MONTHLY FINANCE REVIEW

ISSN 0388-0605 MONTHLY FINANCE REVIEW ch 2018 No. 536 Policy Research Institute MINISTRY OF FINANCE JAPAN

MONTHLY FINANCE REVIEW ch. 2018 (No.536) CONTENTS STATISTICS(Released by Ministry of Finance) A. Balance of the Fiscal Loan Fund (22.)... 2 B. Trade Statistics (30.)... 4 C. Taxes and Stamp Revenues (1.)... 8 D. Receipts and Payments of the Treasury Funds with the Private Sector (2.)... 12 E. Official Reserve Assets (7.)... 16 F. Balance of Payments (8.)... 18 G. International Transaction in Securities (Monthly; based on reports from designated major investors) (8.)... 22 H. The balance of Offshore Accounts (16.)... 24 I. Central Government Debt (9.)... 26 PUBLIC RELATIONS & PRESS RELEASE A. New Tax Convention with Spain Agreed in Principle (21.)... 30 B. Designs of The Olympic and Paralympic Games Tokyo 2020 Commemorative Coin Program (First Issue) (23.)... 31 APPENDIX A. Quarterly Estimates of GDP,.-. 2017 (The First Preliminary) (14.)... 34 B. Monthly Economic Report (ruary) (21.)... 36 MAIN ECONOMIC INDICATORS OF JAPAN... 40

STATISTICS

A. Balance of the Fiscal Loan Fund (the End of the Month) (22 uary 2018) ( billion yen) 2016 2017 Assets 127,140.8 129,227.0 129,834.5 130,060.8 131,350.7 134,428.2 130,830.6 128,460.7 128,075.3 125,730.6 122,519.4 124,278.8 124,643.0 Cash/Deposits 1,596.3 4,054.1 4,434.1 3,678.3 5,673.0 6,712.4 3,853.8 2,345.5 2,159.9 2,737.3 324.4 17.0 669.4 Securities 221.6 221.6 221.6 221.6 221.6 221.6 202.8 196.8 196.8 196.8 196.8 195.9 195.9 Government Bonds - - - - - - - - - - - - - Other Bonds - - - - - - - - - - - - - Trust Beneficiary Rights and Others 221.6 221.6 221.6 221.6 221.6 221.6 202.8 196.8 196.8 196.8 196.8 195.9 195.9 Loans 125,322.9 124,951.3 125,178.8 126,161.0 125,456.1 127,494.2 126,774.0 125,918.4 125,718.5 122,796.5 121,998.1 124,065.9 123,777.7 Loans to General Account and Special Accounts 23,695.2 23,154.8 23,259.5 23,655.5 23,107.8 23,062.2 22,744.3 21,468.5 21,540.1 21,331.5 20,738.4 22,706.0 22,419.3 Loans to Government-related Institutions 18,501.9 18,261.4 18,214.1 18,713.0 18,586.2 18,627.3 18,538.8 18,512.0 18,410.0 18,138.9 17,966.3 18,013.3 18,110.4 Loans to Local Government 49,161.7 49,203.5 49,325.7 48,217.7 48,276.0 49,649.5 49,650.0 49,651.8 49,652.3 47,483.0 47,520.8 47,606.1 47,715.1 Loans to Special Corporations 33,964.1 34,331.7 34,379.6 35,574.8 35,486.1 36,155.2 35,841.0 36,286.1 36,116.2 35,843.0 35,772.5 35,740.6 35,532.9 Liabilities 127,140.8 129,227.0 129,834.5 130,060.8 131,350.7 134,428.2 130,830.6 128,460.7 128,075.3 125,730.6 122,519.4 124,278.8 124,643.0 2 Deposits 32,321.3 33,805.8 33,419.7 32,843.1 34,114.4 36,418.5 34,239.5 31,325.9 29,894.1 32,226.9 29,088.5 30,545.8 27,991.6 Special