possession. But in th example you gave, a simple "yes" would suffice for an answer.

If you don't mind my asking, what are you using for learning material? Do they include anything resembling a textbook?
 
You also might want to stick a です onto the end of that -- わたしのです。 It's not required in informal speech, but it is in formal speech.
 
mikecash said:
Yes, the "no" indicates possession. But in th example you gave, a simple "yes" would suffice for an answer.

If you don't mind my asking, what are you using for learning material? Do they include anything resembling a textbook?

Yes, but my book is seriously lacking in the example department.
 
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