Post on 27-Mar-2020
March 18, 2020Research and Statistics Department
Bank of Japan
Basic Figures
Flow of Funds for the Fourth Quarter of 2019(Preliminary report)
Chart 1 Financial assets and liabilities by sector
Chart 2-1 Financial surplus and deficit by sector
Chart 2-2 Financial surplus and deficit of households and private nonfinancial corporations
Chart 3-1 Financial assets held by households
Chart 3-2 Financial assets held by households: Breakdown of debt securities,investment trust beneficiary certificates, equity, and insurance
Chart 4-1 Financial liabilities of private nonfinancial corporations
Chart 4-2 Financial assets held by private nonfinancial corporations
Chart 5 Breakdown of loans by private financial institutions
Chart 6-1 Financial liabilities of general government
Chart 6-2 Government bonds and treasury bills by holding sector
Reference 1 From-whom-to-whom of domestic debt securities
Reference 2 From-whom-to-whom of loans
Reference 3 Pension entitlements of corporate pensions (defined benefit schemes)and claims of pension funds on pension managers
Reference 4 Asset composition and pension entitlements of corporate pensions(defined benefit schemes)
Reference 5 Distributions of investment trusts
* Data used in this paper are available in the BOJ Time-Series Data Search .
Contents
Unit: trillion yen
Households (328) Households (1,903)
Others 16
Others 56
Loans 46
Others 305
Securities 453
Generalgovernment
(1,328) Others 520
Generalgovernment
(631)
Securities 236
Others 51 Others 374
Borrowings 160
Others 111 Others 312
Notes: 1. Major sectors and transaction items are selected to show the overview of the Flow of Funds Accounts.2.
3.
4.
Chart 1. Financial assets and liabilities by sector (end of December 2019)
<Domestic nonfinancial sector> <Financial institutions> <Domestic nonfinancial sector>
Depository corporations(including sole proprietorships) ( Banks, Collectively managed trusts ) (including sole proprietorships)
(1,835)
(1,240)
Privatenonfinancialcorporations Securities 410
Securities 311
Borrowings 422
Securities 79 Insurance, pensionand standardized
guarantees528
Insurance and pension funds
Borrowings 312
Loans 814
Deposits 1,517
Currency anddeposits
1,008
Securities 1,109 Insurance,pension andstandardizedguarantees
532
Central government, Local governments, and
Social security funds
Borrowings 153
Loans 487
Depositswith the
Fiscal LoanFund
28
(Of which: listed shares 598)
Central government,
Currency anddeposits
267
Other financial institutions
Securities investment trusts, Nonbanks,Public financial institutions,
Public captive financial institutions,and Financial dealers and brokers
Securities 394
Privatenonfinancialcorporations
Local governments, andSocial security funds
Securities 1,125
Deposits with theFiscal Loan Fund
21
Borrowings 257
Overseas (729) Overseas (1,101)
Securities 158Securities 505
The sum of the transaction items which are not shown individually is represented by Others in the above chart.
Loans 51 Currency 118
Loans 190
Securities 538Deposits withthe Bank of
Japan
Loans and borrowings include "Bank of Japan loans," "Call loans and bills," "Loans by private financial institutions," "Loans by public financialinstitutions," "Loans by the nonfinancial sector," "Installment credit," and "Repurchase agreement and securities lending transactions."Securities include "Equity and investment fund shares" and "Debt securities." The latter consists of "Central government securities and FILPbonds," "Bank debentures," "Industrial securities," "Trust beneficiary rights," etc. (Securities in external claims of Japan is "Outward investment insecurities.")
401
(External debts of Japan) (External claims of Japan)
Securities 428Central bank
Securities 629
<Overseas> <Overseas>
Liabilities (fund raising) Assets (investments)Assets Liabilities
Assets Liabilities
- 1 -
Chart 2-1. Financial surplus and deficit by sector
(1) Quarterly (seasonally adjusted)
(3) Fiscal year
(2) Calendar year
7.3 13.2
-9.5 -10.7
14.0 14.7
-19.0 -19.7
-60
-40
-20
0
20
40
60
06 07 08 09 10 11 12 13 14 15 16 17 18 19
(trillion yen)
Calendar year
(Financial surplus)
(Financial deficit)
Private nonfinancial corporationsHouseholds
Overseas
General government
-15
-10
-5
0
5
10
15
┗ 1 6 ┛ ┗ 1 7 ┛ ┗ 1 8 ┛ ┗ 1 9 ┛
(trillion yen)
Calendar year
(Financial surplus)
(Financial deficit)
Households
Private nonfinancial corporations
OverseasGeneral government
25.7
7.3
-12.1 -11.1
8.7
17.6
-21.9 -19.1
-60
-40
-20
0
20
40
60
05 06 07 08 09 10 11 12 13 14 15 16 17 18
(trillion yen)
Fiscal year
(Financial surplus)
(Financial deficit)
Households Private nonfinancial corporations
Overseas
General government
- 2 -
(日本)
(日本)
Notes: 1.