Account Deposits 23,512.8 25,122.1 24,795.4 24,974.7 26,232.0 28,561.6 26,355.7 23,376.7 22,018.4 24,302.1 21,193.7 22,639.7 19,978.5 Fund Deposits 2,882.5 2,607.6 2,458.3 1,322.4 1,306.3 1,280.8 1,300.8 1,357.2 1,363.2 1,363.2 1,368.1 1,375.1 1,517.1 Mutual Aid Cooperative Deposits 3,191.6 3,191.6 3,191.6 3,441.6 3,441.6 3,441.6 3,350.6 3,359.6 3,280.6 3,329.7 3,264.7 3,269.7 3,234.7 Other Deposits 2,734.5 2,884.5 2,974.5 3,104.5 3,134.5 3,134.5 3,232.5 3,232.5 3,232.0 3,232.0 3,262.0 3,261.2 3,261.2 Long-term Bonds 94,288.0 94,788.0 95,758.0 96,329.2 96,329.2 97,079.2 95,879.5 96,369.5 97,389.5 92,510.2 92,420.2 92,600.2 92,933.8 Others 531.4 633.2 656.7 888.5 907.2 930.6 711.6 765.3 791.7 993.5 1,010.6 1,132.8 3,717.5 (Note) Figures may not total due to rounding. Source : Financial Bureau (https://www.mof.go.jp/english/filp/flf_balance/index.htm)

Trend of Balance of the Fiscal Loan Fund ( billion yen) Assets 200,000.0 150,000.0 100,000.0 50,000.0 3 0.0 50,000.0 100,000.0 150,000.0 200,000.0 Liabilities 2015 2015 2016 2017 Assets: Cash/Deposits Assets: Securities Assets: Loans Liabilities: Deposits Liabilities: Long-term Bonds Liabilities: others

B. Trade Statistics (30 uary 2018) 1.Value of Exports and Imports by Area (Country) ( 100 million yen ) 2016* 2017 ** ** ** ** ** ** ** ** ** ** ** (P) Total Exports 66,789 54,220 63,475 72,296 63,294 58,512 66,084 64,952 62,786 68,111 66,936 69,210 73,031 Imports 60,430 65,139 55,364 66,193 58,503 60,576 61,670 60,732 61,691 61,471 64,129 68,139 69,444 Balance 6,359-10,919 8,111 6,103 4,792-2,064 4,414 4,220 1,095 6,640 2,807 1,071 3,587 Asia Exports 37,401 28,873 34,864 38,607 34,482 32,341 35,781 34,954 35,106 37,047 37,128 38,953 41,127 Imports 29,218 33,608 24,884 32,206 28,325 29,275 30,068 30,260 29,972 30,899 32,059 34,598 33,807 Balance 8,183-4,735 9,980 6,400 6,157 3,066 5,713 4,693 5,134 6,148 5,069 4,356 7,320 P.R.China Exports 13,011 8,870 11,966 12,995 11,877 11,170 12,479 12,115 12,189 12,841 13,542 13,798 15,075 Imports 14,845 17,976 10,809 16,206 14,312 14,296 14,520 14,683 14,601 15,675 16,209 18,121 17,053 Balance -1,835-9,106 1,157-3,211-2,435-3,126-2,040-2,568-2,411-2,834-2,667-4,324-1,978 Hong Kong Exports 3,670 2,627 3,622 3,599 3,058 2,977 3,627 2,888 3,169 3,663 3,149 3,704 3,660 Imports 151 110 85 348 128 106 325 90 88 314 91 90 270 Balance 3,520 2,517 3,538 3,250 2,930 2,871 3,302 2,797 3,081 3,349 3,058 3,614 3,389 Taiwan Exports 4,213 3,235 3,921 4,060 3,801 3,335 3,747 3,787 3,573 3,943 3,842 3,997 4,340 Imports 2,146 2,350 2,033 2,338 2,106 2,219 2,474 2,514 2,491 2,470 2,451 2,578 2,446 Balance 2,068 885 1,889 1,723 1,695 1,116 1,273 1,273 1,081 1,474 1,391 1,419 1,894 Korea Exports 5,068 4,447 4,741 5,665 5,038 4,658 