Planned Periodic Revision of "L" -- Broadly-Defined Liquidity -- in the Money Stock Statistics
February 17, 2026
Research and Statistics Department
Bank of Japan
The Bank of Japan periodically reviews data sources and estimation methods for components of "L" -- broadly-defined liquidity -- in the Money Stock Statistics (MSS), and revises them when necessary.
As a result of the most recent review, "L" will be revised in March 2026, and data from April 2003 through January 2026 will be updated accordingly. Specifically, the year-on-year rate of change in "L" for these months is likely to be revised in the range of minus 0.5 to plus 0.8 percentage points.
Charts in the below file present figures that reflect the planned revision and comparisons of figures before and after the revision.
Data in the file may be revised if, for example, a new data source is obtained. For data that reflect revisions and possible additional changes, please see "Preliminary figures for February 2026," which will be released on March 10.
The highlight of the planned revision is as follows.
In the MSS, the amounts outstanding of investment trusts held by money holders have been calculated by deducting the portion held by non-money holders (financial institutions, etc.) from the total amount of securities investment trusts and real estate investment trusts issued.
For securities investment trusts, while the total amount issued has been estimated based on the principal, the portion held by non-money holders -- to be deducted from the total amount -- has been estimated based on the acquisition costs because of the limitations on data availability. Consequently, when the principal and the acquisition cost differ significantly, the amounts outstanding of "investment trusts" in the MSS may show different developments from the financial transactions in the Flow of Funds Accounts.
With the planned revision, the amounts outstanding of "investment trusts" will be calculated by accumulating net inflows into securities investment trusts and real estate investment trusts invested by money holders.
Specifically, starting from the balance as of the end of March 2003, "investment trusts" will be estimated by accumulating net inflows in corresponding assets of money holders estimated from the Flow of Funds Accounts and other sources.
The figures for "L" will be retrospectively revised from the starting point of the MSS (April 2003) onward.
Inquiries
Economic Statistics Division, Research and Statistics Department
E-mail: post.rsd5@boj.or.jp