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Explanation of the Monetary Survey

December 2017
Bank of Japan
Research and Statistics Department

Outline of the Monetary Survey

The Bank of Japan (BOJ) issues the Monetary Survey, which provides statistics related to Japan's money stock.

Money Stock Statistics (hereafter, MSS) is the aggregate amount of money, such as currency in circulation and deposit money, held by "money holders" such as nonfinancial corporations and individuals. While money is an asset for "money holders," it is also a liability for the financial institutions that are "money issuers." When looking at the balance sheets of these financial institutions, all changes in money stock are inevitably accompanied by corresponding changes in loans, securities investments, and other assets and/or liabilities other than cash and deposits.

The Monetary Survey focuses on the above relationship, and is prepared for the purpose of showing the correspondence between changes in M3 in the MSS, and, among other modifications, changes in the assets and liabilities of financial institutions.

Specifically, the Monetary Survey provides consolidated and adjusted balance sheets (showing the amounts outstanding at the end of each month) for the central bank, which issues currency in circulation, and for depository corporations, which issue deposit money, quasi-money, and CDs. Under the Monetary Survey, M3 is listed as liabilities, whereas assets are categorized as "Claims on Nonresidents" and "Domestic Credit" (which are broken down into "Claims on Government," "Claims on Other Financial Corporations," "Claims on Local Governments," and "Claims on Other Sectors") in accordance with the international standards adopted by the International Monetary Fund (IMF). Thus, the Monetary Survey shows the correspondence between changes in M3 on the debt side and changes in the relevant assets on the credit side.

The figures of the Monetary Survey are compiled primarily based on figures of the Flow of Funds Accounts (hereafter, FFA), and the sectors covered are also the same. Nevertheless, items in the FFA are further combined or 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. This paper explains the Monetary Survey, and focuses on the precise definitions of the items used and the compilation methods of the figures.

This paper explains the new base statistics following the revisions made to the Monetary Survey in June 2008.


Economic Statistics Division, Research and Statistics Department

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