Basic Figures Flow of Funds for the Fourth Quarter of 2017 (Preliminary report)

Transcription

1 Basic Figures Flow of Funds for the Fourth Quarter of 17 (Preliminary report) March 19, 18 Research and Statistics Department Bank of Japan

2 Contents Chart 1 Chart -1 Chart - Chart 3-1 Chart 3- Chart 4-1 Chart 4- Chart 5 Chart 6-1 Chart 6- Reference 1 Reference Reference 3 Reference 4 Reference 5 Financial assets and liabilities by sector Financial surplus and deficit by sector Financial surplus and deficit of households and private nonfinancial corporations Financial assets held by households Financial assets held by households: Breakdown of debt securities, investment trust beneficiary certificates, equity, and insurance Financial liabilities of private nonfinancial corporations Financial assets held by private nonfinancial corporations Breakdown of loans by private financial institutions Financial liabilities of general government Government bonds and treasury bills by holding sector From-whom-to-whom of domestic debt securities From-whom-to-whom of loans Pension entitlements of corporate pensions (defined benefit schemes) and claims of pension funds on pension managers Asset composition and pension entitlements of corporate pensions (defined benefit schemes) Distributions of investment trusts * Data used in this paper are available in the BOJ Time-Series Data Search.

3 Chart 1. Financial assets and liabilities by sector (end of December 17) Unit: trillion yen <Domestic nonfinancial sector> <Financial institutions> <Domestic nonfinancial sector> Liabilities (fund raising) Assets Liabilities Assets (investments) Households (3) Depository corporations Households (1,88) (including sole proprietorships) ( Banks, Collectively managed trusts ) (including sole proprietorships) Borrowings 99 1 Loans 775 Deposits 1,463 Currency and deposits 961 Private (1,859) nonfinancial corporations Securities 384 Borrowings 413 Loans 48 Securities 1,91 Insurance, pension and Securities 379 standardized (Of which: listed shares 61) guarantees 355 General government Central government, Local governments, and Social security funds Borrowings 155 Securities 1,81 Other financial institutions 55 Private nonfinancial corporations Currency and deposits (1,66) Securities 463 (1,84) Securities investment trusts, Nonbanks, 546 Public financial institutions, Public captive financial institutions, and Financial dealers and brokers Loans 463 Securities 98 Insurance and pension funds Deposits with the Fiscal Loan Fund General government Securities 7 Borrowings Securities 148 Securities Securities 344 Insurance, pension and standardized guarantees 5 57 (574) Central government, Local governments, and Social security funds Deposits with the Fiscal Loan Fund <> Assets <> Liabilities (679) (1,8) (External debts of Japan) (External claims of Japan) Central bank Securities 44 Securities 63 Loans 51 Currency 11 Loans 171 Deposits with Borrowings 149 Securities 481 the Bank of Japan 76 Notes: 1. Major sectors and transaction items are selected to show the overview of the Flow of Funds Accounts.. Loans and borrowings include "Bank of Japan loans," "Call loans and bills," "Loans by private financial institutions," "Loans by public financial institutions," "Loans by the nonfinancial sector," "Installment credit," and "Repurchase agreement and securities lending transactions." 3. Securities include "Equity and investment fund shares" and "Debt securities." The latter consists of "Central government securities and FILP bonds," "Bank debentures," "Industrial securities," "Trust beneficiary rights," etc. (Securities in external claims of Japan is "Outward investment in securities.") 4. The sum of the transaction items which are not shown individually is represented by in the above chart

4 Chart -1. Financial surplus and deficit by sector (1) Quarterly (seasonally adjusted) (Financial surplus) Households Private nonfinancial corporations General government (Financial deficit) () (Financial surplus) Households Private nonfinancial corporations General government (Financial deficit) (3) Fiscal year (Financial surplus) Households Private nonfinancial corporations General government (Financial deficit) Fiscal year - -

