[Notes on Statistics]Monetary Aggregates (market volume, outstanding)/ Currency

Data for which no sources are mentioned are compiled by the Bank of Japan.
All times are Japan Standard Time unless noted otherwise.

• Notes
• Definition of Terms
• Key Statistical Discontinuities

• BOJ Time-Series Data Search

Contents

• Money Stock (from April 2003)
• (Reference) Money Stock (from April 1998 through April 2008)
• (Reference) Money Stock (Based on excluding Foreign Banks in Japan, etc., through March 1999)
• Monetary Survey (from April 2003)
• (Reference) Monetary Survey (from April 1998 through March 2008)
• (Reference) Monetary Survey (Based on excluding Foreign Banks in Japan, etc., through March 1999)
• (Reference) Changes in Money Stock (M2 + CDs) and Credit (from April 1998 to December 2003)
• (Reference) Changes in Money Stock (M2 + CDs) and Credit (Based on excluding Foreign Banks in Japan, etc., through March 1999)
• Currency in Circulation

Money Stock (from April 2003)

1. See the explanatory notes.
2. Money stock is basically defined as the quantity of money held by money holders (corporations, households, and local governments including municipal enterprises <deposits, etc. held by financial institutions and the central government are not included>). Corporations exclude depository institutions, insurance companies, government financial institutions, securities companies, tanshi companies, etc.
3. M1 = Currency in circulation + deposit money deposited at depository institutions
   Currency in circulation = Banknotes in circulations + coins in circulation
   Deposit money = Demand deposits (current deposits, ordinary deposits, saving deposits, deposits at notice, special deposits, and deposits for tax payments) - checks and notes held by financial institutions.
4. M2 = Currency in circulation + deposits deposited at domestically licensed banks, etc.
   Deposits = Deposit money + quasi-money (time deposits, fixed savings, installment savings, and foreign currency deposits) + CDs (certificates of deposit)
   Domestically licensed banks, etc. = domestically licensed banks (excluding the Japan Post Bank), foreign banks in Japan, shinkin banks, Shinkin Central Bank, the Norinchukin Bank, and the Shoko Chukin Bank.
5. M3 = Currency in circulation + deposits at depository institutions
6. L = M3 + pecuniary trusts + investment trusts + bank debentures + straight bonds issued by banks + commercial paper issued by financial institutions + government securities + foreign bonds
7. Differences in definitions between the current series (Money Stock <from April 2003>) and former series (from April 1998 to April 2008) are as follows:
   
   1. a. In the current series, securities companies, tanshi companies, and nonresidents are excluded from money holders.
   2. b. As regards M2 and M3, the differences between the two series mainly derive from the differences in the range of money holders and the estimation method of some data. Apart from that, M2 and "M2 + CDs (former series)" have the same range of money issuers and financial assets (except for nonresident yen deposits). Similarly, M3 and "M3 + CDs - money trusts (former series)" have the same range of money issuers and financial assets (except for nonresident yen deposits). M2 can be analyzed from 1967 onward using data of M2 + CDs in the former series; M3 can be analyzed from 1996 onward using data of "M3 + CDs - money trusts" in the former series.
   3. c. As regards M1, the range of money issuers differs from that of "M1 (former series)" (in addition to the financial institutions surveyed for M1 in the former series, deposit money of the Japan Post Bank and other financial institutions are included). As regards L, the range of financial assets differs from that of "Broadly-defined Liquidity (former series)." L excludes "repurchase agreements and securities lending with cash collateral transactions" but includes (i) privately placed investment in "investment trusts" and (ii) "straight bonds issued by banks."
8. 1. a."Government securities" includes treasury discount bills, treasury bills, financing bills and FILP bonds.
   2. b."Foreign bonds" represents bonds issued by nonresidents.
9. Figures are seasonally adjusted by the Bureau of Census X-12-ARIMA (version 0.3).
10. The Money Stock Statistics (MSS) are regularly revised as follows:
    1. a. Data released in January, July and October: Data from the previous nine months may be revised.
    2. b. Data released in February and August: Data from the previous seven months may be revised.
    3. c. Data released in March, April, June and September: Data from the previous three years and a month may be revised.
    4. d. Data released in March: Seasonally adjusted data are revised from the beginning of the data.
    5. e. Data released in months other than above: Data from the previous five months may be revised.
11. If an error is found in the data reported by financial institutions, the MSS data are revised immediately. In principle, the MSS data are retroactively revised approximately for the previous three years. The revised data are released on the nearest release date of the MSS from the receipt date of the wrong data. If the range of revision falls short of 0.1 percent of amounts outstanding of M3 (or amounts outstanding of M2 in case of wrong report by money issuers of M2 ), the MSS data are basically revised in either March or September.

