Bank of Japan

Official Discount Rates (1) from August 10, 1955, through August 7, 1968

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Official Discount Rates (2) from September 1, 1969, through June 24, 1972

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Reserve Requirement Ratios

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Policy Rates in Major Economies

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Sources of Changes in Current Account Balances at the Bank of Japan and Market Operations (Final Figures)

1. Negative signs ("-") represent a shortage of funds in money markets. (Negative signs ("-") represent a net increase in banknotes in circulation and a net receipt of treasury fund and others.)
2. Beginning October 1977, public offerings and redemptions of Financing Bills are excluded in the Government Securities. They are separately included in the itemized Treasury Funds (i.e. Foreign Exchange Funds and Special Account for Food Control)(through March 1999.)
3. Beginning April 1999, Financing Bills include issuance and redemptions, and Part of Others is shifted to Foreign Exchange.
4. The definitions of Total, Net Fiscal Payments and Others in Treasury Funds and Others, Surplus / Shortage of Funds and Outright Purchases of Bills were changed on March 2000, which does not continue before then.
5. In principle, figures in this table are rounded to the nearest whole number.
6. (a) Beginning August 1992, parts of Other Funds are shifted to Government Securities.
   (b) From March 2000, the figures include the loans contributing to the maintenance of an orderly financial system, which were previously put in BOJ Loans and Market Operations (Loans). (The format was revised in November 2002.) And the figures include the Stock Purchases started in November 2002.
   (c) The figures under Purchases of JGSs under Repurchase Agreements in and before October 2002 are of Purchases of JGBs under Repurchase Agreements.
   (d)From January 2001, outright purchases of bills utilizing corporate debt obligations are integrated.
   (e) From January 2001, integrated into outright purchases of bills.
   (f) The figures do not include the loans contributing to the maintenance of an orderly financial system after March 2000. (The format was revised in November 2002.)
   (g) The figures before February 2000 show Net Change in Reserve Balances. The data of Net Change in Current Account Balances from January 1999 to February 2000 are available on Information of Alterations and Corrections.
   (h) Include the deposit of the Japan Post from April 2003 to September 2007.
   (i) From February 2009 to January 2010, the figures include the amount of redemption of TBs issued by January 2009.
   (j) From February 2009 to July 2009, the figures include the amount of redemption of FBs issued by January 2009.
   (k) From February 2009, "Outright purchases/sales of TBs/FBs" is changed to "Outright purchases/sales of T-Bills."

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Reserves

1. Figures of "Current Account Balances excluding Reserve Balances (Average Outstanding)" will no longer be released, because those figures are identical to "Other institutions holding current accounts with the BOJ" (Average outstanding amounts of current account balance and required reserves for each maintenance period) within the data of "BOJ Current Account Balances by Sector" (To download the data files, please click here).
2. (a) Data show average figures from the 16th of the current month to the 15th of the next month.
   (b) Required reserves / liabilities subject to reserve requirements.
   (c) Average effective reserve requirement ratio on deposits (excluding foreign currency deposits, non-resident yen deposits and offshore account deposits).

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BOJ Current Account Balances by Sector

1. Figures in this table are rounded to the nearest whole number.
2. Average Outstanding for the last 2 months are preliminary figures. Figures are rounded off to 1 billion yen.
3. (a) Figures up to September 2007 include deposits by the Japan Post and the Japan Post Bank.
   (b) Figures include the reserve balances (the balances of current account and special reserve account held by institutions subject to the reserve requirement) and the current account balances held by institutions not subject to the reserve requirement.
   

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Monetary Base

1. See the explanatory notes.
2. Monetary Base = Currency in Circulation (Banknotes in Circulation + Coins in Circulation <both include holdings of financial institutions>) + Current Account Balances (Current Account Deposits in the Bank of Japan) <Reserve Balances are used as for data until March 1981>
3. Method of adjusting the effect of changes in the reserve requirement rate
   Reserve balances (Reserve requirement rate change adjusted) = Reserve balances of the month * (Average effective reserve requirement rate of base period / Rate of comparison period)
   Base period : following month of the month that the reserve requirement rate is changed.
   Comparison period : the months that the reserve requirement rate is changed---the same month
   the months after the base period---base period
   other months---the previous months of the month that the reserve requirement rate is changed.
   After the base period, figures adjusted to the reserve requirement rate change are equal to those unadjusted because the base period and comparison period are the same month.
   Average effective reserve requirement rate : Required reserve balances / Liabilities subject to reserve requirement
4. Base period of average effective reserve requirement rate is November 1991.
5. Outstanding at end of month can be obtained from <Monetary Base and the Bank of Japan's Transactions (Stock Table)>. Changes during the month can be obtained from <Monetary Base and the Bank of Japan's Transactions (Flow Table)>.
6. (a) Figures include the Deposit of the Japan Post from April 2003 to September 2007.
   (a) Figures don't include the Deposit of the Japan Post Bank from October 1, 2007 to October 15, 2007.
   (b) Based on the Bureau of Census method X-12-ARIMA (Version 0.3).
7. The data are regularly revised as follows:
   Every February: the seasonally adjusted data are revised from the beginning of the data.

