Statistics

Home > Statistics > Outline of Statistics and Statistical Release Schedule > Notices of Changes and Corrections 2007 > Periodical Revision to the Data for Broadly-defined Liquidity

Periodical Revision to the Data for Broadly-defined Liquidity

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.

June 8, 2007
Research and Statistics Department
Bank of Japan

Periodical revisions have been made to the data for broadly-defined liquidity in the Money Stock Statistics.

The data for broadly-defined liquidity is revised "when the Bank finds much room for improvement on the accuracy of the data.  Added to this, every three years (in June), the Bank examines whether or not the data needs to be revised, and if so, revises them accordingly ("Introduction of Periodical Revision of  Broadly-defined Liquidity," June 8, 2004, Research and Statistics Department, Bank of Japan)."

The data for broadly-defined liquidity is retroactively revised in line with the release of the International Investment Position of Japan (end of December 2006), etc.

With this revision, the data from January 2000 to April 2007 have been revised.  To download the file for the revised figures, please click the file below:

Money Stock (Preliminary figures) (Monthly release)
Long-term time-series data

< Revision of Compilation Methods >

A. Government bonds

The amount of clearing government bonds held by money holders is calculated using Bank of Japan studies such as the "Research for the Holders of Clearing Government Bonds."  To increase the estimation accuracy, the "Outstanding of Clearing Government Bonds by Type of Government Bonds" will also be used.

B. Foreign bonds

Foreign bonds are calculated by adding every month the investment amount of foreign bonds during the month (flow) held by money holders estimated from the Balance of Payment Statistics to the amounts outstanding of foreign bonds (stock) held by money holders at the end of every December based on the International Investment Position of Japan.  The monthly currency fluctuations are also incorporated into the stock of foreign bonds.  Apart from this, foreign bonds held by life insurance companies, non-life insurance companies, and trust accounts of domestically licensed banks are estimated and adjusted.  The major changes in this estimation method are as follows:

  1. (i) From the December 2003 data onward, the currency fluctuations of foreign bonds, which had been adjusted assuming that all bonds are in US dollars, will be adjusted based on three currencies (US dollar, Euro, and Yen) using end-of-month currency rates, and data such as the "Portfolio Investment Position (Assets) by Currency and Type of Securities."
  2. (ii) When estimating the flow of foreign bonds held by money holders, the "Outward Portfolio Investment by Types of Investors" in the Balance of Payments Statistics is used from the January 2005 data onward.  With this, the estimation accuracy has increased since the flow of life insurance companies, non-life insurance companies, and trust accounts of domestically licensed banks no longer needs to be adjusted.

The assets of the Postal Life Insurance Welfare Corporation were transferred to the Japan Post due to the dissolution of the corporation on April 1, 2003.  Please click here for the data of broadly-defined liquidity adjusted for the special items.

Note that figures in the Bank of Japan's publications on statistical data, and CD-ROMs, may be those before the revision.

inquiries

Inquiries concerning the revision of figures: Financial Statistics
Research and Statistics Department

E-mail: post.rsd5@boj.or.jp

Inquiries concerning statistical publications edited by Research and Statistics Department and CD-ROMs:
Statistics Planning Research and Statistics Department

E-mail: post.rsd5@boj.or.jp

Reference Index of the Money Stock Statistics

The assets of the Postal Life Insurance Welfare Corporation were transferred to the Japan Post due to the dissolution of the corporation on April 1, 2003.

Since the Postal Life Insurance Welfare Corporation is regarded as "general corporation" and the Japan Post as "financial institutions," this transfer decreases the Money Stock Statistics1. The amounts outstanding of Broadly-defined Liquidity excluding the assets of the corporation are as below: 2

Amounts outstanding of Broadly-defined Liquidity adjusted for special items

Amounts outstanding of Broadly-defined Liquidity adjusted for special items(100 millions of yen)
2002.04 12,871,851
2002.05 12,817,896
2002.06 12,824,806
2002.07 12,870,187
2002.08 12,837,397
2002.09 12,856,231
2002.10 12,881,640
2002.11 12,839,056
2002.12 12,910,901
2003.01 12,922,735
2003.02 12,913,289
2003.03 13,003,013
  1. The Money Stock Statistics is "the statistics that appraises money such as cash currency in circulations and deposit money, held by general corporations, individuals, and local governments."
    For details, please see "Guide to Japan's Money Stock Statistics" (Research and Statistics Department, Bank of Japan, June 2004).
  2. The assets of the Postal Life Insurance Welfare Corporation are calculated by averaging the amounts at the end of the month and that of the previous month.