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

January 04, 2013 at 07:11 am

MarketScreener.com By

January 4, 2013
Financial Markets Department

100 million yen

					Figures	Previous year
Banknotes1					-49,233	-45,360
Treasury funds and others2					61,045	63,443
	Net fiscal payments				56,826	46,377
	JGBs(over one year)				25,457	64,858
		Issued			-106,255	-106,935
		Redeemed			131,712	171,793
	Treasury discount bills				-22,926	-40,602
		Issued			-319,493	-312,982
		Redeemed			296,567	272,380
	Foreign exchange				-1,334	-4,529
	Others				3,022	-2,661
Surplus/shortage of funds3					11,812	18,083
BOJ Loans and Market Operations
	BOJ Loans and Market Operations (excluding the Loan Support Program and the Asset Purchase Program)				19,102	--
		Outright purchases of JGBs4			19,144	18,613
		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	-16,893
			of which: fixed-rate method5		--	--
		Funds-supplying operations against pooled collateral (at All Offices)			0	13,333
			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			-20	52
		Loans6			-19	6
		Securities lending as a secondary source of JGSs			-3	0
	BOJ Loans and Market Operations (Loan Support Program)				471	--
		Fund-provisioning measure to support strengthening the foundations for economic growth7			471	148
	BOJ Loans and Market Operations (Asset Purchase Program)				44,441	11,212
		Outright purchases of JGBs			21,237	5,026
		Outright purchases of T-Bills			24,010	2,007
		Outright purchases of CP			1,199	2,390
		Outright purchases of Corporate Bonds			-897	1,284
		Outright purchases of ETFs			0	495
		Outright purchases of J-REITs			0	23
		Funds-supplying operations against pooled collateral			-1,108	-13
	Subtotal				64,014	26,471
Net change in current account balances					75,826	44,554
				Net change in reserve balances	77,525	48,628

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 January 10).
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 December of JGBs purchased by the Bank as a result of outright purchases conducted through the Asset Purchase Program is 172.0 billion yen (estimated to be approximately 100 billion yen for January).
10.	Redeeming amount during December of T-Bills purchased by the Bank as a result of outright purchases conducted through the Asset Purchase Program is 1,802.1 billion yen (estimated to be approximately 2,410 billion yen for January).
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 (and Amount outstanding, 100 million yen)

	Jan.2012	Feb.	Mar.	Apr.	May	June	July	Aug.	Sep.	Oct.	Nov.	Dec.	2012 CY	2011 CY
End of period	2.1	2.1	-0.1	1.2	1.8	2.4	2.2	2.4	2.6	2.5	2.9	3.2	(866,533) 3.2	(839,968) 2.0
Average	2.3	2.2	0.9	0.9	1.6	2.2	2.3	2.4	2.3	2.6	2.7	2.8	(809,547) 2.1	(792,923) 2.8