5,051 4,776 4,813 5,024 4,953 5,187 5,431 Imports 2,742 2,718 2,457 2,680 2,351 2,583 2,531 2,681 2,512 2,532 2,543 2,906 3,049 Balance 2,326 1,729 2,284 2,984 2,687 2,075 2,521 2,095 2,302 2,492 2,410 2,280 2,382 Singapore Exports 2,414 2,096 1,909 2,446 1,877 2,010 2,027 2,098 2,403 1,889 2,152 2,171 2,329 Imports 669 766 855 848 805 782 837 755 758 804 725 823 796 Balance 1,745 1,330 1,055 1,598 1,071 1,228 1,189 1,343 1,645 1,085 1,427 1,349 1,534 Thailand Exports 2,735 2,370 2,616 2,824 2,746 2,475 2,717 2,926 2,628 2,894 2,858 2,908 3,048 Imports 1,903 1,937 1,918 2,163 1,787 2,125 2,171 2,183 2,095 2,053 2,277 2,563 2,222 Balance 832 433 699 662 959 350 546 743 533 841 581 344 826 Malaysia Exports 1,197 1,001 1,117 1,314 1,132 1,078 1,159 1,207 1,134 1,250 1,248 1,319 1,355 Imports 1,698 1,957 1,809 1,938 1,759 1,725 1,676 1,801 1,707 1,607 1,776 1,851 2,008 Balance -501-956 -692-624 -627-647 -517-594 -573-357 -528-532 -653 Indonesia Exports 1,153 992 1,177 1,372 1,177 1,145 1,123 1,278 1,229 1,349 1,339 1,512 1,330 Imports 1,717 2,013 1,714 1,875 1,663 1,724 1,785 1,748 1,898 1,823 1,989 1,875 2,128 Balance -564-1,022-537 -503-486 -580-662 -470-669 -474-650 -363-797 Philippines Exports 966 876 959 1,192 1,008 932 1,077 1,029 1,033 1,052 1,106 1,168 1,050 Imports 851 828 834 946 830 1,005 932 1,021 917 864 988 909 843 Balance 115 48 124 246 179-73 144 8 116 188 117 259 207 Vietnam Exports 1,414 1,059 1,392 1,416 1,354 1,189 1,333 1,335 1,355 1,599 1,423 1,670 1,757 Imports 1,603 1,792 1,329 1,720 1,514 1,731 1,829 1,778 1,764 1,694 1,961 1,892 1,778 Balance -189-733 63-303 -161-542 -495-444 -409-95 -538-223 -21 India Exports 835 728 790 976 735 725 825 834 918 818 812 839 926 Imports 426 526 490 519 438 502 488 480 528 490 499 445 602 Balance 410 202 300 457 297 223 336 354 390 328 313 394 324 (ASEAN) Exports 10,045 8,509 9,302 10,709 9,414 8,946 9,568 10,010 9,906 10,192 10,251 10,876 11,047 Imports 8,761 9,732 8,835 9,899 8,784 9,388 9,576 9,654 9,564 9,245 10,107 10,289 10,196 Balance 1,285-1,223 467 809 630-443 -8 356 342 947 143 587 851 Oceania Exports 1,543 1,866 2,107 1,964 1,759 1,654 1,893 2,166 1,991 2,150 1,857 1,700 1,901 Imports 3,920 3,962 3,889 4,200 3,940 4,076 4,609 4,165 4,533 3,726 3,779 4,253 4,582 Balance -2,377-2,096-1,782-2,236-2,181-2,423-2,716-1,999-2,542-1,575-1,922-2,553-2,681 Australia Exports 1,229 1,424 1,499 1,574 1,399 1,230 1,438 1,572 1,594 1,738 1,499 1,400 1,586 Imports 3,482 3,597 3,492 3,702 3,431 3,461 4,075 3,531 3,956 3,284 3,275 3,811 4,087 Balance -2,253-2,173-1,992-2,128-2,031-2,230-2,637-1,959-2,362-1,546-1,775-2,411-2,502 New Zealand Exports 245 176 219 245 225 212 247 225 236 244 293 208 232 Imports 206 179 166 225 251 314 299 252 267 211 217 218 