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Monetary Base and the Bank of Japan's Transactions

(1) Stock Table (End of Month)

1. Figures for March and September of Outright purchases of CP, Outright purchases of Corporate Bonds, Pecuniary Trusts (Stocks Held as Trust Property) and Others released in early April and October are preliminary. Revised figures are released in early June and December, respectively.
2. See the explanatory notes.
3. In principle, figures in this table are rounded to the nearest whole number.
4. Average Amounts Outstanding can be obtained from <Monetary Base>.
5. (a) The amount outstanding of Japanese government bonds (JGBs) in the assets in the Bank's balance sheet. The figure for April 2001 is calculated by adding the amount outstanding of Sales of JGBs to the Government under Repurchase Agreements conducted in or before March 2001 to that of JGBs. JGBs held by the Bank are revalued at the end of the first half of every fiscal year and of the full fiscal year. Until fiscal 2003, the value was stated at the lower of cost, determined by the moving-average method, or market value. From fiscal 2004, the value is stated at amortized cost, determined by the moving-average method. In April 2001, the Bank of Japan changed its accounting practice for government securities under repurchase / resale agreements. Due to this change, there is no continuity between figures through March 2001 and those from April 2001.
   (b) The amount outstanding of JGBs purchased or acquired outright from financial institutions, including those rolled over at maturity and underwritten by the Bank. Calculated by subtracting the amount outstanding of government compensation bonds and other JGBs from that of JGBs held by the Bank. Figures approximately equal the accumulated amount of JGBs purchased or acquired outright from financial institutions minus the sum of redemptions, treasury bills issued to roll over matured JGBs and underwritten by the Bank, and sales to the Special Account for Government Debt Consolidation Fund.
   (c) The amount outstanding of government compensation bonds and other JGBs. Stated at face value.
   (d) The amount outstanding of JGBs purchased from the government under repurchase agreements (April 2000 - March 2002). Stated at acquisition cost.
   (e) The amount outstanding of JGBs sold to the government under repurchase agreements. Stated at sales-proceeds value.
   (f) The amount outstanding of cash collateral against which the Bank borrowed JGBs from financial institutions. This item relates to JGB "repo" operations.
   (g) The amount outstanding of treasury discount bills (T-Bills, consisting of treasury bills [TB] and financing bills [FBs]) in the assets in the Bank's balance sheet. Figures for April and May 2001 are calculated by subtracting the amount outstanding of  "Purchases of TBs and FBs under Repurchase Agreements" conducted in or before March 2001 from that of T-Bills. The amount does not match the sum of the detailed items because of the difference in valuation. T-Bills held by the Bank are revalued at the end of the first half of every fiscal year and of the full fiscal year. Until fiscal 2003, the value was stated at cost determined by the moving-average method. From fiscal 2004, the value is stated at amortized cost, determined by the moving-average method. In April 2001, the Bank of Japan changed its accounting practice for government securities under repurchase / resale agreements. Due to this change, there is no continuity between figures through March 2001 and those from April 2001.
   (h) The amount outstanding of FBs underwritten by the Bank and TBs issued to roll over JGBs and TBs and underwritten by the Bank. Figures equal the accumulated amount of these T-Bills, subtracting their redemptions. Stated at face value.
   (i) The amount outstanding of T-Bills purchased from financial institutions. Figures equal the accumulated amount of these T-Bills, subtracting principally their redemptions including those redeemed before maturity. Stated at acquisition cost.
   (j) The amount outstanding of T-Bills sold to financial institutions. Figures equal the accumulated amount of these T-Bills,  subtracting their redemptions. Stated at sales-proceeds value.
   (k) The amount outstanding of net T-Bills sales to the government and others (i.e., the difference between the amount of T-Bills sold to and purchased from the government and others). Redeemed T-Bills are excluded. Stated at face value.
   (l) The amount outstanding of net FB sales to overseas central banks and others (i.e., the difference between the amount of T-Bills sold to and purchased from overseas central banks and others). Stated at face value.
   (m) The amount outstanding of T-Bills sold to foreign central banks and others under repurchase agreements. Stated at face value.
   (n) The amount outstanding of T-Bills purchased from financial institutions under repurchase agreements. Stated at acquisition cost.
   (o) The amount outstanding of T-Bills sold to financial institutions under repurchase agreements. Stated at sales-proceeds value.
   (p) The amount outstanding of JGSs (JGBs, and T-Bills) purchased from financial institutions under repurchase agreements. Stated at acquisition cost. The amount outstanding through October 2002 is that of JGBs purchased from financial institutions under repurchase agreements, and thus there is no continuity between figures through October 2002 and those from November 2002.
   (q) The amount outstanding of JGSs sold to financial institutions under repurchase agreements. Stated at sales-proceeds value.
   (r) The amount outstanding of bills purchased from financial institutions. Stated at face value. Purchases of commercial paper (CP) under repurchase agreements are excluded. From January 2001, also includes outright purchases of bills utilizing corporate debt obligations.