5 Chart -. Financial surplus and deficit of households and private nonfinancial corporations ( 日本 ) 6 (1) Financial surplus and deficit of households Insurance, pension and standardized guarantees Loans by financial institutions (repayment represents positive) Investment trusts Equity Debt securities Currency and deposits Financial surplus and deficit Q1 16 Q Q3 Q4 Q1 17 Q Q3 Q4 sum of the latest 4 quarters () Financial surplus and deficit of private nonfinancial corporations 6 ( 日本 ) 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 dificit Q1 16 Q Q3 Q4 Q1 17 Q Q3 Q4 sum of the latest 4 quarters -6 Notes: 1.. Loans by financial institutions are the sum of "Loans by private financial institutions" and "Loans by public financial institutions" on the borrowing side. Net financing in domestic securities is calculated as follows: investment in "Debt securities" and "Equity and investment fund shares" minus fund raising through these securities

6 ( ) Chart 3-1. Financial assets held by households,, 1,8 1,6 (1) Amounts outstanding Insurance, pension and standardized guarantees Equity Investment trust beneficiary certificates Debt securities Currency and deposits,, 1,8 1,6 1,4 1,4 1, 1, 1, 1, Q1 16 Q Q3 Q4 Q1 17 Q Q3 Q4 CY () Amounts outstanding (End of period, trillion yen) ( 図表 4-3) 民間非金融法人の金融負債 Q1 Q Q3 Q4 Q1 Q Q3 Q4 1,76 1,755 1,76 1,81 1,88 1,831 1,845 1,88 Amounts outstanding in Decemberend 17 in trillion yen (percentage ratio in parentheses) 1 C Total assets ,88 (1.) h Currency and deposits ( 51.1) 3 a n Debt securities ( 1.3) 4 g Investment trust beneficiary certificates ( 5.8) 5 e s Equity ( 11.) 6 Insurance, pension and standardized guarantees ( 7.7) 7 % Of which: insurance ( 19.6) (.9) 8 (3) Breakdown by component Currency and deposits Investment trust beneficiary certificates Insurance, pension and standardized guarantees Debt securities Equity Notes: 1. The sum of "Loans," "Financial derivatives and employee stock options," "Deposits money," "Trade credits and foreign trade credits," "Accounts receivable/payable," "Outward investment in securities," and "" in the Flow of Funds Accounts is represented by in the above charts.. The sum of "Non-life insurance technical reserves," "Life insurance reserves," and "Annuity entitlements" in the Flow of Funds Accounts is represented by insurance in the above charts

7 Chart 3-. Financial assets held by households: Breakdown of debt securities, investment trust beneficiary certificates, equity, and insurance (1) Debt securities () Investment trust beneficiary certificates 4 Reconciliation Transaction flow Reconciliation Transaction flow (3) Equity (4) Insurance Transaction flow Reconciliation Reconciliation Transaction flow Notes: 1. Reconciliation is calculated as the difference of stock from the previous period minus the transaction flow of the relevant period.. The sum of "Non-life insurance technical reserves," "Life insurance reserves," and "Annuity entitlements" in the Flow of Funds Accounts is represented by Insurance in the above charts

8 ( ) Chart 4-1. Financial liabilities of private nonfinancial corporations 1, 1, Loans Equity and investment fund shares Trade credits and foreign trade credits (1) Amounts outstanding Debt securities Deposits money 1, 1, Q1 16 Q Q3 Q4 Q1 17 Q Q3 Q4 CY () Amounts outstanding (End of period, trillion yen) Amounts outstanding in Decemberend 17 in trillion yen Q1 Q Q3 Q4 Q1 Q Q3 Q4 (percentage ratio in parentheses) ,8 1 C Total liabilities ,8 (1.) h a Loans ( 41.) 3 n Debt securities ( 7.) g 4 e Equity and investment fund shares ( 16.5) 5 s Deposits money ( 4.5) 6 % Trade credits and foreign trade credits (.7) ( 1.1) 6 (3) Breakdown by component Loans Debt securities Equity and investment fund shares Deposits money Trade credits and foreign trade credits Notes: 1. Figures are evaluated on either a book value or face value basis. They do not match the figures in Chart 1 which are 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 "" in the Flow of Funds Accounts is represented by in the above charts

