Revision of the Monetary Survey and Changes in Money Stock (M2+CDs) and Credit Statistics
May 15, 2003
Bank of Japan
Research and Statistics Department
The Bank of Japan issues two sets of statistics related to the Money Stock every month: the Monetary Survey1 and the Changes in Money Stock (M2+CDs) and Credit.2
These statistics will be revised, starting from the June 2003 data (published on August 14, 2003).
Revision to past data, beginning April 1998, will also be released on the same day.3
The purposes of the revision are to reflect (1) changes to the international standards adopted by the International Monetary Funds (IMF)4 and (2) the recent increase in the number of financial transactions and changes to the accounting principles covering these statistics.
The main contents of the revision are the following. (Please see the attached paper for changes to the items being released.)
- The Monetary Survey provides consolidated and adjusted balance sheets for the Monetary Authorities and the Deposit Money Banks, in accordance with the international standards adopted by the International Monetary Funds (IMF). For details, please see the "Explanation of the Monetary Survey and Changes in Money Stock (M2+CDs) and Credit Statistics." (Research and Statistics Department, Bank of Japan)
- The Changes in Money Stock (M2+CDs) and Credit provides further fluctuation-related information to supplement the Monetary Survey. For details, please refer to the materials mentioned in footnote 1.
- Only the figures of "from April 1998" will undergo revision. For this reason, there will be a discontinuity, and the later data will not be consistent with the data of "Based on excluding Foreign Banks in Japan, etc., through March 1999."
- The Monetary and Financial Statistics Manual was revised in 2000.
1. Changes in the purpose for compiling the statistics and the compilation framework
2. Changes in categorization (Monetary Survey)
Some items will be categorized separated as assets and liabilities, which were previously netted out to offset the intra-sectoral transactions. The details are as follow:
3. Treatment of securities lending and bonds with repurchase agreements as funds transactions
Securities lending and bonds with repurchase agreements will henceforth be considered as "means of managing or procuring funds that use securities as collateral." These were previously treated as "lending / borrowing of funds using securities as collateral" and "purchase / repurchase of securities."5
Securities borrowing and purchase of securities with repurchase agreements will therefore be treated as credit that uses securities as collateral and will be summed up along with items such as "Claims on Government" and "Claims on Private Sector." As bonds with repurchase agreements will no longer be regarded as "purchase / repurchase of securities", these transactions will no longer cause fluctuation in the Government Bond data.
- 5These changes have already been adopted in other financial statistics such as the Money Stock and the Flow of Funds.
For inquiries, please contact:
Financial Statistics Group, Economic Statistics Division, Research and Statistics Department
Tel: +81-3-3279-1111 ext. 3954