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Changes in the Components of "Monetary Base and the Bank of Japan's Transactions"

May 10, 2001
Bank of Japan
Policy Planning Office

In April 2001, the Bank of Japan changed its accounting practice: government securities transactions under repurchase/resale agreements are now treated as borrowing/lending of funds against securities collateral (see Changes in Accounting Practice in the "Bank of Japan Accounts," released by the Bank on April 17, 2001). Therefore, starting from this April, the Bank's government securities transactions under repurchase/resale agreements no longer decrease/increase "Government securities" in the assets in the balance sheet of the Bank. In line with this, the Bank has changed the components of "Monetary Base and the Bank of Japan's Transactions" as from the report for April released today as follows (see the Attachment for details of the changes).

(1) Previously, JGB transactions under repurchase/resale agreements were registered under "JGBs," specifically "Purchases under repurchase agreements," "Purchases from the Government under repurchase agreements," and "Sales to the Government under repurchase agreements." These are now replaced by the new items "Purchases of JGBs under repurchase agreements," "Purchases of JGBs from the Government under repurchase agreements," and "Sales of JGBs to the Government under repurchase agreements" respectively, and these are no longer sub-categories of "JGBs."

Due to this change, there will be no continuity between figures for "JGBs" to March 2001 and those from April 2001.

(2) Previously, TB and FB transactions under repurchase/resale agreements were registered under "TBs and FBs," as "Purchases under repurchase agreements" and "Sales under repurchase agreements." However, these are now replaced by the new items "Purchases of TBs and FBs under repurchase agreements" and "Sales of TBs and FBs under repurchase agreements" respectively, and these are no longer sub-categories of "TBs and FBs."

Due to this change, there will be no continuity between figures for "TBs and FBs" to March 2001 and those from April 2001.

For further information, contact Planning Division I, Policy Planning OfficeMr. Shimizu (+81-3-3277-2812) or Mr. Chikada (+81-3-3277-2877)


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