   (s) The amount outstanding of bills backed by corporate debt obligations and purchased from financial institutions. Stated at face value. From January 2001, integrated into the outright purchases of bills.
   (t) The amount outstanding of CP, dematerialized commercial paper issued by domestic corporations, dematerialized commercial paper issued by foreign corporations with guarantees, government-guaranteed dematerialized commercial paper, dematerialized asset-backed commercial paper, and dematerialized commercial paper issued by real estate investment corporations purchased from financial institutions under repurchase agreements. Stated at face value.
   (u) The amount outstanding of bills drawn by the Bank and sold to financial institutions. Stated at face value.
   (v) The amount outstanding of asset-backed securities (asset-backed bonds and asset-backed commercial paper) purchased outright from financial institutions. The value of securities is at amortized cost and reflects changes due to revaluation for impairment losses at the end of March and September.
   (w) The amount outstanding of loans and bills discounted pursuant to Article 33 of the Bank of Japan Law and loans backed by loans on deeds pursuant to Article 43, the proviso of Section 1 of the Law. Includes loans under the "Temporary Lending Facility to Support Firms' Financing Activities" for December 1998-March 1999 and loans under the "Complementary Lending Facility" from March 2001. Excludes loans to financial institutions by funds-supplying operations against pooled collateral and special funds-supplying operations to facilitate corporate financing.
   (x) The amount outstanding of loans pursuant to Article 38 of the Bank of Japan Law.
   (y) The sum of items such as loans to the Deposit Insurance Corporation (DIC), capital subscriptions to the DIC and to the Agricultural and Fishery Cooperative Savings Insurance Corporation, provision of funds to the DIC's "Jusen account," and provision of funds to the New Financial Stabilization Fund.
   (z) The amount outstanding of loans to the DIC pursuant to the following: Article 42 and Supplementary Article 20 of the Deposit Insurance Law; Article 65 of the Law Concerning Emergency Measures for the Revitalization of the Functions of the Financial System; and Article 16 of the Financial Function Early Strengthening Law.
   (A) The amount outstanding of securities lending to financial institutions as a secondary source of JGSs. Stated at sales-proceeds value.
   (B) The amount outstanding of the pecuniary trusts established to purchase stocks from banks. The value of stocks is stated at the cost determined by the moving-average method and reflects changes due to revaluation for impairment losses at the end of March and September.
   (C) The amount outstanding of treasury deposits, domestic designated deposits and other deposits held by the government.
   (D) Includes the following items: gold, foreign currency assets, premises and movable property, coins in circulation, deposits held by foreign central banks and others, reserves for possible losses, capital accounts and deposits with agents, in addition to purchase of foreign securities from Foreign Exchange Fund Special Account with resale clause for January-May 2004.
   (E) Through March 1998, the figures are financial institutions' deposits.
   (F) The amount outstanding of current deposits held by financial institutions subject to reserve requirements. The amount outstanding of current deposits held by financial institutions subject to reserve requirements and the Japan Post for April 2003 - September 2007.
   (G) The amount of loans to financial institutions by funds-supplying operations against pooled collateral (loans that are made against pooled eligible collateral by way of open market operations with loan rates determined by one of the following method: auction-rate method [interest rates on the loans shall be determined by multiple-rate competitive auctions] or fixed-rate method [interest rates on the loans shall be the Bank's target for the uncollateralized overnight call rate stipulated in the guideline for money market operations on the day of disbursement of the loan]).
   (H) The amount of loans to financial institutions by special funds-supplying operations to facilitate corporate financing (loans that provide funds with the pooled eligible collateral as security by way of open market operations for an unlimited amount against the value of corporate debt pledged as the standing pool of eligible collateral at loan rates equivalent to the target for the uncollateralized overnight call rate).
   (I) The amount outstanding of CP (excluding asset-backed commercial paper and commercial paper issued by real estate investment corporations), dematerialized commercial paper issued by domestic corporations, dematerialized commercial paper issued by foreign corporations with guarantees, asset-backed commercial paper, and dematerialized asset-backed commercial paper purchased from financial institutions. Figures equal the accumulated amount of securities, subtracting principally their redemptions. Stated at acquisition cost. The value of securities is stated at amortized cost determined by the moving-average method and reflects changes due to revaluation for impairment losses at the end of March and September.
   (J) The amount outstanding of Corporate Bonds (excluding dematerialized commercial paper) purchased from financial institutions. Figures equal the accumulated amount of Corporate Bonds, subtracting principally their redemptions. Stated at acquisition cost. The value of Corporate Bonds is stated at amortized cost determined by the moving-average method and reflects changes due to revaluation for impairment losses at the end of March and September.