2.
Chart 2-2. Financial surplus and deficit of households and private nonfinancial corporations
(1) Financial surplus and deficit of households
(2) Financial surplus and deficit of private nonfinancial corporations
Loans by financial institutions are the sum of the transaction flow of "Loans by private financial institutions" and "Loansby public financial institutions" on the borrowing side.
Net financing in domestic securities is calculated as follows: the transaction flow of investment in "Debt securities" and"Equity and investment fund shares" minus that of fund raising through these securities.
-60
-40
-20
0
20
40
60
05 06 07 08 09 10 11 12 13 14 15 16 17 18
(trillion yen)
FY
Others
Loans by financial institutions (repayment represents positive)
Outward direct investment
Net financing in domestic securities
Outward investment in securities
Currency and deposits
Financial surplus and deficit
-60
-40
-20
0
20
40
60
05 06 07 08 09 10 11 12 13 14 15 16 17 18
(trillion yen)
OthersInsurance, pension and standardized guaranteesLoans by financial institutions (repayment represents positive)Investment trustsEquityDebt securitiesCurrency and depositsFinancial surplus and deficit
FY
(trillion yen)
(trillion yen)
-60
-40
-20
0
20
40
60
Q118
Q2 Q3 Q4 Q119
Q2 Q3 Q4
-60
-40
-20
0
20
40
60
Q118
Q2 Q3 Q4 Q119
Q2 Q3 Q4
sum of the latest 4 quarters
sum of the latest 4 quarters
- 3 -
(図表4-3) 民間非金融法人の金融負債
Notes: 1.
2.
The sum of "Loans," "Financial derivatives and employee stock options," "Deposits money," "Trade credits andforeign trade credits," "Accounts receivable/payable," "Outward investment in securities," and "Others" in the Flow ofFunds Accounts is represented by Others in the above charts.
Chart 3-1. Financial assets held by households
(1) Amounts outstanding
(2) Changes from a year earlier
(3) Breakdown by component
The sum of "Non-life insurance technical reserves," "Life insurance reserves," and "Annuity entitlements" in the Flowof Funds Accounts is represented by insurance in the above chart.
-8
-6
-4
-2
0
2
4
6
8
┗ 0 6 ┛ ┗ 0 7 ┛ ┗ 0 8 ┛ ┗ 0 9 ┛ ┗ 1 0 ┛ ┗ 1 1 ┛ ┗ 1 2 ┛ ┗ 1 3 ┛ ┗ 1 4 ┛ ┗ 1 5 ┛ ┗ 1 6 ┛ ┗ 1 7 ┛ ┗ 1 8 ┛ ┗ 1 9 ┛
Calendar year
Currency and deposits Debt securitiesInvestment trust beneficiary certificates EquityInsurance, pension and standardized guarantees OthersChanges from a year earlier
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Q118
Q2 Q3 Q4 Q119
Q2 Q3 Q4
CY
(y/y % chg.)
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
(trillion yen)
FY
OthersInsurance, pension and standardized guaranteesEquityInvestment trust beneficiary certificatesDebt securitiesCurrency and deposits
(trillion yen)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,845 1,862 1,875 1,843 1,855 1,860 1,864 1,903
1 3.3 2.9 3.0 - 1.0 0.6 - 0.1 - 0.6 3.3 1,903 (100.0)
2 2.2 2.1 1.9 1.6 2.0 1.9 1.7 2.3 1,008 ( 52.9)
3 - 5.5 - 1.6 - 0.1 - 0.3 4.3 3.7 5.8 5.5 26 ( 1.4)
4 0.6 0.5 0.7 -12.4 - 2.4 - 3.7 - 4.6 10.9 74 ( 3.9)
5 20.9 15.3 15.2 -12.6 - 6.5 - 9.7 -10.9 13.5 211 ( 11.1)
6 0.7 0.6 0.9 0.3 0.8 0.5 0.2 0.7 528 ( 27.8) 7 Of which: insurance 0.8 0.8 1.0 0.4 1.1 0.9 0.5 0.9 375 ( 19.7)
8 - 2.4 2.3 1.5 2.4 3.6 - 0.9 - 3.7 0.9 56 ( 2.9)
Amounts outstanding in December-end2019 in trillion yen
(percentage rat io in parentheses)
Amounts outstanding (End of period, trillion yen)
2018 2019
Changes
(
%
)
Total assets
Currency and deposits
Debt securities
Investment trust beneficiary certificates
Equity
Insurance, pension and standardized guarantees
Others
- 4 -
Notes: 1.