175 Balance 39-3 52 20-26 -102-52 -27-31 33 76-11 57 North America Exports 14,449 11,142 13,126 14,796 13,297 11,665 13,947 14,094 12,756 13,831 13,653 14,553 15,009 Imports 7,483 7,576 6,926 8,419 7,484 7,811 8,242 7,752 7,407 7,896 7,424 8,140 8,029 Balance 6,966 3,566 6,200 6,377 5,813 3,854 5,704 6,342 5,349 5,935 6,229 6,413 6,980 U S A Exports 13,698 10,540 12,232 13,532 12,322 10,825 13,043 13,188 11,835 12,975 12,818 13,687 14,114 Imports 6,507 6,552 6,121 7,259 6,454 6,712 7,166 6,720 6,490 6,819 6,377 7,093 6,996 Balance 7,191 3,988 6,111 6,273 5,868 4,114 5,876 6,468 5,344 6,155 6,441 6,595 7,119 Canada Exports 750 602 894 1,264 975 840 904 906 922 856 835 865 894 Imports 970 1,019 801 1,154 1,023 1,093 1,069 1,024 908 1,067 1,040 1,040 1,027 Balance -220-417 93 111-48 -254-165 -118 14-211 -205-174 -133 Latin America Exports 2,188 2,718 2,333 3,538 2,438 2,291 2,743 2,815 2,153 2,840 2,600 2,517 2,562 Imports 2,349 2,576 2,569 2,577 2,597 2,575 2,427 2,328 2,583 2,450 2,642 2,890 3,008 Balance -161 142-236 962-159 -284 316 487-430 389-42 -373-446 Brazil Exports 277 234 267 320 282 259 328 361 375 354 346 333 345 Imports 576 492 560 590 559 601 687 662 647 754 680 894 926 Balance -299-258 -293-270 -277-342 -359-300 -272-399 -334-562 -581 4

2016* 2017 ** ** ** ** ** ** ** ** ** ** ** (P) Mexico Exports 1,088 871 980 1,188 1,084 1,011 1,079 1,143 967 1,083 1,110 1,012 1,110 Imports 669 563 443 618 482 433 466 455 568 452 670 672 658 Balance 419 308 537 570 602 577 613 687 399 631 440 339 452 Chile Exports 171 211 184 135 133 181 145 166 138 192 128 145 209 Imports 451 826 692 480 596 599 495 510 602 542 543 602 660 Balance -280-615 -508-344 -463-419 -350-343 -464-350 -415-457 -451 West Europe Exports 7,242 6,137 7,209 8,670 7,465 7,245 7,741 7,363 7,152 8,027 7,732 7,665 8,132 Imports 7,875 7,377 7,113 7,932 7,085 7,756 8,057 7,335 7,981 8,095 8,631 8,287 8,524 Balance -634-1,239 95 737 380-511 -317 28-829 -68-900 -622-392 Germany Exports 1,798 1,468 1,669 1,888 1,674 1,586 1,788 1,803 1,638 1,930 1,856 1,870 2,076 Imports 2,172 2,036 1,980 2,174 1,957 2,148 2,096 2,037 2,473 2,425 2,352 2,085 2,503 Balance -374-569 -311-286 -283-562 -307-234 -834-495 -496-215 -428 United Exports 1,164 1,006 1,280 1,737 1,164 1,265 1,364 1,410 1,205 1,420 1,145 1,240 1,157 Kingdom Imports 596 603 561 729 550 637 714 624 608 672 783 740 706 Balance 568 403 720 1,007 614 628 649 786 596 748 362 500 451 France Exports 612 466 674 595 620 525 530 551 550 615 644 551 702 Imports 1,039 968 926 865 973 991 960 879 895 1,074 1,042 1,021 1,066 Balance -427-502 -252-270 -353-466 -429-327 -344-459 -398-470 -364 Netherlands Exports 1,217 1,019 1,154 1,222 1,147 970 1,224 1,175 1,145 1,234 1,270 1,125 1,267 Imports 