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Information about the treatment of the Japan Post on the statistics compiled by the Bank of Japan

March 18, 2003
Bank of Japan

In line with the establishment of the Japan Post on April 1, the Bank of Japan will treat the statistics compiled by the Bank as follows:

"Reserves"

Since the Japan Post is not subject to the reserve requirement system, the deposit of the Japan Post will not be included in Reserves. But it will be included in Current Account Balances excluding Reserve Balances.

"Figures on Reserves"

Figures about the deposit of the Japan Post will be included in Reserves of Financial Institutions subject to the Reserve Requirement System from the figures for March 2003 despite the Japan Post is not subject to the reserve requirement system. It is because the deposit of the Japan Post has the same function as reserves from a viewpoint of money market operations.

"Sources of Changes in Current Account Balances at the Bank of Japan and Market Operations"

  1. Daily
    Figures about the deposit of the Japan Post will be included in the following items.
    - Net Change in Current Account Balances
    - Current Account Balances (Amount Outstanding)
    - Reserve Balances (Amount Outstanding)
    - Held by Institutions that have satisfied Reserve Requirements for the Current Period
    - Excess Reserves
    - Held by Institutions that have NOT satisfied Reserve Requirements for the Current Period
    - Required Reserves for the Current Maintenance Period (Cumulative Total)
    - Required Reserves for the Current Maintenance Period (Daily Average)
    - Remaining Required Reserves (Cumulative Total)
    - Remaining Required Reserves (Daily Average)
  2. Monthly (preliminary figures, final figures) and Long-term time-series data
    The deposit of the Japan Post will be included in Net Change in Current Account Balances, Net Change in Reserve Balances, Current Account Balances and Reserve Balances.

"Monetary Base" and "Monetary Base and the Bank of Japan's Transactions"

The deposit of the Japan Post will be included in Monetary Base and Current Account Balances. Reserve Balances will be changed to Reserve Balances and the Deposit of the Japan Post. Current Account Balances excluding the Deposit of the Japan Post will be newly published as referential figures.

"Bank of Japan Accounts"

The deposit of the Japan Post will be included in Current Deposits.

"Money Stock"

The classification of Deposits of Post Offices will not be changed. (Deposits of Post Offices are composed in M3+CDs, not in M2+CDs.) Postal giro will be included in Deposits of Post Offices, which has been excluded from it.

"Principal Figures of Financial Institutions (Preliminary figures)"

The loan for the Japan Post will be regarded as a loan for financial institutions, which is not included in the statistics. The deposit from the Japan Post will be regarded as a deposit from financial institutions, which is included in the statistics.
This treatment is the same as postal savings special account and postal life insurance special account, and has no influence by the establishment of the Japan Post.

"Statistics concerning Deposits and Loans Market" (excludes "Principal Figures of Financial Institutions")

The Japan Post will not be included in domestically licensed banks. The deposit from the Japan Post will be regarded as a deposit from financial institutions. In principle, the loan for the Japan Post will be regarded as a loan for financial institutions.

"Payment and Settlement Statistics"

  1. Settlement via BOJ Accounts
    Funds transfers between the Japan Post and financial institutions will be included in BOJ Funds Transfers instead of Others.
  2. Treasury Funds Transactions
    The transactions for the Japan Post will not be included.

"Statement of Receipts and Payments of Treasury Accounts"

The three postal special accounts (the postal services special account, postal savings special account and postal life insurance special account) will be abolished and the funds of the Japan Post will not be included in Treasury Accounts.

"National Government Debt"

The three postal special accounts (same above) will be abolished and the borrowings of the Japan Post will not be included in National Government Debt.

"Flow of Funds"

It is under examination now.

Reference

Economic Statistics Division, Research and Statistics Department
(E-mail: post.rsd5@boj.or.jp)

Reference for individual statistics

- "Reserves" : Planning Division II, Policy Planning Office

- "Figures on Reserves" and "Sources of Changes in Current Account Balances at the Bank of Japan and Market Operations" : Open Market Operations Division, Financial Markets Department

- "Monetary Base", "Money Stock", "Flow of Funds" and "Statistics concerning Deposits and Loans Market" : Financial Statistics Group, Economic Statistics Division, Research and Statistics Department

- "Monetary Base and the Bank of Japan's Transactions" : Planning Division I, Policy Planning Office

- "Bank of Japan Accounts" : Budget Division, Budget and Management Office

- "Principal Figures of Financial Institutions (Preliminary Figures)": Money and Capital Markets Division, Financial Markets Department

- "Payment and Settlement Statistics" : Payment System Division, Financial and Payment System Office

- "Statement of Receipts and Payments of Treasury Accounts" and "National Government Debt" : Operations Control Division, Operations Department