basic figures: flow of funds for the fourth quarter of ... · chart 2-1 financial surplus and...

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

https://www.stat-search.boj.or.jp/ssi/cgi-bin/famecgi2?cgi=$nme_a000_en&lstSelection=FF

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


(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


(y/y % chg.)

-40

-20

0

20

40

┗ 1 6 ┛ ┗ 1 7 ┛ ┗ 1 8 ┛ ┗ 1 9 ┛

Calendar year

Reconciliation

Transaction flow


(y/y % chg.)

- 5 -

Notes: 1.

2.


Chart 4-1. Financial liabilities of private nonfinancial corporations



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


(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

(

%

)


(percentage rat io in parentheses)


2018 2019

- 6 -

（日本）

Note:

Chart 4-2. Financial assets held by private nonfinancial corporations




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)


Changes

(

%

)


(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


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


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)


Changes

(

%

)



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



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


(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



(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)




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


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



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



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."



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



Other financial intermediaries

　Reference 2.　From-whom-to-whom of loans


(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



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


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 -

basic figures: flow of funds for the fourth quarter of ... · chart 2-1 financial surplus and...

Documents