(2) Flow Table (During Month)

1. Figures for March, April, September and October of Outright purchases of CP, Outright purchases of Corporate Bonds,
    Pecuniary Trusts (Stocks Held as Trust Property) and Others released in early April, May, October and November are preliminary. Revised figures for March and April are released in early June and those for September and October are released in early December.
2. See the explanatory notes.
3. Average Amounts Outstanding can be obtained from <Monetary Base>.
4. (a) There is no continuity between figures for JGBs and treasury discount bills (T-Bills, consisting of treasury bills [TBs] and financing bills [FBs]) to March 2001 and those from April 2001 due to changes in the Bank's accounting practice in April 2001 for government securities under repurchase / resale agreements.
   (b) The amount of Japanese government bonds (JGBs) purchased outright from financial institutions. Stated at acquisition cost.
   (c) The amount of purchases, redemption and other transactions of government compensation bonds. Stated at face value.
   (d) The changes in the amount outstanding of JGBs except those caused by (b) and (c), including the amount of redemptions of JGBs, changes in value arising from revaluation, and sales to the Special Account for Government Debt Consolidation Fund.
   (e) The amount of JGBs purchased from the government under repurchase agreements (April 2000 - March 2002). Stated at acquisition cost.
   (f) The amount of JGBs sold to the government under repurchase agreements. Stated at sales-proceeds value.
   (g) The amount of cash collateral against which the Bank borrowed JGBs from financial institutions. This item relates to the JGB "repo" operations.
   (h) The amount of FBs underwritten by the Bank and TBs issued to roll over JGBs and TBs and underwritten by the Bank. Stated at face value.
   (i) The amount of T-Bills purchased from financial institutions. Stated at acquisition cost.
   (j) The amount of T-Bills sold to financial institutions. Stated at sales-proceeds value.
   (k) The amount of net T-Bills sales to the government and others (i.e., the difference between the amount of T-Bills sold to and purchased from the government and other entities). Stated at face value.
   (l) The amount of net FB sales to overseas central banks and other entities (i.e., the difference between the amount of T-Bills sold to and purchased from overseas central banks and others). Stated at face value.
   (m) The amount of redemptions of T-Bills, changes in value arising from revaluation, and the difference between their book values and sales proceeds are included.
   (n) The amount of T-Bills sold to foreign central banks and others under repurchase agreements. Stated at face value.
   (o) The amount of T-Bills purchased from financial institutions under repurchase agreements. Stated at acquisition cost.
   (p) The amount of T-Bills sold to financial institutions under repurchase agreements. Stated at sales-proceeds value.
   (q) The amount of JGSs(JGBs and T-Bills) purchased from financial institutions under repurchase agreements. Stated at acquisition cost. The amount through October 2002 is that of JGBs purchased from financial institutions under repurchase agreements, and thus there is no continuity between figures through October 2002 and those from November 2002.
   (r) The amount of JGSs sold to financial institutions under repurchase agreements. Stated at sales-proceeds value.
   (s) The amount of bills purchased from financial institutions. Stated at face value. Purchases of commercial paper (CP) under repurchase agreements are excluded. From January 2001, outright purchases of bills utilizing corporate debt obligations are integrated.
   (t) The amount of bills backed by corporate debt obligations and purchased from financial institutions. Stated at face value. From January 2001, integrated into Outright Purchases of Bills.
   (u) The amount of CP, dematerialized commercial paper issued by domestic corporations, dematerialized commercial paper issued by foreign corporations with guarantees, government-guaranteed dematerialized commercial paper, dematerialized asset-backed commercial paper, and dematerialized commercial paper issued by real estate investment corporations purchased from financial institutions under repurchase agreements. Stated at face value.