178 189 193 284 175 183 212 195 256 229 249 309 213 Balance 1,039 830 961 937 972 786 1,012 980 889 1,004 1,021 816 1,054 Italy Exports 404 342 446 474 443 879 407 403 349 413 476 407 448 Imports 880 814 805 934 922 995 890 1,095 972 884 1,176 1,016 1,073 Balance -476-472 -359-460 -479-115 -482-693 -623-471 -699-609 -625 Belgium Exports 568 497 568 595 540 469 590 532 512 531 596 576 605 Imports 240 254 202 225 231 203 329 232 266 232 239 285 387 Balance 328 243 366 370 309 266 261 300 246 299 357 290 217 Switzerland Exports 275 253 297 764 561 427 603 344 549 513 398 616 373 Imports 847 674 650 777 619 629 954 691 583 807 824 811 750 Balance -572-421 -353-13 -58-201 -350-347 -34-294 -425-195 -376 Sweden Exports 135 110 138 148 134 101 112 127 103 133 142 141 152 Imports 201 232 195 222 230 264 227 224 254 240 249 237 197 Balance -66-122 -57-74 -96-163 -115-97 -151-107 -107-96 -46 Ireland Exports 69 66 62 83 76 79 59 66 57 57 85 134 94 Imports 544 346 540 452 348 536 454 297 526 460 620 519 421 Balance -475-280 -478-368 -272-457 -395-230 -469-403 -535-385 -327 Spain Exports 273 193 239 299 292 238 320 271 265 336 283 273 286 Imports 303 387 266 360 292 321 357 305 305 289 277 302 292 Balance -31-193 -27-60 1-83 -37-34 -40 47 7-28 -6 Central and Exports 1,041 962 1,165 1,242 1,432 1,216 1,236 1,221 1,167 1,374 1,347 1,117 1,275 East Europe, Imports 1,924 1,960 1,997 1,924 1,867 2,117 2,043 1,908 1,832 1,698 1,997 1,775 2,003 Russia Balance -883-999 -832-682 -435-901 -807-687 -665-324 -649-659 -728 Russia Exports 431 435 527 540 635 595 576 553 516 654 621 521 564 Imports 1,330 1,304 1,464 1,301 1,294 1,485 1,379 1,305 1,231 1,031 1,275 1,109 1,362 Balance -899-869 -937-761 -658-890 -802-752 -715-377 -654-588 -798 (EU) Exports 7,110 5,966 7,007 8,010 7,179 6,924 7,263 7,210 6,718 7,665 7,534 7,174 7,922 Imports 7,159 6,914 6,596 7,328 6,571 7,332 7,267 6,888 7,566 7,503 8,038 7,675 7,865 Balance -49-948 411 682 608-408 -3 322-848 163-504 -501 57 Middle East Exports 2,231 1,750 2,026 2,480 1,786 1,495 1,968 1,717 1,749 2,142 2,007 2,059 2,320 Imports 6,757 7,400 7,259 8,132 6,326 6,189 5,465 6,301 6,604 5,895 6,850 7,274 8,711 Balance -4,526-5,650-5,232-5,652-4,540-4,693-3,497-4,585-4,854-3,753-4,843-5,215-6,391 U A E Exports 841 659 784 982 618 517 743 489 549 675 593 700 786 Imports 2,056 2,009 1,889 1,991 1,754 1,965 1,665 1,787 1,950 1,682 1,963 2,019 2,587 Balance -1,215-1,350-1,106-1,008-1,136-1,448-922 -1,298-1,401-1,007-1,370-1,319-1,801 Saudi Arabia Exports 444 271 289 407 277 254 310 365 345 417 428 364 461 Imports 2,402 2,817 2,653 3,099 2,566 2,225 1,996 2,451 2,441 2,126 2,731 2,774 3,268 Balance -1,958-2,545-2,364-2,692-2,289-1,972-1,686-2,086-2,096-1,710-2,303-2,410-2,806 Kuwait