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 Flow of funds accounts The flow of funds accounts (hereafter the FFA) is a statistic that records the financial transactions and the resulting claim/debt held by each economic entity such as households, enterprises and the government. In the FFA, the 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 occurs 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 totaled items, such as "Currency and deposits", "Loans", "Debt securities", "Equity and investment fund shares", and "Insurance, pension and standardized guarantees" etc., and their sub-items. In creating sectors and transaction items, the FFA places importance not on conventional rules and laws but on economic function and substance. Estimation method of individual figure is based on the "Compilation Method of Japan’s Flow of Funds Accounts" prepared by the Bank of Japan. 4 Currency and Flow of Funds 119
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