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Data Revisions and Change in the Release Schedule of the Flow of Funds Accounts

March 24, 2009
Bank of Japan
Research and Statistics Department

1. Data revisions

Evaluation and calculation methods have been changed in some areas. As a result, annual data and quarterly data are retroactively revised from the end of FY2002 and first quarter of 2003 respectively.

The revised data are available in "BOJ Time-Series Data Search".

Major changes in this publication

Overseas sector

Before the revision, most of stock data at the end of year (fourth quarter) had been based on "International Investment Position of Japan (data for calendar year)", and the stock data of other three quarters had been estimated by adding the transaction amounts (flows) to stocks. After the revision, most of the stock data of other three quarters are estimated by using "International Investment Position of Japan (quarterly estimate)".

Repurchase agreements and securities lending transactions

Before the revision, the estimation of stock data had been mainly based on financial statements of each financial institution and the data on "bond gensaki (sale and repurchase) transaction" of the Japan Securities Dealers Association. After the revision, summary data of some sectors are added to the data sources.


Before the revision, trust business of structured-financing special purpose companies (SPCs) and trusts sector had referred to trusts managed by financial institutions. After the revision, trusts managed by nonfinancial institutions, whose business started following the enforcement of revised Trust Business Act in December 2004, are also estimated and included.

2. Change in the Release Schedule

From next publication, Flow of Funds data are released around the 13th business day in every June, September and December in order to reflect the major data sources to preliminary figures under revised estimation methods. This is a change from the previous practice of releases around the 11th business day. The release schedule for March is unchanged (late in the month).