This 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", and for the suspension of business transactions with banks, see "7 Business Activities". 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. Monetary base and the Bank of Japan's transactions The table on this subject shows the movement of the monetary base, which mainly consists of banknotes and current account balances, in terms of correspondence of various transactions conducted by the Bank of Japan. It can be created by reconstructing the balance sheet of the Bank. Monetary survey This table is prepared 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 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. The Summary Table is made by consolidating and adjusting the accounts of the central bank and depository corporations. M1= Currency in circulation + deposit money deposited at depository institutions (money issuers: depository institutions.) M2 = Currency in circulation + deposits deposited at domestically licensed banks, etc. (money issuers: domestically licensed banks, etc.) M3 = Currency in circulation + deposits deposited at depository institutions (money issuers: 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 Money stock The money stock statistics 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. 118 4 通貨・資金循環4 Currency and Flow of Funds
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