2. The sum of "Non-life insurance technical reserves," "Life insurance reserves," and "Annuity entitlements" in the Flow ofFunds Accounts is represented by Insurance in the above chart.
Chart 3-2. Financial assets held by households: Breakdown of debt securities,
(1) Debt securities
(3) Equity (4) Insurance
investment trust beneficiary certificates, equity, and insurance
(2) Investment trust beneficiary certificates
Reconciliation is calculated as the difference of stock from the previous period minus the transaction flow of the relevantperiod.
-20
-10
0
10
20
┗ 1 6 ┛ ┗ 1 7 ┛ ┗ 1 8 ┛ ┗ 1 9 ┛
Calendar year
Reconciliation
Transaction flow
Changes from a year earlier
(y/y % chg.)
-40
-20
0
20
40
┗ 1 6 ┛ ┗ 1 7 ┛ ┗ 1 8 ┛ ┗ 1 9 ┛
Calendar year
Reconciliation
Transaction flow
Changes from a year earlier
(y/y % chg.)
-5
-4
-3
-2
-1
0
1
2
3
4
5
┗ 1 6 ┛ ┗ 1 7 ┛ ┗ 1 8 ┛ ┗ 1 9 ┛
Calendar year
Reconciliation
Transaction flow
Changes from a year earlier
(y/y % chg.)
-40
-20
0
20
40
┗ 1 6 ┛ ┗ 1 7 ┛ ┗ 1 8 ┛ ┗ 1 9 ┛
Calendar year
Reconciliation
Transaction flow
Changes from a year earlier
(y/y % chg.)
- 5 -
Notes: 1.
2.
(3) Breakdown by component
Chart 4-1. Financial liabilities of private nonfinancial corporations
(1) Amounts outstanding
(2) Changes from a year earlier
Figures are evaluated on either a book value or face value basis. They do not match the figures in Chart 1 whichare evaluated on a market value basis.The sum of "Insurance, pension and standardized guarantees," "Financial derivatives and employee stock options,""Accounts receivable/payable," "Other external claims and debts," and "Others" in the Flow of Funds Accounts isrepresented by Others in the above charts.
0
200
400
600
800
1,000
1,200
Q118
Q2 Q3 Q4 Q119
Q2 Q3 Q4
CY
-8
-6
-4
-2
0
2
4
6
┗0 6┛┗0 7┛┗ 0 8┛┗ 0 9┛┗1 0┛┗1 1┛┗1 2┛┗1 3┛┗ 1 4┛┗ 1 5┛┗1 6┛┗1 7┛┗1 8┛┗ 1 9┛
Calendar year
Loans Debt securities
Equity and investment fund shares Deposits money
Trade credits and foreign trade credits Others
Changes from a year earlier
(y/y % chg.)
0
200
400
600
800
1,000
1,200
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
(trillion yen)
FY
Loans Debt securities
Equity and investment fund shares Deposits money
Trade credits and foreign trade credits Others
(trillion yen)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
940 933 942 961 966 947 947 969
1 Total liabilities 1.7 2.8 2.6 2.7 2.7 1.5 0.6 0.8 969 (100.0)
2 Loans 0.3 2.3 3.4 3.7 5.5 4.5 4.1 4.0 424 ( 43.8)
3 Debt securities 0.9 2.5 2.3 5.6 6.2 6.3 9.1 8.5 75 ( 7.7)
4 Equity and investment fund shares 0.1 0.2 - 0.1 - 0.8 - 1.2 - 0.9 - 1.4 - 1.4 164 ( 17.0)
5 Deposits money - 0.3 0.9 0.5 - 0.9 1.3 - 0.5 0.0 0.4 46 ( 4.7)
6 Trade credits and foreign trade credits 7.8 7.0 3.9 0.3 0.9 - 1.3 - 5.6 - 2.7 201 ( 20.7)
7 Others - 2.1 1.9 2.4 13.8 - 1.1 - 5.6 - 5.5 -10.4 59 ( 6.1)
Changes
(
%
)
Amounts outstanding in December-end2019 in trillion yen
(percentage rat io in parentheses)
Amounts outstanding (End of period, trillion yen)
2018 2019
- 6 -
(日本)
Note:
Chart 4-2. Financial assets held by private nonfinancial corporations
(1) Amounts outstanding
(2) Changes from a year earlier
(3) Breakdown by component
The sum of "Loans," "Investment trust beneficiary certificates," "Insurance, pension and standardized guarantees,""Financial derivatives and employee stock options," "Deposits money," "Accounts receivable/payable," "Otherexternal claims and debts," and "Others" in the Flow of Funds Accounts is represented by Others in the above charts.
