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Bank of Japan : Sources of Changes in Current Account Balances and Market Operations (Jan.)

02/01/2013 | 02:58am US/Eastern

February 1, 2013
Financial Markets Department

100 million yen
­ Figures Previous year
Banknotes1 40,133 38,086
Treasury funds and others2 -118,661 -140,538
­ Net fiscal payments -12,335 -7,274
JGBs(over one year) -86,013 -85,899
­ Issued -107,144 -116,602
Redeemed 21,131 30,703
Treasury discount bills -18,968 -43,930
­ Issued -314,500 -324,986
Redeemed 295,532 281,056
Foreign exchange -4,844 -2,047
Others 3,499 -1,388
Surplus/shortage of funds3 -78,528 -102,452
BOJ Loans and Market Operations
­ BOJ Loans and Market Operations
(excluding the Loan Support Program and the Asset Purchase Program)
15,077 --
­ Outright purchases of JGBs4 15,139 18,004
Outright purchases of T-Bills 0 0
Outright sales of T-Bills 0 0
Purchases of JGSs under repurchase agreements 0 0
Sales of JGSs under repurchase agreements 0 0
Funds-supplying operations against pooled
collateral (at Head Office)
0 8,007
­ of which: fixed-rate method5 -- --
Funds-supplying operations against pooled
collateral (at All Offices)
0 -3,574
­ of which: fixed-rate method5 -- --
Purchases of CP under repurchase agreements 0 0
Outright sales of bills drawn by BOJ 0 0
Funds-supplying operation to support financial institutions
in disaster areas
-65 65
Loans6 0 -11
Securities lending as a secondary source of JGSs 3 0
BOJ Loans and Market Operations (Loan Support Program) 0 --
­
Fund-provisioning measure to support strengthening the
foundations for economic growth7
0 0
BOJ Loans and Market Operations (Asset Purchase Program) 28,378 13,237
­
Outright purchases of JGBs 19,135 6,066
Outright purchases of T-Bills 45,019 323
Outright purchases of CP -308 -2,865
Outright purchases of Corporate Bonds 579 1,516
Outright purchases of ETFs 227 188
Outright purchases of J-REITs 17 15
Funds-supplying operations against pooled collateral -36,291 7,994
Subtotal 43,455 35,728
Net change in current account balances -35,073 -66,724
­
Net change in reserve balances -37,312 -57,848
Notes: 1. Negative figures represent a net increase in banknotes in circulation.
2. Negative figures represent a net receipt of treasury funds and others.
3. Negative figures represent a shortage of funds in money markets.
4. For the amount outstanding of outright purchases of JGBs, see the "Monetary Base and the Bank of Japan's Transactions" (which will be published on February 7).
5. Beginning with the data for October 2010, figures are included in "Funds-supplying operations against pooled collateral," the subitem of "Asset Purchase Program."
6. "Loans" in this chart means the loans under Complementary Lending Facility.
7. "Fund-provisioning measure to support strengthening the foundations for economic growth" in this chart means the total amount of loans disbursed pursuant to the main rules, the special rules for equity investments and asset-based lending, and the special rules for small-lot investments and loans.
8. The amount outstanding of outright purchases and sales is the accumulated amount minus the amount redeemed at maturity or disposed of.
9. Redeeming amount during January of JGBs purchased by the Bank as a result of outright purchases conducted through the Asset Purchase Program is 103.4 billion yen (estimated to be approximately 150 billion yen for February).
10. Redeeming amount during January of T-Bills purchased by the Bank as a result of outright purchases conducted through the Asset Purchase Program is 2,405.8 billion yen (estimated to be approximately 4,320 billion yen for February).
11. Amount outstanding of U.S. dollar-denominated loans based on "Principal Terms and Conditions for U.S. Dollar Funds-Supplying Operations against Pooled Collateral."
12. Amount outstanding of U.S. dollar-denominated loans based on "Special Rules for the U.S. Dollar Lending Arrangement to Enhance the Fund-Provisioning Measure to Support Strengthening the Foundations for Economic Growth."
Banknotes Outstanding Percent changes from previous year
­ July 2012 Aug. Sep. Oct. Nov. Dec. Jan. 2013

End of period

2.2

2.4

2.6

2.5

2.9

3.2

3.1

Average

2.3

2.4

2.3

2.6

2.7

2.8

3.2
Inquiries

Tel : +81-3-3277-1362
Tel : +81-3-3279-1111 (Ext. 2830)

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