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Introduction of Periodical Revision of Broadly-defined Liquidity

Statistics that had been available in the form of time-series data at the Bank's web site are now provided, with a few exceptions, in "BOJ Time-Series Data Search," a new page for data search.  Regardless of the notice below, some links to the time-series data have been removed.

June 8, 2004
Bank of Japan
Research and Statistics Department

The Bank of Japan has released "Introduction of Periodical Revision of Broadly-defined Liquidity" on March 8, 2004.

After further discussions, it has decided to revise the compilation methods of broadly-defined liquidity statistics as explained below.  Please click here to see the revised data (please click here (ntms15.pdf 14KB) to see changes in data compared to the previous year).

The bank will revise the data for broadly-defined liquidity, according to the following standards:

1) When the bank finds much room for improvement on the accuracy of the data.

2) Periodical revision (every three years in June): the bank will check the necessity for revising the data. It will implement the revision if necessary.

Revision of Compilation Methods

A. Investment Trusts

1) The bank has taken out the amounts outstanding held by investment trusts from the method for compiling the amounts outstanding of financial institutions (deduction items).

2) The bank has added data for real estate investment trusts (J-Reit) to the current data: bond and stock investment trusts.

B. Repurchase Agreements and Securities Lending with Cash Collateral

The bank used to estimate the data of securities lending with cash collateral, using information gathered from 40 major securities companies.

The accuracy of the data has improved as the bank will use information gathered from all securities companies.

C. Government Bonds

1) Some data sources include the amounts outstanding of government bonds held by financial institutions in items that are thought to be showing the amounts held by corporations.

The bank has ascertained the financial institutions' amounts of outstanding from their balance sheets, and taken out the corresponding amounts from the above items.

2) The bank used to categorize all the securities lending with cash collateral (deduction items), as government bonds.

It has changed the categorization method by estimating part of the items as foreign bonds and the rest as government bonds.

D. Foreign Bonds

The bank has stopped using the fixed benchmark (amounts outstanding as of end-1999) for estimation. Instead, it will update the base year for the benchmark, every year.

The bank continues using the estimation method for accumulating transaction flows to the benchmark.

For inquiries, please contact:

Financial Statistics Group
Research and Statistics Department
Bank of Japan

Fax : +81-3-3277-3013
E-mail :