0
200
400
600
800
1,000
1,200
1,400
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
Currency and deposits Debt securities
Equity Trade credits and foreign trade credits
Outward direct investment Outward investment in securities
Others
0
200
400
600
800
1,000
1,200
1,400
Q118
Q2 Q3 Q4 Q119
Q2 Q3 Q4
-20
-15
-10
-5
0
5
10
15
20
25
┗ 0 6┛┗ 0 7┛┗ 0 8┛┗ 0 9┛┗ 1 0┛┗ 1 1┛┗ 1 2┛┗ 1 3┛┗ 1 4┛┗ 1 5┛┗ 1 6┛┗ 1 7┛┗ 1 8┛┗ 1 9┛
(y/y % chg.)
Currency and deposits Debt securities
Equity Trade credits and foreign trade credits
Outward direct investment Outward investment in securities
Others Changes from a year earlier
(trillion yen)
FY
Calendar year
(trillion yen)
CY
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,204 1,205 1,239 1,160 1,192 1,167 1,184 1,240
1 Total assets 11.7 10.0 9.6 - 3.9 - 1.0 - 3.1 - 4.4 6.9 1,240 (100.0)
2 Currency and deposits 4.9 4.0 4.2 4.0 2.9 2.7 2.9 1.8 267 ( 21.5)
3 Debt securities 3.4 4.8 3.3 3.2 3.1 3.2 4.9 2.0 30 ( 2.5)
4 Equity 27.4 20.7 21.4 -13.7 -10.0 -13.1 -14.8 13.0 421 ( 33.9)
5 Trade credits and foreign trade credits 7.1 5.7 3.3 - 0.1 0.6 - 1.1 - 4.8 - 2.5 228 ( 18.4)
6 Outward direct investment 7.4 5.7 5.8 1.1 13.3 11.2 8.7 15.7 147 ( 11.8)
7 Outward investment in securities - 2.3 - 9.5 -12.8 -15.5 - 6.4 - 1.7 4.8 12.9 25 ( 2.0)
8 Others - 2.5 7.3 5.7 3.4 5.2 0.2 2.3 8.0 123 ( 9.9)
Amounts outstanding (End of period, trillion yen)
Changes
(
%
)
Amounts outstanding in December-end2019 in trillion yen
(percentage ratio in parentheses)
2018 2019
- 7 -
Notes: 1.2.
3.
Chart 5. Breakdown of loans by private financial institutions
(1) Breakdown by borrower sector
(2) Changes from a year earlier
Figures are evaluated on a market value basis.Loans by private financial institutions are the sum of loans provided by "Depository corporations," "Insurance and pensionfunds," "Other financial intermediaries," and "Financial auxiliaries."The sum of "To public nonfinancial corporations" and "To private nonprofit institutions serving households" in the Flowof Funds Accounts is represented by "To others" in the above charts.
-6
-4
-2
0
2
4
6
┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛
To general government To private nonfinancial corporations
To households To overseas
To financial institutions To others
Changes from a year earlier
Calendar year
(y/y % chg.)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
849 850 861 866 871 863 875 882
1 Total loans by private financial institutions 3.2 4.1 3.8 3.1 2.5 1.5 1.6 1.8 882 (100.0)
2 To general government - 1.3 - 3.5 - 3.1 - 1.6 - 1.1 0.9 1.7 3.0 63 ( 7.1)
3 To private nonfinancial corporations 0.9 1.7 2.5 2.8 3.5 4.2 2.3 3.0 331 ( 37.6)
4 To households 4.2 3.8 2.9 2.3 1.6 1.6 2.4 2.4 268 ( 30.4)
5 To overseas 3.4 9.2 6.4 1.2 - 0.2 - 7.9 - 4.7 - 3.9 84 ( 9.5)
6 To financial institutions 10.9 14.2 12.6 11.3 6.3 1.4 2.9 1.0 119 ( 13.5)
7 To others - 2.3 - 1.7 - 1.8 - 1.4 - 0.9 0.7 - 0.1 0.3 16 ( 1.9)
Amounts outstanding (End of period, trillion yen)
Changes
(
%
)
Amounts outstanding in December-end2019 in trillion yen
(percentage ratio in parentheses)
2018 2019
- 8 -
Notes: 1.
2.
3. The sum of "Loans by private financial institutions," "Loans by the nonfinancial sector," "Installment credit," "Repurchaseagreements and securities lending transactions," "Equity and investment fund shares," "Financial derivatives andemployee stock options," "Deposits money," "Trade credits and foreign trade credits," "Accounts receivable/payable,""Other external claims and debts," and "Others" in the Flow of Funds Accounts is represented by Others in the abovecharts.