Exports 157 143 140 128 124 129 132 112 99 117 135 176 164 Imports 446 635 689 601 546 611 388 428 456 617 457 494 715 Balance -289-492 -549-472 -422-482 -256-316 -357-500 -321-318 -550 Qatar Exports - - - - 114 83 91 95 117 116 96 122 119 Imports - - - - 888 818 881 1,038 910 839 1,072 1,070 1,213 Balance - - - - -774-735 -790-944 -793-723 -976-948 -1,094 Oman Exports - - - - 207 206 224 220 256 238 227 212 227 Imports - - - - 156 107 139 211 212 182 192 152 166 Balance - - - - 51 99 86 9 44 56 35 59 61 Iran Exports 110 49 56 160 78 65 90 85 70 77 67 87 101 Imports 366 436 484 492 82 291 213 153 358 327 275 453 452 Balance -256-387 -427-333 -4-226 -123-68 -288-250 -208-366 -351 Africa Exports 694 773 645 1,000 636 605 776 623 711 699 613 646 706 Imports 903 680 727 802 878 777 758 682 778 812 749 922 780 Balance -209 92-82 197-243 -172 18-58 -68-112 -136-276 -75 South Africa Exports 237 177 227 236 237 203 239 252 241 295 238 217 258 Imports 508 337 372 426 461 385 473 405 497 414 532 575 466 Balance -271-160 -145-190 -224-182 -234-152 -256-119 -294-359 -208 (Notes) 1. The value of exports is based upon the F.O.B.value, while the value of imports is based upon the C. I. F.value. 2."(P)" means Provisional. "*" and "**"means "fixed" and "detailed". 5

Trend of Value of Exports and Imports ( 100 million yen ) Exports World Balance Exports 100,000 30,000 40,000 Asia Balance 20,000 80,000 60,000 25,000 20,000 15,000 30,000 20,000 15,000 10,000 40,000 20,000 0 20,000 10,000 5,000 0-5,000-10,000 10,000 0 10,000 5,000 0-5,000 40,000 60,000-15,000-20,000-25,000 20,000 30,000-10,000-15,000 80,000 Imports 2014 2015 2016 2017-30,000 40,000 Imports 2014 2015 2016 2017-20,000 Exports 40,000 E U Balance 20,000 Exports 40,000 Middle East Balance 20,000 30,000 15,000 30,000 15,000 20,000 10,000 20,000 10,000 10,000 5,000 10,000 5,000 0 0 0 0 10,000-5,000 10,000-5,000 20,000-10,000 20,000-10,000 30,000-15,000 30,000-15,000 40,000 Imports -20,000 40,000 Imports -20,000 2014 2015 2016 2017 2014 2015 2016 2017 Exports 40,000 P.R.China Balance 20,000 Exports 40,000 U S A Balance 20,000 30,000 15,000 30,000 15,000 20,000 10,000 20,000 10,000 10,000 5,000 10,000 5,000 0 0 0 0 10,000-5,000 10,000-5,000 20,000-10,000 20,000-10,000 30,000-15,000 30,000-15,000 40,000 Imports -20,000 40,000 Imports -20,000 2014 2015 2016 2017 2014 2015 2016 2017 Exports Imports Balance 6