9 ( ) Chart 4-. Financial assets held by private nonfinancial corporations ( 日本 ) 1,4 Currency and deposits Equity 1, Outward direct investment 1, (1) Amounts outstanding Debt securities Trade credits and foreign trade credits Outward investment in securities 1,4 1, 1, Q1 16 Q Q3 Q4 Q1 17 Q Q3 Q4 CY () Q1 Q Q3 Q4 Q1 Q Q3 Q4 Amounts outstanding in Decemberend 17 in trillion yen (percentage ratio in parentheses) Amounts outstanding (End of period, trillion yen) 1,79 1,3 1,47 1,135 1,146 1,166 1,7 1,66 1 Total assets ,66 (1.) C h Currency and deposits (.3) 3 a Debt securities n (.4) 4 g Equity ( 33.3) 5 e s Trade credits and foreign trade credits ( 18.5) 6 Outward direct investment ( 1.) 7 % Outward investment in securities ( 3.5) ( 11.7) (3) Breakdown by component Note: Currency and deposits Equity Outward direct investment Debt securities Trade credits and foreign trade credits Outward investment in securities The sum of "Loans," "Investment trust beneficiary certificates," "Insurance, pension and standardized guarantees," "Financial derivatives and employee stock options," "Deposits money," "Accounts receivable/payable," "Other external claims and debts," and "" in the Flow of Funds Accounts is represented by in the above charts

10 Chart 5. Breakdown of loans by private financial institutions 6 (1) Breakdown by borrower sector To general government To private nonfinancial corporations To households To overseas To financial institutions To others Amounts outstanding (End of period, trillion yen) () Q1 Q Q3 Q4 Q1 Q Q3 Q C Total loans by private financial institutions (1.) h a To general government ( 7.4) 3 n To private nonfinancial corporations ( 37.7) 4 g e To households ( 3.4) 5 s To overseas ( 1.3) 6 % To financial institutions ( 1.) 7 To others (.) ( ) Amounts outstanding in Decemberend 17 in trillion yen (percentage ratio in parentheses) Notes: 1. Figures are evaluated on a market value basis.. Loans by private financial institutions are the sum of loans provided by "Depository corporations," "Insurance and pension funds," "Other financial intermediaries," and "Financial auxiliaries." 3. The sum of "To public nonfinancial corporations" and "To private nonprofit institutions serving households" in the Flow of Funds Accounts is represented by "To others" in the above charts

11 Chart 6-1. Financial liabilities of general government (1) Amounts outstanding 1,4 1,4 Loans by public financial institutions 1, Debt securities other than Government bonds and treasury bills 1, Government bonds and treasury bills 1, 1, Q1 16 Q Q3 Q4 Q1 17 Q Q3 Q4 CY 8 () Government bonds and treasury bills Debt securities other than Government bonds and treasury bills Loans by public financial institutions Notes: 1. Government bonds and treasury bills are the sum of "Treasury discount bills" and "Central government securities and FILP bonds" 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 of Government bonds and treasury bills. 3. The sum of "Loans by private financial institutions," "Loans by the nonfinancial sector," "Repurchase agreements and securities lending transactions," "Equity and investment fund shares," "Financial derivatives and employee stock options," "Deposits money," "Trade credits and foreign trade credits," "Accounts receivable/payable," "Other external claims and debts," and "" in the Flow of Funds Accounts is represented by in the above charts