Chart 6-1. Financial liabilities of general government
(1) Amounts outstanding
(2) Changes from a year earlier
Government bonds and treasury bills are the sum of "Treasury discount bills" and "Central government securities and FILPbonds" issued by "Central government" (in the general government sector).Debt securities other than Government bonds and treasury bills are equivalent to "Debt securities" less the amount ofGovernment bonds and treasury bills.
0
200
400
600
800
1,000
1,200
1,400
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
FY
OthersLoans by public financial institutionsDebt securities other than Government bonds and treasury billsGovernment bonds and treasury bills
0
200
400
600
800
1,000
1,200
1,400
Q118
Q2 Q3 Q4 Q119
Q2 Q3 Q4
CY
-4
-2
0
2
4
6
8
┗ 0 6┛┗ 0 7┛┗ 0 8┛┗ 0 9┛┗ 1 0┛┗ 1 1┛┗ 1 2┛┗ 1 3┛┗ 1 4┛┗ 1 5┛┗ 1 6┛┗ 1 7┛┗ 1 8┛┗ 1 9┛
Calendar year
Government bonds and treasury bills
Debt securities other than Government bonds and treasury bills
Loans by public financial institutions
Others
Changes from a year earlier
(y/y % chg.)
(trillion yen) (trillion yen)
- 9 -
Notes: 1.
2. Others is the residual which is the remaining after deducting "Central bank," "Depository corporations," "Insurance andpension funds," "Public pensions," "Households," and "Overseas" from Total.
Chart 6-2. Government bonds and treasury bills by holding sector
(1) Amounts outstanding
(2) Changes from a year earlier
(3) Composition
Government bonds and treasury bills are the sum of "Treasury discount bills" and "Central government securities andFILP bonds." They include those issued by "Fiscal Loan Fund" (in the public financial institutions sector) together withthose issued by "Central government" (in the general government sector).
0
200
400
600
800
1,000
1,200
Q118
Q2 Q3 Q4 Q119
Q2 Q3 Q4
(trillion yen)
0
200
400
600
800
1,000
1,200
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
(trillion yen)
FY
Overseas OthersHouseholds Public pensionsInsurance and pension funds Depository corporationsCentral bank
0
20
40
60
80
100
120
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
FY
Overseas OthersHouseholds Public pensionsInsurance and pension funds Depository corporationsCentral bank
(%)
0
20
40
60
80
100
120
Q118
Q2 Q3 Q4 Q119
Q2 Q3 Q4
CY
(%)
CY
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1,097 1,100 1,092 1,111 1,126 1,137 1,141 1,132
1 1.3 1.3 0.3 1.6 2.6 3.3 4.5 1.9 1,132 (100.0)
2 Central bank 7.4 6.5 5.5 6.3 5.9 6.2 6.6 3.6 495 ( 43.7)
3 -10.1 -15.6 -13.4 -13.1 -15.3 -10.5 - 6.8 - 6.4 151 ( 13.3)
4 Insurance and pension funds 0.1 0.7 - 1.0 0.7 1.7 3.6 5.7 2.4 253 ( 22.3)
5 Public pensions - 7.0 - 6.5 - 6.3 - 5.6 - 2.7 - 0.2 1.7 1.6 43 ( 3.8)
6 Households - 1.2 2.9 5.3 4.6 7.1 5.0 4.4 4.3 14 ( 1.2) 7 Overseas 3.1 9.4 8.5 13.5 19.3 14.0 12.0 4.9 145 ( 12.8)
8 Others 7.5 23.6 - 3.3 - 6.8 7.1 - 4.8 - 4.0 2.0 33 ( 2.9)
Amounts outstanding in December-end2019 in trillion yen
(percentage ratio in parentheses)
Amounts outstanding (End of period, trillion yen)
Changes
(
%
)
Total
Depository corporations
2018 2019
- 10 -
(%)
Central bankDepository
corporationsInsurance andpension funds
Publicpensions
Households Overseas Others Total
3 13.51 35.64 18.34 8.40 2.94 4.00 17.18 100
6 13.06 35.85 18.20 8.39 3.21 4.61 16.68 100
9 13.09 36.07 18.38 8.50 3.41 4.35 16.20 100
12 12.99 36.34 18.54 8.59 3.51 4.40 15.64 100
3 12.11 36.83 18.77 8.49 3.64 4.39 15.76 100
6 10.93 37.24 19.01 8.65 3.81 5.20 15.16 100
9 10.47 37.18 19.40 8.87 4.06 5.09 14.94 100
12 10.35 37.33 19.52 9.04 4.16 5.47 14.13 100
3 9.83 37.17 19.87 9.34 4.25 5.90 13.64 100
6 9.04 38.14 20.02 9.60 4.33 5.51 13.36 100
9 9.36 37.32 20.11 10.03 4.50 6.52 12.17 100
12 9.06 36.46 20.03 10.31 4.48 7.65 12.00 100
