4 Currency and Flow of Funds 4 Currency and Flow of Funds 119This chapter covers currency and flow of funds. Contained are statistics on the volume of various types of currencies circulated and the flow of funds in Japan. For finance and insurance, see "16 Finance and Insurance", for social insurance, see "23 Social Security". Bank of Japan Statistics The Bank of Japan compiles various kinds of financial statistics, the Tankan, the Corporate Goods Price Index, the Balance of Payments. This chapter contains the following statistics in the areas of Bank of Japan and Currency and Flow of Funds Accounts. Bank of Japan Statistics Monetary Base and the Bank of Japan's Transactions The Bank of Japan has therefore decided to compile and publish monthly the "Monetary Base and the Bank of Japan's Transactions," which shows clearly how the Bank is supplying funds by reconstructing the items of the Bank's balance sheet. Currency Statistics Money Stock The money stock statistics, released by the Bank of Japan, records the aggregate amount of money, including cash currency in circulation and deposit money, held by money holders such as non-financial corporations, individuals and local governments (excluding the deposits held by financial institutions and the central government). In Japan, four indices, namely, M1, M2, M3, and L, are compiled and released. The definition of each index is as follows. M1 = Currency in circulation + deposit money deposited at depository institutions M2 = Currency in circulation + deposits deposited at domestically licensed banks, etc. M3 = Currency in circulation + deposits deposited at depository institutions Broadly-defined liquidity (L) = M3 + pecuniary trusts + investment trusts + bank debentures + straight bonds issued by banks + commercial papers issued by financial institutions + government securities + foreign bonds In addition, the definitions of domestically licensed banks and depository institutions are as follows. Domestically licensed banks, etc.: Domestically licensed banks (excluding the Japan Post Bank), foreign banks in Japan, Shinkin banks, Shinkin Central Bank, the Norinchukin Bank, and the Shoko Chukin Bank Depository institutions: "Domestically licensed banks, etc." and all other depository institutions including the Japan Post Bank, shinkumi banks, The Shinkumi Federation Bank, labour banks, the Rokinren Bank, agricultural cooperatives, prefectural credit federations of agricultural cooperatives, fishery coops, and prefectural credit federations of fishery cooperatives. Economic entities that issue financial instruments subject to money stock statistics are called currency issuers. In the case of M1 and M3, the Bank of Japan and all deposit-taking institutions apply. In the case of M2, the Bank of Japan, domestic banks (excluding Japan Post Bank), foreign banks' branches in Japan, Shinkin banks, Shinkin Central Bank, Norinchukin Bank, and Shoko Chukin Bank apply. In the case of broadly defined liquidity (L), it includes Japanese Government Bonds and non-residents (foreign bonds). Monetary Survey This table is prepared by the Bank of Japan for the purpose of showing the correspondence between changes in M3 in the money stock statistics records, and, among other modifications, changes in the assets and liabilities of financial institutions. Specifically, the Monetary Survey provides consolidated and adjusted
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