2.Value of Exports and Imports by Principal Commodity ( 100 million yen ) 2016* 2017 ** ** ** ** ** ** ** ** ** ** ** (P) Exports 66,789 54,220 63,475 72,296 63,294 58,512 66,084 64,952 62,786 68,111 66,936 69,210 73,031 Foodstuff 682 374 504 584 513 469 511 491 494 533 593 614 767 Raw materials 1,001 808 955 1,061 941 873 937 893 918 928 915 956 1,093 Mineral fuels 835 1,116 930 933 618 792 775 842 1,182 1,053 821 991 1,113 Chemicals 6,879 5,945 6,722 7,268 6,925 6,216 6,536 6,677 6,622 6,997 7,241 7,152 7,643 Manufactured goods 7,329 5,973 7,061 7,856 7,069 6,870 7,385 7,151 6,943 7,449 7,340 7,552 8,208 Machinery 13,298 10,064 13,164 14,782 12,937 11,904 13,350 13,040 12,355 13,313 13,098 13,721 15,147 Electrical machinery 12,052 9,232 10,855 12,012 11,082 9,826 11,336 11,346 11,488 12,382 11,936 12,335 13,136 Transport equipment 15,685 13,572 14,536 17,343 14,601 13,229 15,997 15,611 13,536 15,761 15,632 16,193 16,314 Motor vehicles 10,566 8,105 9,445 10,402 9,291 8,055 10,451 10,224 8,901 10,550 10,587 11,087 11,157 Others 9,028 7,136 8,748 10,456 8,607 8,333 9,258 8,902 9,246 9,693 9,360 9,696 9,610 Imports 60,430 65,139 55,364 66,193 58,503 60,576 61,670 60,732 61,691 61,471 64,129 68,140 69,444 Foodstuff 5,848 5,376 4,598 5,909 5,840 5,954 6,011 5,863 6,056 5,796 6,137 6,440 6,172 Raw materials 3,613 3,804 3,322 3,891 3,794 4,189 4,156 3,962 3,957 3,755 3,847 4,063 3,985 Mineral fuels 13,065 14,553 13,943 14,947 12,498 12,270 11,747 12,196 12,621 11,138 12,381 13,568 16,671 Petroleum 6,005 6,386 6,434 6,828 5,690 5,284 4,773 5,444 5,625 5,238 5,726 6,353 7,735 Chemicals 5,956 6,264 5,632 6,599 6,098 6,427 6,591 6,056 6,331 6,069 6,491 6,569 6,445 Manufactured goods 5,245 5,863 4,673 5,905 5,386 5,732 5,870 5,696 5,722 5,588 5,856 6,293 5,881 Machinery 5,653 6,253 5,217 6,311 5,314 6,112 6,562 6,379 5,903 6,054 5,486 6,240 6,301 Electrical machinery 9,681 10,889 8,225 10,063 8,774 9,091 9,460 9,365 8,935 10,223 11,457 12,355 11,508 Transport equipment 3,029 2,424 2,352 2,597 2,436 2,485 2,604 2,539 2,622 2,861 2,748 2,898 3,119 Others 8,339 9,711 7,402 9,970 8,362 8,316 8,668 8,676 9,543 9,986 9,725 9,714 9,361 (Notes) 1. The value of exports is based upon the F.O.B.value, while the value of imports is based upon the C.Ⅰ.F.value. 2. "(P)" means Provisional. "*" and "**"means "fixed" and "detailed". ( 100 million yen ) 30,000 Exports Imports 25,000 20,000 15,000 10,000 5,000 0 2014 2015 2016 2017 2014 2015 2016 2017 Foodstuff Raw materials Mineral fuels Chemicals Manufactured goods Machinery Electrical machinery Transport equipment Source : Customs and Tariff Bureau (http://www.customs.go.jp/toukei/info/index_e.htm) 7

C. Taxes and Stamp Revenues (1 ruary 2018) FY 2016 2016 2017 (100 million yen) Income Tax 177,100-2,513 8,168 11,740 36,085 11,812 9,484 9,405 13,182 13,333 23,873 7,067 7,181 26,543 751 176,111 Withheld at Source Estimate (Revised) Settlement 146,560-2,062 8,184 11,431 31,282 11,544 9,286 9,196 8,188 12,885 23,711 6,133 3,548 11,424 109 144,860 Self-assessed 30,540-451 -16 308 4,804 267 198 209 4,994 449 162 934 3,632 15,119 641 