3 8.48 36.49 20.07 10.37 4.40 7.37 12.82 100
6 8.12 37.52 20.29 10.75 4.39 8.00 10.94 100
9 8.31 36.60 20.57 10.90 4.44 8.59 10.59 100
12 7.98 38.87 20.52 10.80 4.37 6.87 10.58 100
3 8.11 39.46 21.15 10.65 4.37 6.97 9.29 100
6 8.18 40.60 21.01 10.45 4.24 6.79 8.74 100
9 8.43 41.27 21.12 10.30 4.19 6.41 8.28 100
12 8.81 41.68 21.12 10.12 4.10 5.99 8.18 100
3 8.82 42.24 21.41 9.66 4.01 5.59 8.26 100
6 8.74 41.18 21.19 9.24 3.79 6.05 9.82 100
9 8.89 40.73 21.34 9.13 3.69 6.66 9.56 100
12 8.81 41.64 21.27 8.90 3.60 6.47 9.32 100
3 8.88 41.82 21.33 8.73 3.43 7.05 8.75 100
6 8.98 40.68 21.21 8.35 3.24 7.52 10.02 100
9 9.28 39.62 21.39 8.13 3.06 8.37 10.16 100
12 9.90 40.74 21.75 8.03 2.95 8.52 8.10 100
3 9.60 41.90 22.30 7.92 2.88 8.32 7.08 100
6 10.16 40.27 22.24 7.63 2.73 8.70 8.27 100
9 10.98 38.82 22.43 7.42 2.55 9.07 8.73 100
12 11.94 38.09 22.31 7.31 2.43 8.60 9.32 100
3 13.12 37.87 23.40 7.51 2.34 8.46 7.30 100
6 15.31 35.30 22.93 7.51 2.25 8.42 8.28 100
9 17.23 34.62 23.09 7.43 2.13 8.05 7.45 100
12 18.48 33.59 23.03 7.36 2.06 8.50 6.98 100
3 20.05 32.37 23.13 7.07 2.00 8.18 7.20 100
6 21.13 31.25 22.87 6.85 1.90 8.32 7.67 100
9 22.84 30.55 23.03 6.49 1.79 8.61 6.68 100
12 24.95 29.25 23.50 5.91 1.67 9.11 5.61 100
3 26.31 27.73 22.97 5.50 1.52 9.39 6.57 100
6 28.28 26.51 22.86 5.33 1.39 9.13 6.50 100
9 30.09 24.92 22.88 5.27 1.30 9.63 5.91 100
12 31.79 23.22 23.13 5.20 1.22 10.42 5.02 100
3 33.77 22.45 23.74 4.92 1.15 10.23 3.75 100
6 35.88 21.09 23.84 4.84 1.11 10.08 3.16 100
9 37.69 20.14 23.23 4.70 1.09 10.36 2.78 100
12 38.80 19.50 22.95 4.58 1.07 10.60 2.50 100
3 39.43 18.81 22.78 4.38 1.16 10.72 2.72 100
6 40.23 18.34 22.50 4.27 1.13 10.74 2.80 100
9 40.91 17.03 22.42 4.18 1.12 10.93 3.40 100
12 41.10 16.96 22.41 4.10 1.13 11.12 3.18 100
3 41.83 16.70 22.51 4.03 1.13 10.91 2.89 100
6 42.29 15.28 22.35 3.94 1.15 11.59 3.41 100
9 42.99 14.70 22.12 3.91 1.18 11.82 3.28 100
12 42.98 14.50 22.21 3.81 1.17 12.42 2.91 100
3 43.17 13.79 22.32 3.82 1.18 12.70 3.02 100
6 43.46 13.24 22.41 3.80 1.17 12.79 3.14 100
9 43.85 13.12 22.37 3.80 1.18 12.66 3.01 100
12 43.68 13.32 22.31 3.80 1.19 12.78 2.92 100
2015
2017
2016
2018
2019
2008
2012
2013
2014
(4) Time series data of composition
End of Month
2005
2006
2007
2009
2010
2011
- 11 -
December-end 2019(100 million yen)
Central bank Centralgovernment
Localgovernments
Social securityfunds
896,004 53,638 54,489 2,176 1,441 60,935 64,643 20,071 18,875 1,118,634
Short-term 171,428 21,982 19,650 0 0 3 0 0 0 191,081
Long-term 724,576 31,656 34,839 2,176 1,441 60,932 64,643 20,071 18,875 927,553
119,677 0 92,411 0 0 393 0 0 5,672 218,153
9,188,447 4,945,728 71,615 3,315 15,425 439,323 135,253 22,350 1,446,754 11,322,482
Short-term 287,594 93,840 0 31 0 0 0 0 661,040 948,665
Long-term 8,900,853 4,851,888 71,615 3,284 15,425 439,323 135,253 22,350 785,714 10,373,817
636,957 0 6,445 1,322 46,806 61,335 2,897 11,543 9,592 776,897
540,717 0 38,568 1,805 51,972 72,656 15,391 30,744 27,317 779,170
11,381,802 4,999,366 263,528 8,618 115,644 634,642 218,184 84,708 1,508,210 14,215,336
(100 million yen)
Central bank Centralgovernment
Localgovernments
Social securityfunds
43,381 544 506 -7 173 205 1,924 -160 -151 45,871
Short-term 28,385 65 350 0 0 0 0 0 0 28,735
Long-term 14,996 479 156 -7 173 205 1,924 -160 -151 17,136
-4,396 0 13,525 0 0 -8 0 0 244 9,365
24,125 16,609 1,344 385 -868 1,170 1,093 204 13,117 40,570
Short-term -9,164 -9,071 0 13 0 0 0 0 10,280 1,129
Long-term 33,289 25,680 1,344 372 -868 1,170 1,093 204 2,837 39,441
5,432 0 -682 -10 921 381 -398 -4,916 -300 428
3,075 0 -2,217 -37 1,952 459 -72 -2,807 -196 157
71,617 17,153 12,476 331 2,178 2,207 2,547 -7,679 12,714 96,391
Notes: 1.