(Reference) Money Stock (from April 1998 through April 2008)

1. Financial institutions surveyed for M1: Bank of Japan, domestically licensed banks (excluding the Japan Post Bank), foreign banks in Japan, Shinkin Central Bank, Shinkin Banks, the Norinchukin Bank, and the Shoko Chukin Bank.
   M1 = Currency in circulation + deposit money
   Currency in circulation: Bank notes in circulation + coins in circulation
   Deposit money: Demand deposits (current deposits, ordinary deposits, savings deposits, deposits at notice, special deposits, and deposits for tax payments) minus check and bills held by the surveyed financial institutions.
2. Financial institutions surveyed for M2 + CDs: Same as those of M1.
   M2 + CDs = M1 + quasi-money + CDs
   Quasi-money: Time deposits + fixed savings + installment savings + nonresident yen deposits + foreign currency deposits
3. Financial institutions surveyed for M3+CDs: Financial institutions surveyed for M2+CDs, the Japan Post Bank, the Shinkumi Federation Bank, Shinkumi Banks, the Rokinren Bank, Labour Banks, Prefectural Credit Federations of Agricultural Cooperatives, Agricultural Cooperatives, Prefectural Credit Federations of Fishery Cooperatives, Fishery Cooperatives, and trust accounts of domestically licensed banks.
   M3 + CDs = M2 + CDs + deposits of post offices + other savings and deposits with financial institutions + money trusts
4. Financial institutions surveyed for Broadly-defined liquidity: Financial institutions surveyed for M3+CDs, central government, foreign bond issuing organizations, insurance companies etc., and fund raising entities.
   Broadly-defined liquidity = M3 + CDs + pecuniary trusts other than money trusts + investment trust + bank debentures + commercial paper issued by financial institutions + repurchase agreements and securities lending with cash collateral transactions + government securities + foreign bonds
5. Through September 2007, deposits of post offices are the sum of the balance of postal savings including unpaid interest on postal savings and the balance of postal giros. From October 2007, deposits of post offices are the balance of savings at the Japan Post Bank, excluding special savings and money orders, but including unpaid interest on savings.
6. See the explanatory notes of"Money Stock (from April 2003)"for differences in definitions between this series and the current series.

(Reference) Money Stock (Based on excluding Foreign Banks in Japan, etc., through March 1999)

1. See the notes on <(Reference) Money Stock (from April 1998 through April 2008)>. Following points are the difference in definition of Money Stock (through March 1999) comparing with that of Money Stock (from April 1998 to April 2008):
   1. a. Foreign banks in Japan, foreign trust banks and Shinkin Central Bank are not included in financial institutions surveyed for M1 and M2+CDs.
   2. b. Foreign banks in Japan, foreign trust banks, Shinkin Central Bank, the Shinkumi Federation Bank, the Rokinren Bank, Prefectural Credit Federations of Agricultural Cooperatives, and Prefectural Credit Federations of Fishery Cooperatives are not included in financial institutions surveyed for M3+CDs, and Broadly-defined liquidity.
   3. c. Commercial papers issued by financial institutions are not included in Broadly-defined liquidity.
   4. d. The compilation method of Money Trusts of M3+CDs.

Monetary Survey (from April 2003)

1. See the explanatory notes.
2. The Monetary Survey is the balance sheet whereby the accounts of central bank (Bank of Japan) and other depository corporations (including the Japan Post Bank and other financial institutions <the Shinkumi Federation Bank, shinkumi banks, the Rokinren Bank, labour banks, prefectural credit federations of agricultural cooperatives, agricultural cooperatives, prefectural credit federations of fishery cooperatives, and fishery cooperatives>) are aggregated and adjusted* based on the international standards adopted by the IMF.
   In the Monetary Survey, asset figures are primarily categorized by economic sector (credit recipient), and liability figures are primarily categorized by liquidity (currency in circulation, deposit money, quasi-money + CDs, etc.). Among these, the currency in circulation, deposit money, and quasi-money + CDs statistics match the Money Stock (outstanding at end of month) figures for currency in circulation, deposit money, and quasi-money + CDs (components of M3).
   
