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Home > Statistics > Outline of Statistics and Statistical Release Schedule > Notices of Changes and Corrections 2007 > Changes in the Methods of "Average Interest Rates Posted at Financial Institutions by Type of Deposit"
June 29, 2007
Bank of Japan
Financial Systems and Bank Examination Department
At present, the Bank of Japan releases the survey of "Average Interest Rates Posted at Financial Institutions by Type of Deposit" every week and will change its sampling and compiling methods from October 2007 in the following ways. Please keep in mind that some items such as weighted Average Rates of CDs Issued by City Banks in the survey, which are not mentioned below, will be unchanged.
The Bank's survey currently covers approximately 500 institutions, which are domestically licensed banks (excluding several banks), all Shinkin banks and part of credit cooperatives, labor credit associations, agricultural cooperatives, fishery cooperatives, and Shoko Chukin Bank. From October 2007, it will cover approximately 400 financial institutions, which are domestically licensed banks (excluding several banks), all correspondent Shinkin banks and Shoko Chukin. In spite of the decrease in the number of surveyed financial institutions, the Bank believes that this survey still keeps confidence in terms of enough number of surveyed institutions.
As mentioned before, at present, on the third business day of every week, the Bank announces the average interest rates of time deposits, covering business days from Thursday in the two previous weeks through Wednesday in the previous week, and those of ordinary deposits, saving deposits and installment savings covering from Monday through Friday in the previous week. After the change, on the third business day of every week, the Bank swiftly may release all the data of the first business day of the week.
The Bank does not change the release items themselves. Namely, these items are as follows; time deposits of 10 million yen or more, 3 million or more and less than 10 million yen, and less than 3 million yen with maturity of 1M, 3M, 6M, 1Y, 2Y, 3Y, 4Y, 5Y, 7Y and 10Y, installment savings by maturity of 1Y, 3Y and 5Y and savings deposits by minimum required amount of 100,000 yen and 300,000 yen. The Bank believes that the survey will continue to meet users' needs.
The Bank currently compiles and releases the survey based on the data collected by Financial Services Agency, to which the surveyed financial institutions report the data. After the change, the Bank will compile and release the survey by aggregating the data collected directly from the surveyed financial institutions.
The Bank calculates the weekly average of interest rate data on each business day, which are the weighted average data based on deposit amounts by type of financial institutions. After the change, the Bank will calculate the simple average of interest rates collected from financial institutions on Monday or the next business day if Monday is a public holiday. Please keep in mind that the impacts of these changes on the results are very limited.
The Bank will release a newly formed survey from October 3, 2007, whose interest rates are the data on October 1. Furthermore, it will also release both data with old and new methods at the beginning of the changes in survey.
Financial Data Center, Financial Systems and Bank Examination Department