Sources of Changes in Current Account Balances at the Bank of Japan and Market Operations
(preliminary figures for May 2007)

May 31, 2007
Bank of Japan
Financial Markets Department

100 million yen

			Preliminary figure	Previous year
Banknotes ¹			21,430	21,367
Treasury funds and others ²			-61,550	-103,758
	Net fiscal payments		7,325	-198
	JGBs and TBs		-66,205	-85,364
	Financing bills		-3,900	-29,773
	Foreign exchange		0	0
	Others		1,230	11,577
Surplus/shortage of funds ³			-40,120	-82,391
BOJ loans and market operations			37,385	39,814
	Loans ⁴		0	2,552
	Market operations		37,385	37,262
Net change in current account balances ⁵			-2,735	-42,577
	(Reference) Net change in reserve balances and the deposit of the Japan Post		-1,535	-32,818
		Net change in reserve balances ⁵	5,015	-23,533
Amount outstanding Banknotes, end of month (Average) BOJ loans, end of month⁴			749,860 (753,970) 0	739,543 (745,519) 2,552

Notes: 1.	Negative figures represent a net increase in banknotes in circulation.
2.	Negative figures represent a net receipt of treasury funds and others.
3.	Negative figures represent a shortage of funds in money markets.
4.	"Loans" in this chart means the loans under Complementary Lending Facility.
5.	The figure for net change in current account balances includes the deposit of the Japan Post. The figure for net change in reserve balances does not include the deposit of the Japan Post.

Banknotes Outstanding

Percent changes from previous year

	Nov.2006	Dec.	Jan.2007	Feb.	Mar.	Apr.	May
End of period	0.9	0.7	0.7	1.3	1.2	1.4	1.4
Average	0.9	0.5	0.7	1.3	1.3	1.3	1.1

Any inquiry should be directed to:
Open Market Operations, Financial Markets Department
+81-3-3277-1284 or
+81-3-3279-1111 (Ext. 2711)

Index by Policy and Operations