・Financial institutions and Nonfinancial corporations --- Commercial paper (short-term), and Bank debentures and Industrial securities (long-term) ・Central government and Fiscal Loan Fund --- Treasury discount bills (short-term), and Central government securities and FILP bonds (long-term) ・Local governments --- Local government securities ・Government-affiliated agencies --- Public corporation securities ・Structured-financing special purpose companies and trusts --- Structured-financing instruments
2.
Q4 2019
Financialinstitutions
Financialinstitutions
Local governments
Financial institutions andNonfinancial corporations
Structured-financing specialpurpose companies and trusts
Central government and FiscalLoan Fund
Government-affiliatedagencies
Total
(2) Financial transactions
Nonfinancialcorporations
Reference 1. From-whom-to-whom of domestic debt securities
(1) Amounts outstanding
Nonfinancialcorporations
General government Households Private nonprofitinstitutions
servinghouseholds
Overseas Total
General government Households Private nonprofitinstitutions
servinghouseholds
Overseas Total
The tables show issuer/holder (from-whom-to-whom) relationships of domestic debt securities issued by residents. Data are compiled by rearranging theFlow of Funds Accounts. Each issuer sector is linked to the corresponding transaction items in the Flow of Funds Accounts as follows, whereas holdersectors are the same as those in the Flow of Funds Accounts.
Public corporation securities, which are issued by Central government and Fiscal Loan Fund sector and Financial institutions and Nonfinancial corporationssector, are classified as if they were issued by Government-affiliated agencies sector.
Government-affiliatedagencies
Total
Financial institutions andNonfinancial corporations
Structured-financing specialpurpose companies and trusts
Central government and FiscalLoan Fund
Local governments
Holder sector
Issuer sector
Holder sector
Issuer sector
- 12 -
December-end 2019
Financialinstitutions
Nonfinancialcorporations
Generalgovernment
HouseholdsPrivate nonprofit
institutions servinghouseholds
Overseas Total
2,099,771 3,958,486 1,489,989 3,066,917 148,036 1,060,863 11,824,062
512,786 0 0 0 0 0 512,786
851,958 3,015,064 666,326 2,380,240 108,605 747,521 7,769,714
75,041 193,319 56,377 64,389 960 8,944 399,030
394,703 750,070 767,286 621,991 38,471 266,791 2,839,312
Of which: public financial institutions 389,408 578,883 767,286 377,899 38,243 223,070 2,374,789
265,283 33 0 297 0 37,607 303,220
1,083,008 381,085 28,090 51,032 5,539 318,156 1,866,910
95,622 126,669 7,553 3,760 0 311,632 545,236
102,073 51,956 20,537 20,841 5,539 4,248 205,194
885,313 202,460 0 0 0 1,087,773
0 0 0 26,431 0 2,276 28,707
3,182,779 4,339,571 1,518,079 3,117,949 153,575 1,379,019 13,690,972
Notes: 1. Loans outstanding to "Government financial institutions" by "Public financial institutions" is 388,430 (100 million yen).2. Loans are the sum of "Bank of Japan loans," "Loans by private financial institutions," "Loans by public financial institutions," and "Loans by the nonfinancial sector."3. "Other financial intermediaries," "Public financial institutions," and "Government financial institutions" include "Public captive financial institutions."