   • Notes: Duplicate accounts for financial institutions' deposits and other financial institution accounts are offset. The statistics are aggregated by account category and then sub-divided.
3. The figures of the Monetary Survey are compiled primarily based on figures of the Flow of Funds Accounts statistics (FFA), and the sectors covered are also the same. Nevertheless, items in the FFA are further combined and adjusted to meet the purposes of the Survey. Furthermore, the Survey also uses other basic data to compile the monthly figures since the FFA are quarterly data.
4. "(1) Summary table" integrates central bank and other depository corporations accounts, adjusts the figures, and then presents the principal assets and liabilities.
5. See the notes on Money Stock (from April 2003) for the definitions of "currency in circulation," "deposit money" and "quasi-money."
6. " (2) Accounts of the central bank"
   Claims on nonresidents: "Foreign currency deposits," "outward investment in securities," etc. on the assets side of the central bank.
   Claims on general government of excluding local governments: "Treasury discount bills," "central government securities and FILP (Fiscal Investment and Loan Program) bonds," etc. on the assets side of the central bank.
   Claims on other depository corporations (liabilities to central bank of (3) Accounts of other depository corporations): "Bank of Japan loans" and "call loans and bills" on the liabilities side of other depository corporations, etc.
   Claims on other financial corporations: "Bank of Japan loans" on the liabilities side of "other financial intermediaries" and "financial auxiliaries" (financial institutions other than intermediaries), etc.
   Claims on other sectors: Items such as "listed shares" on the assets side of the central bank.
   Liabilities to nonresidents: "Other external claims and debts," etc. on the liabilities side of the central bank.
   Liabilities to central government: "Deposits of the government," etc.
   Other items (net): The remainder after subtracting each item from the total of liabilities in Accounts of the central bank.
7. " (3) Accounts of other depository corporations"
   Claims on nonresidents: "Outward direct investment," "outward investment in securities," "other external claims and debts," and "loans to overseas," etc. on the assets side of other depository corporations.
   Claims on central bank: "Currency," "deposits with the Bank of Japan," and "call loans and bills," etc. on the assets side of other depository corporations.
   Claims on general government excluding local governments: "Treasury discount bills," "central government securities and FILP bonds," and part of "loans to general government," etc. on the assets side of other depository corporations.
   Claims on other financial corporations: "Deposits with the fiscal loan fund," "public corporation securities," "structural-financing instruments," etc. on the assets side of other depository corporations.
   Claims on local governments: "Local government securities" and part of "loans to general government," etc. on the assets side of depository corporations.
   Claims on other sectors: "Loans to other sectors" (nonfinancial corporations, households, and private nonprofit institutions serving households) etc.
   Liabilities to nonresidents: "Currency and deposits" (excluding currency) and "repurchase agreements and securities lending transactions" on the assets side of overseas, etc.
   Liabilities to central government: "Currency and deposits" (excluding currency, foreign currency deposits to overseas), "bank debentures," and "trust beneficiary rights," etc. on the assets side of the central government and Social Security Funds.
   Other items (net): The remainder after subtracting each item from the total of liabilities in Accounts of other depository corporations.
8. Data are retroactively revised periodically as follows in line with the revision of basic data.
   1. a. Data released every month: Data from the previous four months may be revised.
   2. b. Data released in January, April, July, and October: Data from the previous eight months may be revised. For one of those months, the data from January 2005 may be revised using the retroactively revised figures of the FFA.
9. If an error is discovered in the reported data or in the compiling process, the data are revised immediately. In principle, the data are retroactively revised approximately for the previous three years, and are announced on the closest release date from when the error was reported. However, in cases where the scale of revision is below 0.1 percent of amounts outstanding of M3, the data are revised in either March or September.

(Reference) Monetary Survey (from April 1998 through March 2008)

1. Monetary Survey is the balance sheet whereby the accounts of central bank (Bank of Japan) and deposit money banks (domestically licensed banks excluding the Japan Post Bank, foreign banks in Japan, Shinkin banks, the Norinchukin Bank, the Shoko Chukin Bank and Shinkin Central Bank) are aggregated and adjusted * based on the international standards adopted by the IMF.
   In these BOJ statistics, asset figures are primarily categorized by economic sector, and liability figures are primarily categorized by liquidity (currency in circulation, deposit money, quasi-money + CDs, etc). Among these, the currency in circulation, deposit money, and quasi-money + CDs statistics match the Money Stock (outstanding at end of month) figures for currency in circulation, deposit money, and quasi-money + CDs (components of M2+CD)..
   