   (v) The amount of bills drawn by the Bank and sold to financial institutions. Stated at face value.
   (w) The change in the amount outstanding of asset-backed securities (asset-backed bonds and asset-backed commercial paper) purchased outright from financial institutions. Figures reflect changes due to revaluation of securities for impairment losses.
   (x) The amount outstanding of loans and bills discounted pursuant to Article 33 of the Bank of Japan Law and loans backed by loans on deeds pursuant to Article 43, the proviso of Section 1 of the Law. Includes loans under the "Temporary Lending Facility to Support Firms' Financing Activities" for December 1998-April 1999 and loans under the "Complementary Lending Facility" from March 2001. Excludes loans to financial institutions by funds-supplying operations against pooled collateral and special funds-supplying operations to facilitate corporate financing.
   (y) The amount of loans pursuant to Article 38 of the Bank of Japan Law.
   (z) The sum of changes in the amounts outstanding of items such as loans to the Deposit Insurance Corporation (DIC), capital subscription to the DIC and the Agricultural and Fishery Cooperative Savings Insurance Corporation, provision of funds to the DIC's "Jusen account," and provision of funds to the New Financial Stabilization Fund.
   (A) The changes in the amounts outstanding loans to the DIC pursuant to the following: Article 42 and Supplementary Article 20 of the Deposit Insurance Law; Article 65 of the Law Concerning Emergency Measures for the Revitalization of the Function of the Financial System; and Article 16 of the Financial Function Early Strengthening Law.
   (B) The amount of securities lending to financial institutions as a secondary source of JGSs. Stated at sales-proceeds value.
   (C) The change in the amount outstanding of the pecuniary trusts established to purchase stocks from banks. Figures reflect changes due to revaluation of stocks for impairment losses.
   (D) The changes in the balances of treasury deposit, the domestic designated deposit and other deposits held by the government.
   (E) Includes the following items: gold, foreign currency assets, premises and movable property, coins in circulation, deposits held by foreign central banks and others, reserves for possible losses, capital accounts and deposits with agents, in addition to purchase of foreign securities from Foreign Exchange Fund Special Account with resale clause for January-May 2004.
   (F) The changes in the balances of deposits held by financial institutions subject to reserve requirements. The changes in the balances of deposits held by financial institutions subject to reserve requirements and the Japan Post for April 2003 - September 2007.
   (G) The amount of loans to financial institutions by funds-supplying operations against pooled collateral (loans that are made against pooled eligible collateral by way of open market operations with loan rates determined by one of the following method: auction-rate method [interest rates on the loans shall be determined by multiple-rate competitive auctions] or fixed-rate method [interest rates on the loans shall be the Bank's target for the uncollateralized overnight call rate stipulated in the guideline for money market operations on the day of disbursement of the loan]).
   (H) The amount of loans to financial institutions by special funds-supplying operations to facilitate corporate financing (loans that provide funds with the pooled eligible collateral as security by way of open market operations for an unlimited amount against the value of corporate debt pledged as the standing pool of eligible collateral at loan rates equivalent to the target for the uncollateralized overnight call rate).
   (I) The amount of CP (excluding asset-backed commercial paper and commercial paper issued by real estate investment corporations), dematerialized commercial paper issued by domestic corporations, dematerialized commercial paper issued by foreign corporations with guarantees, asset-backed commercial paper, and dematerialized asset-backed commercial paper purchased from financial institutions. Changes in value arising from revaluation are included.
   (J) The amount of Corporate Bonds (excluding dematerialized commercial paper) purchased from financial institutions. Changes in value arising from revaluation are included.

