Technological Innovation and Central Banks
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1 Technological Innovation and Central Banks Charts September 2, 2008
2 Settlement via Bank of Japan (BOJ) Current Accounts Chart 1 Individual X Goods/Services Firm Y Deposits Withdrawals X s Account Bank A Y s Account Bank B Deposits Bank A s Current Account Funds transfer BOJ Bank B s Current Account Withdrawals
3 Chart 2 Value Settled via BOJ Current Accounts tril. yen 140 Average Daily Value Settled tril. yen 20 Distribution of Value Settled on June 30, :00 11:00 13:00 15:00 17:00 Note: Data for 2008 are the average for the January-July 2008 period. Note: Value settled in each ten-minute period.
4 Funds-Supplying Operation by the BOJ Chart 3 Supply of 30 billion yen by the BOJ through outright purchase of Japanese government bonds (JGBs) bil. yen 30 billion yen in cash BOJ Bank A JGBs worth 30 billion yen BOJ s balance sheet Bank A s balance sheet (Assets) (Liabilities) (Assets) (Liabilities) bil. yen JGBs 0 30 BOJ current account 0 30 BOJ current account 0 30 JGBs 30 0 Withdrawal of 10 billion yen by Bank A from BOJ current account after the operation BOJ s balance sheet Bank A s balance sheet bil. yen (Assets) (Liabilities) bil. yen (Assets) (Liabilities) JGBs 30 Banknotes 0 10 BOJ current account Banknotes 0 10 BOJ current account JGBs 0
5 Classification of Money Chart 4 Central Bank Money (yen, average amounts outstanding in July 2008) BOJ Current Account Balances 7.6 tril. Monetary Base 87.9 tril. Bank of Japan Notes in Circulation 75.7 tril. Coins in Circulation 4.5 tril Total: Cash in Circulation 80.2 tril. Deposit Money* Demand Deposits, etc tril. Quasi-Money* Time Deposits, etc tril Total: Private Bank Deposits* tril. Money Stock* (M3) 1,038.7 tril. Nominal GDP of Japan in fiscal 2007: 515 tril. yen * Deposits of financial institutions and the central government are not included.
6 Luminescent ink The Governor s seal on the front side and some parts of the background pattern fluoresce under ultraviolet light. Security Features of the Bank of Japan Notes Security Features of 10,000 Yen Note Chart 5 Pearl ink When viewed from different angles, a semi-transparent pattern printed with pink pearl ink appears in the blank areas of the left and right margins of the front of the note. Intaglio printing Raised printing is used for some features of the note. Hologram When the banknote is tilted, the color and pattern of the design change. Latent image When the banknote is viewed from a certain angle, the number appears on the bottom left of the front side, and the word Nippon on the top right of the back side. Watermark-bar-pattern When the banknote is held up to the light, three vertical watermark bars become visible. This feature is more difficult to reproduce with personal computers or color copiers than the traditional watermark.
7 Gridlock in the BOJ-NET RTGS System Chart 6 Bank A Balance: 10 Payment instruction 30 Bank B Balance: 0 Current BOJ-NET RTGS System - In order to send a payment instruction, each bank needs to have a sufficient balance in its BOJ current account. - All three banks in this example do not have sufficient balances. - If each bank waits for the other to pay first, gridlock occurs, and none of the payment instructions will be settled New BOJ-NET RTGS System Bank C Balance: 20 - If a bank does not have a sufficient balance in its BOJ current account, the payment instruction will be stored in a centralized queue. - The system will identify sets of payment instructions in the queue that can be settled when taking into account incoming payments as a source of liquidity, and will settle them simultaneously. - Gridlock will not occur in this example, because payment instructions will be settled simultaneously.
8 Safety and Efficiency Achieved under the New BOJ-NET RTGS System Value-weighted average time of settlement 12:30 Curve AB shows the possible combinations of total required balances and average settlement times under the new BOJ-NET RTGS system A Chart 7 Combination achieved on May 12, 2008 under the current BOJ-NET RTGS system Low 12:00 Safety 11:30 High 11:00 10:30 Combination achieved in the running test for the new BOJ-NET RTGS system B High 5 Efficiency 10 Low Value of total balances required to settle payments on a given day (tril. yen) Note: Under the new BOJ-NET RTGS system, payments that are currently cleared in the Foreign Exchange Yen Clearing System and settled at 14:30 on a net basis in the current BOJ-NET RTGS system will be settled on a gross basis.
9 Securitization of Mortgages Chart 8 Mortgage 1 Securitized Product A Investor V Mortgage 2 Mortgage 3 Mortgage 4 Issuer Securitized Product B Investor W Investor X Mortgage 5... Securitized Product C Securitized Product D Investor Y Investor Z A large number of mortgages are packaged to diversify risks. Securitized products are created by unbundling and reallocating cash flows and risks.
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