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Periodical Revision of L -- Broadly-defined Liquidity

July 11, 2011
Research and Statistics Department
Bank of Japan

The periodical revision of L -- broadly-defined liquidity in the Money Stock Statistics has been conducted.

"L" is basically revised every three years, in addition to the ad hoc revisions to cope with the recent financial and economic structural changes.  Ad hoc revisions are conducted when it is confirmed that the Money Stock Statistics will fully benefit from such revisions.  As for the periodical revision, the compilation methods for "L" are reviewed and revised when necessary.  The timing of the periodical revision is this year, as three years have passed since the Money Stock Statistics was switched from the Money Supply Statistics in 2008.

Figures from April 2003 through May 2011 are retroactively revised.  This includes revisions following the update of data used for compiling the Money Stock Statistics, such as "International Investment Position of Japan" (end of December 2010).  For the revised figures, see the following materials:

Releases: Money Stock (Preliminary figures for June 2011)

Long-term time series data:
BOJ Time-Series Data Search at the Bank of Japan website

Comparison between figures prior to and after revision: Charts 1 to 3 [PDF 184KB]

Details of the revision are as follows:

1. Pecuniary Trusts

  • "Pecuniary Trusts" basically consists of five components -- "jointly operated designated money trusts," "loan trusts," "designated non-collectively invested money trusts," "specified money trusts excluding securities investment trusts" (so-called Tokkin), and "pecuniary trusts other than money trusts" held by money holders respectively.  Added to this, some trusts in "composite trusts1" -- that can be regarded to be equivalent the previous five components -- is also included.
  • Previously, some data of amounts outstanding shifted from "pecuniary trusts" such as "specified money trusts excluding securities investment trusts" to "composite trusts" -- some trusts in "composite trusts" -- were estimated by using limited information obtained mainly from financial institutions and listed as "pecuniary trusts."  In the revised compilation method, the data of "Assets and Liabilities of Domestically Licensed Banks (Trust Accounts)" are used for estimating the figures taking account of recent transactions.  As a result, "pecuniary trusts" has been fully covered and the accuracy has been increased.
  • The figures of "pecuniary trusts" from April 2003 -- the beginning of Money Stock Statistics series -- have been revised.
  1. "Composite trusts" is trusts that hold more than two different kinds of trust properties in the trust documents.

2. Foreign Bonds

  • In the compilation method of "Foreign bonds," the amounts outstanding of money holders -- those of December-end -- is estimated using the "International Investment Position of Japan."  For estimating preliminary figures of the remaining months, the "Balance of Payments Statistics" and exchange rates are used.  Figures are finalized when the December-end figures of the "International Investment Position of Japan" are released in the following year.  The differences in the estimated figures -- between those of the "Balance of Payments Statistics" and "International Investment Position of Japan" -- are adjusted proportionally to the twelve month of the corresponding year.
  • The method for estimating the amounts outstanding of non-money holders -- which is used for estimating the amounts outstanding of money holders at each year-end by subtracting the amounts outstanding from the overall amounts outstanding -- has been improved.
  • Figures of "foreign bonds" have been revised from those of January 2005.


Financial Statistics Group, Economic Statistics Division, Research and Statistics Department

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