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[Notes on Statistics]Monetary Aggregates (Market volume, outstanding)/ Short-term Money Market and Bond Markets


Data for which no sources are mentioned are compiled by the Bank of Japan.
All times are Japan Standard Time unless noted otherwise.


Short-term Money Markets

Amounts Outstanding in the Call Money Market

  1. (a) Through November 20, 1990, Collateralized call loans were unconditional.
  2. (b) Started in July 1985.
  3. (c) Figures for City Banks, Shinsei Bank and Aozora Bank.
  4. (d) Figures through March 1992 include Sogo Banks.
  5. (e) Securities Companies refer to the Financial Instrument Firms providing the First Financial Instruments Business (limited to those providing the Securities Related Business) as stipulated in the Financial Instruments and Exchange Law. Securities Finance Companies refer to the Securities Finance Companies as stipulated in the same law.

Certificates of Deposit Outstanding

  1. Data represent the outstanding of CDs issued by the financial institutions that conduct transactions with the Bank of Japan (only the accounts of domestic offices). Excludes the Shoko Chukin Bank from June 1998. Based on deposit outstanding including deposits beyond maturity.
  2. Discrepancy between figures of this table and those in"Assets and Liabilities of Financial Institutions" are to the difference in the respective data source.
    1. (a) Figures in "Domestically Licensed Banks" exclude the Resolution and Collection Corporation (through March 1999, Resolution and Collection Bank), Kii Deposit Management Bank (dissolved on March 31, 2002), the Bridge Bank of Japan (dissolved on March 8, 2004), the Second Bridge Bank of Japan (the business was transferred on December 26, 2011), and the Japan Post Bank.
    2. (b) Through March 1992, figures in "Regional Banks II" include sogo banks.
    3. (c) "(Memo)Total Value of Transactions during the Period(through March 2013)" is the sum of the values of CDs purchased and sold.
  3. From October 2000, we stopped classifying trust banks and long-term credit banks as the breakdowns by type of domestically licensed banks.

(Reference) Amounts Outstanding in The Bills Market (through March 2001)

  1. From July 2000, the Bank of Japan's outright purchases of bills and outright sales of bills drawn by the Bank of Japan that are conducted directly between the Bank of Japan and operation counterparties are not included.

Government Bonds Sales Over the Counter

(Reference) Government Bonds Sales Over the Counter/Counter Sales Ratio (through January 2004)

  1. Government Bonds Sales Over the Counter is the amount of newly issued JGBs sold to others each month. For syndicated bonds, the amount raised by syndicate member. For auctioned bond, the amount sold to the customer by auction member.
  2. Counter Sales Ratio is the ratio of the amount of Government Bonds Sales Over the Counter to the amount of either syndicate underwriting (including amount of both competitive bid share and fixed share), or successful tender of auctioned bond.
  3. Both Government Bonds Sales Over the Counter and Counter Sales Ratio are the aggregate data of Domestically Licensed Banks, Foreign Banks in Japan, Shinkin Banks, Shinkin Central Bank, Shoko Chukin Bank, Credit Cooperatives, The Shinkumi Federation Bank, Labor Credit Association, National Federation of Labor Credit Associations, Norinchukin Bank, Agricultural Cooperatives, Credit Federations of Agricultural Cooperatives, Life Insurance Companies, and Non-life Insurance Companies.
  4. (a) Excludes Japanese Government Bonds for Individuals.

Bond Market

Trading of Interest-bearing Government Bonds by Purchaser

  1. "Interest-bearing Government Bonds" excludes sales of JGBs for individual investors and over-the-counter (OTC) sales of JGBs at financial institutions.
  2. JGB syndicate underwriting was abolished at the end of March 2006.
    1. (a) Includes sales of publicly offered bonds (bonds"Sold to Others").
    2. (b) Figures through March 1992 include bonds sold by sogo banks.
    3. (c) Foreign banks, the Shoko Chukin Bank, the Rokinren Bank, and the Shinkumi Federation Bank.
  3. Direct underwriting of Fiscal Investment and Loan Program bonds, which had been set as a transitional measure, was abolished in March 2008.

Issuance, Redemption and Outstanding of Government Bonds (Domestic Flotation)

    1. (a) Figures indicate government securities issued in and after fiscal 1965. From March 1990, figures include 30-year discount government bonds. From April 2001, figures include fiscal investment and loan program bonds. Figures include inflation-indexed bonds and Japan Climate Transition Bonds, and exclude Treasury Discount Bills. The amount of "Ordinary Government Securities" is based on face value.
    2. (b) Figures through January 1994 indicate 10-year interest-bearing government bonds (excluding those issued through April 1977). From February 1994, figures indicate 6-year and 10-year interest-bearing government bonds. From March 2003, figures include JGBs for individual investors (Floating-rate). From March 2004, figures include inflation-indexed bonds. From February 2024, figures include 10-year interest-bearing Japan Climate Transition Bonds.
    3. (c) From January 2006, figures include 5-year fixed-rate bonds for retail investors. From July 2010, figures include 3-year fixed-rate bonds for retail investors. From February 2024, figures include 2-year and 5-year interest-bearing Japan Climate Transition Bonds.
    4. (d) Government bonds issued in accordance with Article 4 of the Public Finance Law.
    5. (e) Government bonds issued in accordance with the Law for Partial Amendments to Finance Laws including the Public Finance Law.
    6. (f) Government bonds issued in accordance with Article 62 of the Act on Special Account.
    7. (g) Government bonds issued in accordance with Articles 46 and 47 of the Act on Special Account.
    8. (h) Figures through December 2002 exclude book-entry government securities.
    9. (i) Figures comprise government securities described or recorded in the transfer account book kept by the Bank of Japan and processed on-line through the JGB Book-entry System. Figures through December 2002 indicate government bonds that are entrusted to and registered in the name of the Bank of Japan in the former JGB Book-entry System.
    10. (j) Figures through January 2009 indicate financing bills. Figures from February 2009 comprise Treasury Discount Bills and financing bills.
    11. (k) Government bonds issued in accordance with Article 69 of the Act on Special Measures Concerning Securing Financial Resources Required to Implement Policy Measures for Reconstruction from the Great East Japan Earthquake.
    12. (l) Some end figures may differ from actual ones due to handling of figures less than a unit.
    13. (m) From February 2024, figures include 20-year interest-bearing Japan Climate Transition Bonds.
    14. (n) Government bonds issued in accordance with Article 7 of the Act on Promotion of Smooth Transition to a Decarbonized Growth-Oriented Economic Structure.
  1. "(Memo) Issuance by Purpose" and "(Memo) Amount Outstanding by Type of Holding" are the component figures of "Ordinary Government Securities."
  2. In principle, corrections to data compiled within the past twelve months, if any, are made and announced on the following release date.

Issuance of Public and Corporate Bonds (Overseas Flotation)

  1. (a) Includes government guarantees.
  2. (b) Includes FILP-agency bonds and government guaranteed bonds. Excludes local government bonds with government guarantees.
  3. (c) Bonds excluding local government bonds and government agency bonds. Also excludes bonds issued by overseas subsidiaries of Japanese corporations.

Investment Advisor

(Reference) Investment Management Contracts (through second quarter of 2002)

  1. (a) Includes specified funds (kingai) trusts and excludes pension trusts.