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Revisions of the Categories of Outward Portfolio Investors in the Balance of Payments Statistics

November 12, 2007
Ministry of Finance
Bank of Japan

The Ministry of Finance and the Bank of Japan have revised the categories of outward portfolio investors in the balance of payments statistics, and will start to release data compiled based on the new categories from November 2007 for October 2007 data. The revision was made in view of the amendment of the Foreign Exchange and Foreign Trade Law and of relevant ordinances that took place in line with the enforcement of the Financial Instruments and Exchange Law on September 30, 2007.

1. Details of the Revisions

  • The old categories of outward portfolio investors, securities companies and investment trust companies, have been changed to financial instruments firms and investment trust management companies, respectively.*
  • Investment trust management companies comprise investment trust management companies and asset management companies. See the reference below for the definitions of financial instruments firms, investment trust management companies, and asset management companies.
  • The new categories are applied beginning with the October 2007 data.

2. The First Releases of Data Compiled Based on the New Categories

  • November 12, 2007 for International Transactions in Securities released by the Ministry of Finance (monthly data for October 2007)
  • December 12, 2007 for Balance of Payments released by the Ministry of Finance and the Bank of Japan (monthly data for October 2007)

3. Time-Series Data for Months through September 2007

  • Time-series data for months through September 2007 are compiled based on the old categories.
  • Data for the old categories, securities companies and investment trust companies, are included in those for the new categories, financial instruments firms and investment trust management companies, respectively.

Reference: Definitions of Investors in the Old/New Categories

1. Investors in the Old Categories

Securities companies:

Securities companies pursuant to Article 2, Paragraph 9 of the Securities and Exchange Law and foreign securities companies pursuant to Article 2, Paragraph 2 of the Law concerning Foreign Securities Firms (Law No. 5, 1971).

Investment trust companies:

Investment trust companies pursuant to Article 2, Paragraph 18 of the Act on Securities Investment Trust and Securities Investment Corporations (Law No. 198, 1951).

2. Investors in the New Categories

Financial instruments firms:

Financial instruments firms pursuant to Article 2, Paragraph 9 of the Financial Instruments and Exchange Law that conduct the first financial instruments business or those that conduct the second financial instruments business pursuant to Article 28, Paragraph 1 and Article 28, Paragraph 2 of the same law, respectively.

Investment trust management companies:

Investment trust management companies pursuant to Article 2, Paragraph 11 of the Act on Securities Investment Trust and Securities Investment Corporations (Law No. 198, 1951).

Asset management companies:

Asset management companies pursuant to Article 2, Paragraph 19 of the Act on Securities Investment Trust and Securities Investment Corporations (Law No. 198, 1951).