12 ( ) Chart 6-. Government bonds and treasury bills by holding sector 1, 1, Households Insurance and pension funds Central bank (1) Amounts outstanding Public pensions Depository corporations 1, 1, Q1 Q Q3 Q4 Q1 Q Q3 Q CY () Q1 Q Q3 Q4 Q1 Q Q3 Q4 Amounts outstanding in Decemberend 17 in trillion yen (percentage ratio in parentheses) Amounts outstanding (End of period, trillion yen) 1,79 1,18 1,96 1,83 1,83 1,85 1,87 1,9 1 C Total ,9 (1.) h Central bank ( 41.1) 3 a n Depository corporations ( 16.8) 4 g Insurance and pension funds ( 1.6) 5 e s Public pensions ( 4.) 6 Households ( 1.1) 7 % ( 11.) ( 4.) (3) Composition (%) 1 1 Households Insurance and pension funds Central bank Public pensions Depository corporations 1 (%) Q1 Q Q3 Q4 Q1 Q Q3 Q CY Notes: 1. Government bonds and treasury bills are the sum of "Treasury discount bills" and "Central government securities and FILP bonds." They include those issued by "Fiscal Loan Fund" (in the public financial institutions sector) together with those issued by "Central government" (in the general government sector).. is the residual which is the remaining after deducting "Central bank," "Depository corporations," "Insurance and pension funds," "Public pensions," "Households," and "" from Total

13 End of Month Central bank Depository corporations (4) Time series data of composition Insurance and pension funds Public pensions Households Total (%)

14 Reference 1. From-whom-to-whom of domestic debt securities December-end 17 Issuer sector Holder sector Financial institutions and Nonfinancial corporations Financial institutions Central bank Nonfinancial corporations (1) Amounts outstanding Central government General government Local governments Social security funds Households Private nonprofit institutions serving households (1 million yen) Total 86,69 53,47 51,168 1,68 1,485 76,53 61,163 8,784 8,6 1,15,694 Short-term 133,455 1,89, ,46 Long-term 673,37 31,663 3, 1,68 1,485 76,57 61,163 8,784 8,6 861,88 Structured-financing special purpose companies and trusts 15,363 75, ,83 185,773 Central government and Fiscal Loan Fund 8,961,936 4,493,916 96,97 3, 1,11 468,54 13,98 4,34 1,4,668 1,93,556 Short-term 415,185 1, ,6 1,41,89 Long-term 8,546,751 4,7,356 96,97,976 1,11 468,54 13,98 4,34 598,48 9,881,77 Local governments Government-affiliated agencies Total 61,458 11,3 1,543 37,43 79,635 5,793 1,94 6,65 76, ,93 39,98 1,765 9,957 86,975 6,133 7,955 5, 766,717 11,33,379 4,547,388 73,78 7,916 89, ,73 196,997 71,137 1,69,43 13,654,319 () Financial transactions Q4 17 (1 million yen) General government Households Private nonprofit Holder sector Financial Nonfinancial Total institutions institutions corporations Central bank Central Local Social security serving Issuer sector government governments funds households Financial institutions and Nonfinancial corporations 6,669,88 3, ,43 1,357 1,77 3,78 Short-term 8,976,45 3 9,98 Long-term -, , ,43 1,357 1,77 1,41 Structured-financing special purpose companies and trusts -8,596 9, ,37 Central government and Fiscal Loan Fund 14,541 47,648 3, ,33 1, ,858 41,861 Short-term -7,354-95,131 6,83-43,54 Long-term 84,895 14,779 3, ,33 1, ,8 85,385 Local governments Government-affiliated agencies Total 3, , ,818, ,367 7,49 36,558 49,936 19,59 5,495-6, ,339 3,675 84,555 Notes: 1. The tables show issuer/holder (from-whom-to-whom) relationships of domestic debt securities issued by residents. Data are compiled by rearranging the Flow of Funds Accounts. Each issuer sector is linked to the corresponding transaction items in the Flow of Funds Accounts as follows, whereas holder sectors are the same as those in the Flow of Funds Accounts. 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. Public corporation securities, which are issued by Central government and Fiscal Loan Fund sector and Financial institutions and Nonfinancial corporations sector, are classified as if they were issued by Government-affiliated agencies sector

