120 4 通貨・資金循環 balance sheets (showing the amounts outstanding at the end of each month) for the central bank, which issues "currency in circulation," and for depository corporations, which issue "deposit money," "quasi-money," and "CDs." Under the Monetary Survey, M3 is listed as liabilities, whereas assets are categorized as "Claims on Nonresidents" and "Domestic Credit" (which are broken down into "Claims on Government," "Claims on Other Financial Corporations," "Claims on Local Governments," and "Claims on Other Sectors") in accordance with the international standards adopted by the International Monetary Fund (IMF). Thus, the Monetary Survey shows the correspondence between changes in M3 on the debt side and changes in the relevant assets on the credit side. This chapter covers a summary table, the Summary Table is made by consolidating and adjusting the accounts of the central bank and depository corporations. Currency in Circulation Currency in Circulation is the quantity of money in the market released by the Bank of Japan. It is the total quantity of banknotes issued and coins in circulation. Flow of Funds Flow of Funds Accounts The Flow of Funds Accounts (hereafter the FFA) records movements of financial assets and liabilities among institutional units called sectors, such as financial institutions, corporations and households, for each financial instrument called transaction items such as deposits and loans. These statistics are published by the Bank of Japan. The FFA is released quarterly; preliminary data is released about three months later, and revised data about six months later. In principle, the FFA is revised retroactively once a year. In the FFA, the above movements of funds are shown on a matrix where individual economic entities make up the vertical columns and the financial assets and liabilities make up the horizontal rows. The matrix consists of three tables. "Transaction Table" (flow table) records flow of funds within a certain period and shows increase and decrease of assets and liabilities of each economic entity as a result of financial transactions. Through this flow table, movement of fund raising and financial investment by economic entities within a certain period can be grasped. "Assets and Liabilities Table" (stock table) is a matrix that records the outstanding assets and liabilities held by economic entities at the end of a certain period. Generally, stock data are accumulation of flow data, but for loans, bonds, and shares (both quoted and unquoted) are evaluated in market value or fair value, as assets and liabilities are recommended to be evaluated on market prices or market-price equivalents. Therefore, for those transaction items, when price change occur during the period, the difference between the amounts outstanding at the beginning of the term and those at the end does not match the transactions for the corresponding period. To record this discrepancy between the stocks and flows, "Reconciliation Table" is prepared. The figures recorded in the reconciliation table are designed to reconcile the differences between the flow table and the stock table, but also, the table makes it possible to ascertain the holding gains and losses arising from change in the market values of financial assets. In the matrix used for the FFA, the columns into which economic entities are classified are known as "sectors". The entities are broadly divided into six sectors, such as: "Financial corporations", "Nonfinancial corporations", "General government", "Households", "Private nonprofit institutions serving households", and "Overseas". These sectors are further broken down to sub-sectors. The items in the horizontal lines into which financial instruments (transactions, or assets and liabilities) are classified are known as "transaction items". They consist of totalled items, such as "Currency and deposits", "Loans", "Debt securities", "Equity and investment fund shares", and "Insurance, pension and standardized
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