Sources of Changes in Current Account Balances at the Bank of Japan and Market Operations
(preliminary figures for October 2008)

October 31, 2008
Bank of Japan
Financial Markets Department

100 million yen

		Preliminary figure	Previous year
Banknotes ¹		-11,185	406
Treasury funds and others ²		-39,045	-26,294
	Net fiscal payments	52,605	67,260
	JGBs and TBs	-70,875	-84,592
	Financing bills	-19,515	-10,799
	Foreign exchange	-1,005	1
	Others	-255	1,836
Surplus/shortage of funds ³		-50,230	-25,888
BOJ loans and market operations		14,860	-5,055
	Loans ⁴	-4,200	0
	Market operations	19,060	-5,055
Net change in current account balances		-35,370	-30,943
	Net change in reserve balances	-32,380	7,675
Amount outstanding Banknotes, end of month (Average) BOJ loans, end of month⁴		766,115 (756,035) 9,610	755,892 (749,865) 0

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.

Banknotes Outstanding

Percent changes from previous year

	Apr. 2008	May	June	July	Aug.	Sep.	Oct.
End of period	0.3	0.8	0.6	0.7	1.0	-0.2	1.4
Average	0.6	0.7	0.7	0.6	0.9	0.4	0.8

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

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