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Home > Statistics > Outline of Statistics and Statistical Release Schedule > Notices of Changes and Corrections 2003 > 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.)
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:
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.
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