15 Reference. From-whom-to-whom of loans (1) Amounts outstanding December-end 17 Borrower sector Lender sector Financial institutions Central bank Depository corporations Insurance and pension funds Other financial intermediaries Financial institutions Nonfinancial corporations General government Households Private nonprofit institutions serving households (1 million yen) 1,984,179 3,85,81 1,518,186,938,9 14,431 1,86,856 11,518,5 511, ,841 77,459,876, ,647,77,776 1,56 791,36 7,478,176 77, ,4 68,981 71, ,1 43,687 44,46 776, , ,351 37,7 63,54,896,969 Total Of which: public financial institutions 434, , ,35 37,578 37,75 6,53,471,87 Financial auxiliaries Nonfinancial sector Total Nonfinancial corporations General government Households and Private nonprofit institutions serving households 181, ,338 7,35 1,98, 484,14 7,48 49,617 6,71 77,97 1,943,7 91,163 75,469 7, , ,84 16,134 55,194 19,447 6,495 6,71 3,461 37, 88,75 153,479 1,34,4,64 5,97 7,937 3,8,1 4,334,3 1,545,434,987,99 146,7 1,364,783 13,461,5 Notes: 1. Loans outstanding to "Government financial institutions" by "Public financial institutions" is 434,369 (1 million yen).. "Other financial intermediaries," "Public financial institutions," and "Government financial institutions" include "Public captive financial institutions." () Changes in amounts outstanding from December-end 16 to December-end 17 Borrower sector Lender sector Financial institutions Central bank Depository corporations Insurance and pension funds Other financial intermediaries Financial institutions Nonfinancial corporations General government Households Private nonprofit institutions serving households (1 million yen) 187,51 15,694-34,17 47,383 6,137 13,15 345,31 91,96 91,96 7,64 15,58 3,14 49,131 5,31 11,16 1,857 4,467 4,687-8,39-4, ,38 1,837 15,48-8,81 3, ,34 6,856 Total Of which: public financial institutions 11,377 19,76-8,543-1, , -68 Financial auxiliaries Nonfinancial sector Nonfinancial corporations General government Households and Private nonprofit institutions serving households Total 5, ,13 49,17-71,94 4, , ,116 35,74 3,57 56,881-8, ,98-53,857 4,731-49,16,886, , ,846-34,939 47,381 6,137 46,57 346,43 Notes: 1. The change in loans to "Government financial institutions" by "Public financial institutions" is 11,377 (1 million yen).. See note of the above (1)

16 Reference 3. Pension entitlements of corporate pensions (defined benefit schemes) and claims of pension funds on pension managers Amounts outstanding Pension entitlements of pension funds (b) 15 Assets of pension funds (a) 1 5 Claims of pension funds on pension managers (b-a) Notes: 1. "Pension entitlements of pension funds (b)" is a liability of defined benefit schemes and includes financial derivatives.. Pension entitlements of defined benefit schemes up until 3 are the reference, calculated in the following methods: -3: 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 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 )

17 Reference 4. Asset composition and pension entitlements of corporate pensions (defined benefit schemes) (1) Asset composition () Pension entitlements Currency and deposits 3% 11% Loans 3% Reconciliation Transaction flow Outward investment in securities 4% Total 119 trillion yen (end of 16) Debt securities 3% Equity 7% -6-8 Claims of pension funds on pension managers 3% Investment trust beneficiary certificates 5% Note: The sum of "Financial derivatives and employee stock options," "Deposits money," "Accounts receivable/payable," "Other external claims and debts," and "" in the Flow of Funds Accounts is represented by in the above chart. 7 6 Reference 5. Distributions of investment trusts Total distributions Distributions from the principal and capital gains Notes: 1. Regarding total distributions, figures from 1 onward are distributions of securities investment trusts published by Investment Trusts Association in Japan, and figures up until 9 are distributions of publicly offered "open-type" stock investment trusts aggregated by the Bank of Japan.. Regarding distributions from the principal and capital gains, figures up until Q 1 are approximate figures using distributions paid out from investment trusts when the net asset value is below the purchase cost