Trends in the Money Market in Japan*1 -- Results of the Tokyo Money Market Survey (August 2025) --
- *1This is an English translation of Japanese original released on October 10, 2025.
December 9, 2025
Financial Markets Department
Bank of Japan
Overview of the Tokyo Money Market Survey
Introduction
The Financial Markets Department of the Bank of Japan (the Bank) has conducted the Tokyo Money Market Survey since 2008 to understand developments in the Japanese money market. Initially, this series of surveys was conducted every other year. However, to observe market trends more precisely, the Bank decided to conduct the survey annually, beginning with the 2013 survey. In August 2025, the 16th survey in the series was carried out (the survey was conducted as of the end of July 2025).
As with the previous surveys, this survey covers eligible counterparties in the Bank's market operations, as well as other major participants in the money market. The number of respondents in this survey was 383 (with a response rate of 100 percent).
The Bank intends to capture comprehensively and from various angles the situations and structural changes in the money market, utilizing the results of this survey as well as the results of the Bond Market Survey. The Bank will continue to enhance dialogue with market participants by taking advantage of the Meeting on Market Operations and the Bond Market Group Meeting to actively support the relevant parties in their efforts to enhance Japanese financial markets, including the money market. The Bank intends to contribute significantly to such endeavors in its capacity as Japan's central bank.
Overview
The amount outstanding in the money market remained unchanged from the previous year on the cash borrowing side, but decreased on the cash lending side.
On the cash borrowing side, the amount outstanding remained unchanged from the previous year, with no significant movement in the amount outstanding of uncollateralized call transactions and repo transactions.
On the cash lending side, the amount outstanding decreased from the previous year, as investment in T-Bills declined amid weakening demand for collateral from city banks.
Regarding the perception of the degree of functioning of the money market (as of the end of July 2025), the share of respondents who answered that the functioning was "high" exceeded that of respondents who answered that it was "low."
Notice
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Financial Markets Department, Bank of Japan
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Inquiries
Market Infrastructure Group, Market Infrastructure Division, Financial Markets Department
E-mail : post.fmd35@boj.or.jp