   • Notes: Duplicate accounts for financial institutions' deposits and other financial institution accounts are offset. The statistics are aggregated by account category and then sub-divided.
2. "(1) Summary table" integrates central bank and deposit money bank accounts, adjusts the figures, and then presents the principal assets and liabilities.
3. See the notes on (Reference) Money Stock (from April 1998 through April 2008) for the definitions of "currency in circulation," "deposit money" and "quasi-money".
4. "(1) Summary table"
   Foreign assets: Holding of foreign assets minus foreign liabilities held by the surveyed financial institutions.
   Claims on governments (net): Claims on the government (such as government bonds, FB, and loans to government and others) by the surveyed financial institutions minus government debts (such as government deposits and others).
   Claims on local governments: Claims on local government and in holding of local government bonds (but excluding local public corporations bonds) by the surveyed financial institutions.
   Claims on public nonfinancial corporations: Holdings of public corporation securities by the surveyed financial institutions.
   Claims on private sector: Claims on individuals and private-sector nonfinancial corporations (including bills of exchange) and in holdings of industrial bonds, stocks, and CP by the surveyed financial institutions plus holdings of pecuniary trust and asset-backed securities by the Bank of Japan.
   Others (net): The remainder after subtracting money and quasi-money + CDs from the total of foreign assets (net) and domestic credits in the (1) Summary table.
5. "(2) Accounts of the central bank"
   Foreign assets: Holdings of the foreign currency assets, capital subscription and loans to international financial institutions, gold and SDR by the Bank of Japan.
   Claims on deposit money banks, credit from central bank: Bank of Japan loans (including funds-supplying operations against pooled collateral) plus bills purchased and bonds purchased with repurchase agreements held by the Bank of Japan.
   Claims on private sector: Holdings of pecuniary trust and asset-backed securities by the Bank of Japan.
   Unclassified assets (unclassified liabilities): The remainder after subtracting each item from the total of assets (or total of liabilities) in Accounts of the central bank.
   Foreign liabilities: Yen currency deposited by foreign financial institutions with the Bank of Japan.
   Credits from government: Government deposits plus sales of securities with repurchase agreements from the Bank of Japan to the government.
6. "(3) Accounts of deposit money banks"
   Foreign assets and foreign liabilities: Calculated from the foreign assets and liabilities figures in the external assets and liabilities of banks, etc. statistics.
   Claims on government: Claims on the government (such as government bonds, FB, and loans for government and others) by the surveyed financial institutions.
   Unclassified assets (unclassified liabilities): The remainder after subtracting each item from the total of assets (or total of liabilities) in Accounts of Deposit Money Banks.
   Bank debentures: Bank debentures including payments received in advance or margin for debentures.

(Reference) Monetary Survey (Based on excluding Foreign Banks in Japan, etc., through March 1999)

1. See the notes on (Reference)Monetary Survey(from April 1998 through March 2008). Foreign banks in Japan, foreign trust banks and Shinkin Central Bank are not consolidated.
2. Beginning April 1997, figures are not consistent with previous data due to revision of estimation.

(Reference) Changes in Money Stock (M2 + CDs) and Credit (from April 1998 to December 2003)

1. The data contrast the increase and decrease in M2+CDs with the claims on the nonfinancial section, which are indicated respectively as liabilities accounts and their on the balance sheets of the surveyed financial institutions ^* corresponding asset accounts. In these statistics, the calculations are primarily made via increases and decreases in each item, based on the Monetary Survey Summary Table.
   • Note: The surveyed financial institutions are Bank of Japan, domestically licensed banks, foreign banks in Japan, Shinkin banks, the Norinchukin Bank, the Shoko Chukin Bank and Shinkin Central Bank.
2. "Foreign Assets": The increase or decrease (-) in holdings of foreign assets minus foreign liabilities held by the surveyed financial institutions.
3. "Claims on Government": The increase or decrease (-) in claims on government (such as government bonds, FB, and loans to government and others) by the surveyed financial institutions minus government debts (such as government deposits and others).
4. "Claims on Local Governments": The increase or decrease in claims on local governments and in holdings of local government bonds (but excluding bonds issued by local government public corporations) by the surveyed financial institutions.
5. "Claims on Public Nonfinancial corporation": The increase or decrease (-) in holdings of public corporation securities by the surveyed financial institutions.
6. "Claims on Private Sectors: The increase or decrease (-) in claims on individuals and private-sector nonfinancial corporations (including bills of exchange) and in holdings of industrial bonds, stocks, and CP by the surveyed financial institutions plus pecuniary trust and asset-backed securities held by the Bank of Japan.
7. "Others": The remainder after subtracting items 3 through 7 above from the increase or decrease in M2+CDs.
8. "Bank Debentures": The increase or decrease in issued bank debentures including payments received in advance or margin for debentures (excluding bank debentures held by the financial institutions).
9. "Specified Money in Trust Investment Trusts: The increase or decrease in the outstanding of pecuniary trusts and securities (excluding stocks and corporate and public bonds).
10. "Deposits with Financial Institutions": The increase (-) or decrease in the remainder after subtracting the balance of deposits at the surveyed financial institutions from deposits with financial institutions (including CDs, excluding current account balances).

(Reference) Changes in Money Stock (M2 + CDs) and Credit (Based on excluding Foreign Banks in Japan, etc., through March 1999)

1. See the notes on <Changes in Money Stock (M2 + CDs) and Credit>. foreign banks in Japan, foreign trust banks and Shinkin Central Bank are not included.
2. Beginning April 1997, figures are not consistent with previous data due to revision of estimation.

Currency in Circulation

1. (a) Includes commemorative currency. Excludes Bank of Japan holdings, includes holdings by commercial financial institutions.