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Revision of the compilation method of "CP (Commercial Paper) issued by Financial Institutions" in Money Stock Statistics

Statistics that had been available in the form of time-series data at the Bank's web site are now provided, with a few exceptions, in "BOJ Time-Series Data Search," a new page for data search.  Regardless of the notice below, some links to the time-series data have been removed.

January 12, 2006
Bank of Japan

The compilation method of "CP (Commercial Paper) issued by Financial Institutions, a component of Broadly-defined Liquidity in Money Stock Statistics (from April 1998), has been revised as explained below.

Under the current compilation method, the "portion held by Financial Institutions" is deducted from the "total of CP issued by Financial Institutions"

1) Expansion of data coverage of the "total of CP issued by Financial Institutions":

After   : Domestically Licensed Banks + Shinkin Banks + Norinchukin Bank + Shoko Chukin Bank + Shinkin Central Bank + Shinkumi Federation Bank + Insurance Companies + Holding Companies of the above-mentioned financial institutions + Foreign Banks in Japan

Before : Domestically Licensed Banks + Shinkin Banks + Norinchukin Bank + Shoko Chukin Bank + Shinkin Central Bank + Shinkumi Federation Bank + Insurance Companies

2) Expansion of data coverage of the "portion held by Financial Institutions" (deducting item).

After  : Domestically Licensed Banks + Shinkin Banks + Norinchukin Bank + Shoko Chukin Bank + Shinkin Central Bank + Shinkumi Federation Bank + Foreign Banks in Japan

Before : Domestically Licensed Banks + Shinkin Banks + Norinchukin Bank + Shoko Chukin Bank + Shinkin Central Bank + Shinkumi Federation Bank

Because the Bank of Japan does not collect the data of the "portion held by Foreign Banks in Japan", the Bank of Japan estimates them as follows.

<Estimation method of "portion held by Foreign Banks in Japan" data>

Total of CP held by foreign banks in Japan * (total of CP held <for CP issued by Financial Institutions> / total of CP held <for CP issued by all industries>)

The method is conducted using the "Deposits, Vault Cash, and Loans Table" which Domestically Licensed Banks, Shinkin Banks, Norinchukin Bank, Shoko Chukin Bank, Shinkin Central Bank, and Shinkumi Federation Bank submit to the Bank of Japan.

Money Stock (Preliminary figures) (Monthly release)

Long - term time - series data