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Bank of Japan's Transactions with the Government

Bank of Japan Accounts

1. March and September figures are released in early April and October on a preliminary basis, and final figures are released in early June and December, respectively.
2. (a) From December 2002, old gold coins are booked in Others.
   (b) Coins reserved for circulation.
   (c) From April 2001, monetary claims arising from purchases of Japanese government securities and CP under resale agreements are registered under a new accounting item Receivables under Resale Agreements in the asset account. Until then, Japanese government securities and CP bought under resale agreements were classified under Japanese Government Securities and Bills Purchased in the asset account.
   (d) Through March 2001, includes commercial paper purchased.
   (e) The face value of Japanese government securities borrowed against cash collateral (through "repo" operations).
   (f) Through January 2009, Financing Bills and Treasury Bills. From February 2009, includes Treasury Discount Bills. From January 2010, Treasury Discount Bills.
   (g) From February 2009, commercial papers (including asset-backed commercial papers), dematerialized commercial papers issued by domestic corporations, dematerialized commercial papers issued by foreign corporations with guarantees and dematerialized asset-backed commercial papers.
   (h) Stocks purchased from financial institutions through a trust bank, and other trust properties. Registered on the date of delivery. Includes discounted bills.
   (i) The amount outstanding of funds-supplying operations against pooled collateral (loans that are made against pooled eligible collateral by way of open market operations (through November 2009, with loan rates determined by auction-rate method, from December 2009, with loan rates determined by auction-rate method or fixed-rate method)). From January 2009, includes Special Funds-Supplying Operations to Facilitate Corporate Financing.
   (j) The amount outstanding of loans and bills discounted pursuant to Article 33 of the Bank of Japan Act and loans backed by loans on deeds pursuant to Article 43, the proviso of Section 1 of the Act. Includes loans under the Temporary Lending Facility to Support Firms' Financing Activities for December 1998-March 1999 and loans under the Complementary Lending Facility from March 2001. Excludes the amount outstanding of funds-supplying operations against pooled collateral.
   (k) Includes foreign currency deposits held at foreign central banks and the Bank for International Settlements, securities issued by foreign governments, foreign currency mutual funds, and foreign currency pecuniary trusts. From September 2008 through February 2010, includes loans by US dollar funds-supplying operations against pooled collateral.
   (l) Deposits held by agents that conduct operations relating to treasury funds and Japanese government securities on behalf of the Bank of Japan. These deposits are reserved for such operations.
   (m) Cash submitted to counterparts as collateral when the Bank borrows Japanese government securities (through "repo" operations).
   (n) From September 2001, reserve for possible losses is reduced.
   (o) For JGSs borrowed against cash collateral as a result of the Bank's JGS-borrowing "repo" operations, from April 2001, in the new accounting procedure, only monetary claims arising from such operations are registered on the Bank's balance sheet. Accordingly, Japanese government securities in custody in the asset account and Japanese government securities borrowed in the liability account were abolished. Through March 2001, includes Japanese government securities in custody (in the asset accounts) and Japanese government securities borrowed (in the liabilities and net assets).
   (p) Figures are those for financial institutions' deposits including call loan and discount companies and securities finance companies.
   (q) Deposits held by foreign central banks and other entities.
   (r) From April 2001, monetary obligations arising from sales of Japanese government securities under repurchase agreements are registered under a new accounting item Payables under Repurchase Agreements in the liability account. Until then, Japanese governments securities in the asset account decreased as a result of the sale of Japanese government securities under repurchase agreements.
   (s) The face value of Japanese government securities borrowed against cash collateral (through "repo" operations).
   (t) Includes miscellaneous liabilities and current income (net accumulated profits).
   (u) Through August 2001, includes reserve for possible loan losses.

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Loans and Discounts by the Bank of Japan

1. Excludes the amount outstanding of fund-supplying operations against pooled collateral, special funds-supplying operations to facilitate corporate financing and subordinated loans.
2. Includes loans under the Temporary Lending Facility to Support Firms' Financing Activities for December 1998-March 1999 and loans under the Complementary Lending Facility from March 2001.
3. (a) Excludes the Resolution and Collection Corporation (through March 1999, Resolution and Collection Bank) and Kii Deposit Management Bank (dissolved on March 31, 2002), The Bridge Bank of Japan (dissolved on March 8, 2004) and The Second Bridge Bank of Japan.
   (b) Includes not only the Resolution and Collection Corporation (through March 1999, Resolution and Collection Bank) and Kii Deposit Management Bank (dissolved on March 31, 2002), but also the Japan Post Bank, Foreign Banks in Japan, Shinkin Banks, cooperative-type specialized financial institutions, and financial instruments firms, etc., excludes The Bridge Bank of Japan (dissolved on March 8, 2004), The Second Bridge Bank of Japan and the Deposit Insurance Corporation. Through March 1989, includes Sogo Banks.