Financialinstitutions
Nonfinancialcorporations
Generalgovernment
HouseholdsPrivate nonprofit
institutions servinghouseholds
Overseas Total
12,812 92,067 -22,265 64,645 2,857 -36,008 114,108
25,509 0 0 0 0 0 25,509
-19,908 90,070 11,567 52,833 2,111 -43,520 93,153
1,163 -988 -8,125 -449 16 1,244 -7,139
-24,285 2,985 -25,707 12,271 730 676 -33,330
Of which: public financial institutions -24,230 17 -25,654 2,155 702 -2,550 -49,560
30,333 0 0 -10 0 5,592 35,915
17,962 33,838 -6,091 171 0 10,934 56,814
-1,985 14,873 0 -319 0 10,140 22,709
-4,717 -339 -6,091 -1 0 342 -10,806
24,664 19,304 0 0 0 43,968
0 0 0 491 0 452 943
30,774 125,905 -28,356 64,816 2,857 -25,074 170,922
Notes: 1. The change in loans to "Government financial institutions" by "Public financial institutions" is -23,849 (100 million yen).2. See note 2 of the above (1).3. See note 3 of the above (1).
Central bank
Depository corporations
Insurance and pension funds
Other financial intermediaries
Reference 2. From-whom-to-whom of loans
(1) Amounts outstanding
(100 million yen)
Financial institutions
Financial auxiliaries
Nonfinancial sector
Other financial intermediaries
General government
Overseas
Households and Private nonprofitinstitutions serving households
Total
(2) Changes in amounts outstanding from December-end 2018 to December-end 2019(100 million yen)
Nonfinancial corporations
Financial institutions
Central bank
Depository corporations
Insurance and pension funds
Total
Financial auxiliaries
Nonfinancial sector
Nonfinancial corporations
General government
Overseas
Households and Private nonprofitinstitutions serving households
Lender sector
Borrower sector
Lender sector
Borrower sector
- 13 -
Notes: 1.
2.
3. Figures for "Assets of pension funds (a)" for FY1993-FY2003 have been revised, effective March 18, 2020. In the
revision, the Bank refined estimation methods, such as through changing source data.
Figures for "Claims of pension funds on pension managers (b-a)" reflect this revision.
Reference 3. Pension entitlements of corporate pensions (defined benefit schemes)
and claims of pension funds on pension managers
Amounts outstanding
Pension entitlements of defined benefit schemes up until FY2003 are the reference, calculated in the following
methods:
FY2000-FY2003:
FY1993-FY1999:
"Pension entitlements of pension funds (b)" is a liability of defined benefit schemes and includes financial
derivatives.
Retirement benefit obligations disclosed by the financial statements of individual listed companies
are aggregated. The figure is then multiplied by the ratio of pension assets of all companies to
those of listed companies.
For this period, among all pension schemes (employees' pension funds, tax-qualified retirement
pension plans, and retirement lump sum grants), only figures of employees' pension funds were
available for retirement benefit obligations based on actuarial calculation.
Hence, the estimates are conducted based on the above FY2000 figure of pension entitlements, by
carrying back year-on-year change of the retirement benefit obligations of employees' pension
funds released by the Pension Fund Association (policy reserves are used for FY1993-FY1996).
0
50
100
150
200
93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
(trillion yen)
FY
Pension entitlements of pension funds (b)
Assets of pension funds (a)
Claims of pension funds on pension
managers (b-a)
- 14 -
Note:
Notes: 1.
2. Regarding distributions from the principal and capital gains, figures up until Q2 2012 are approximate figures using
distributions paid out from investment trusts when the net asset value is below the purchase cost.
Reference 4. Asset composition and pension entitlements of corporate pensions
(defined benefit schemes)
(1) Asset composition (2) Pension entitlements
Reference 5. Distributions of investment trusts
Regarding total distributions, figures from FY2010 onward are distributions of securities investment trusts published by
Investment Trusts Association in Japan, and figures up until FY2009 are distributions of publicly offered "open-type" stock
investment trusts aggregated by the Bank of Japan.
The sum of "Financial derivatives and employee stock options," "Deposits money," "Accounts receivable/payable," "Other
external claims and debts," and "Others" in the Flow of Funds Accounts is represented by Others in the above chart.
-10
-8
-6
-4
-2
0
2
4
6
8
10
05 06 07 08 09 10 11 12 13 14 15 16 17 18
FY
Reconciliation
Transaction flow
Changes from a year earlier
0
1
2
3
4
5
6
7
05 06 07 08 09 10 11 12 13 14 15 16 17FY
(trillion yen)
Total distributions
Distributions from the principal and capital gains
Currency and
deposits
3%Loans
4%
Debt
securities
23%
Equity
7%
Investment trust
beneficiary certificates
5%
Claims of pension funds
on pension managers
21%
Outward
investment
in
securities
26%
Others
11%
Total115 trillion yen
(end of FY2018)
(y/y % chg.)
- 15 -