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Trends in the Money Market in Japan*1 -- Results of the Tokyo Money Market Survey (August 2022) --

  1. *1This is an English translation of Japanese original released on October 7, 2022.

November 25, 2022
Financial Markets Department
Bank of Japan

Overview of the Tokyo Money Market Survey


The Financial Markets Department of the Bank of Japan (the Bank) has conducted the Tokyo Money Market Survey since 2008 to understand developments in the Japanese money market. Initially, this series of surveys was conducted every other year. However, to observe market trends more precisely, the Bank decided to conduct the survey annually, beginning with the 2013 survey. In August 2022, the 13th survey in the series was carried out (the survey was conducted as of the end of July 2022).

As with the previous surveys, this survey covers eligible counterparties in the Bank's market operations, as well as other major participants in the money market. The number of respondents in the survey was 383 (with a response rate of 100 percent).

The Bank intends to capture comprehensively and from various angles the situations and structural changes in the money market, utilizing the results of this survey as well as the results of the Bond Market Survey. The Bank will continue to enhance dialogue with market participants by taking advantage of the Meeting on Market Operations and the Bond Market Group Meeting to actively support the relevant parties in their efforts to enhance Japanese financial markets, including the money market. The Bank intends to contribute significantly to such endeavors in its capacity as Japan's central bank.


The amounts outstanding in the money market increased from the levels of the previous year on both the cash borrowing side and the cash lending side.

This was because (1) repo transactions increased due to growing demand for bonds particularly by non-residents and (2) yen fund transactions with overseas counterparties increased, due to factors such as higher demand for dollar funds caused by heightening uncertainty over the outlook for U.S. interest rates as well as an increase in yen equivalents resulting from the yen's depreciation. Meanwhile, (3) transactions with the Bank decreased compared to the previous year as the amount outstanding of the Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19) decreased due to maturity, following the Bank's completion of the fund-provisioning against private debt pledged as collateral.

With respect to the functioning of the money market (as of the end of July 2022), nearly 90 percent of all respondents answered that it remained "mostly unchanged" from the previous year. However, at the same time, the share of respondents who answered that it had "improved" (4 percent) decreased somewhat, whereas the share of respondents who answered that it had "declined" (9 percent) increased somewhat, compared to the previous survey.

The Bank intends to continue to closely monitor the developments in the money market through day-to-day monitoring activities, the implementation of the Tokyo Money Market Survey, and dialogue with market participants.


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Financial Markets Department, Bank of Japan
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Market Infrastructure Group, Market Infrastructure Division, Financial Markets Department

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