31,251 Corporation Tax 111,360-586 -359 1,819-3,278 3,749 1,790 3,687 33,035 1,811 2,051 10,030 2,187 4,112 43,240 103,289 Inheritance Tax 21,100 70 45 1,648 1,835 1,489 1,611 1,659 1,669 1,988 1,457 1,994 3,105 1,444 1,302 21,314 Consumption Tax 168,010-360 -357-1,337 16,657 17,569 10,903 13,309 17,680 9,721 13,336 19,161 8,271 17,953 29,776 172,282 Liquor Tax 13,590 37 61 1,165 1,025 1,246 1,180 1,138 1,068 1,074 1,131 1,474 677 859 1,059 13,195 Tobacco Tax 9,230 3 754 718 810 818 788 799 739 742 865 635 652 818 1 9,142 Gasoline Tax Liquefied Petroleum Gas Tax Aviation Fuel Tax Petroleum and Coal Tax Promotion of Power- Resources Development Tax Motor Vehicle Tonnage Tax 23,860 0 38 2,093 2,184 1,757 1,868 2,412 2,005 2,038 2,036 1,904 2,278 1,915 1,815 24,342 90 0 1 7 7 7 8 8 7 7 7 8 7 7 7 87 520 0 40 42 42 45 47 44 44 42 43 43 39 43 0 514 6,880-87 30 619 643 527 757 573 535 583 523 445 675 631 564 7,020 3,200 0 250 237 240 265 291 284 252 247 264 297 289 280 0 3,197 3,850 280 296 324 313 291 349 320 324 297 293 351 478 0 0 3,915 Customs Duty 9,190 334 373 752 764 787 777 774 826 789 817 728 851 454 363 9,390 Tonnage Due 100 8 8 8 8 8 9 8 8 9 8 8 8 0 0 98 other - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Stamp Revenue General Account Total 10,520 1,529 724 856 818 783 889 798 774 897 718 763 1,194 48 2 10,791 558,600-1,286 10,073 20,691 58,154 41,152 30,750 35,220 72,147 33,578 47,421 44,907 27,892 55,108 78,879 554,686 (Reference) Local Corporation Tax Local Road Tax Liquefied Petroleum Gas Tax* Aviation Fuel Tax* Motor Vehicle Tonnage Tax* Special Tonnage Due Local Special Corporate Tax Special Tobacco Tax Special income tax for reconstruction 6,293-4 -4 173 180 461 134 236 1,786 81 97 515 100 192 2,343 6,292 2,553 0 4 224 234 188 200 258 215 218 218 204 244 205 194 2,605 90 0 1 7 7 7 8 8 7 7 7 8 7 7 7 87 149 0 12 12 12 13 13 13 13 12 12 12 11 12 0 147 2,642 192 203 223 215 199 240 220 222 204 201 241 328 0 0 2,687 125 10 10 10 10 11 11 11 10 11 10 10 11 0 0 123 17,565 481 764 606 1,828 3,788 1,752 995 899 454 5,661 277 311 0 0 17,816 1,428 0 117 111 125 127 122 124 114 115 134 98 101 127 0 1,414 3,714-54 171 245 751 247 198 196 276 277 496 147 150 556 16 3,671 other - 3 1 11 3 2 1 2 2 7-2 3 4 0 0 35 (Notes) 1.* is distributed amount to local governments. 2.Totals may not add due to rounding. Source : Tax Bureau (https://www.mof.go.jp/tax_policy/reference/taxes_and_stamp_revenues/index.htm) 8

FY 2017 2017 2018 (P) (100 million yen) Income Tax 179,480-3,225 9,052 13,164 37,110 13,261 9,546 9,300 13,631 14,135 115,973 Withheld at Source Estimate 148,740-2,675 9,081 12,835 32,265 12,985 9,370 9,107 8,592 13,724 105,284 Self-assessed 30,740-550 -29 329 4,845 276 176 193 5,038 412 10,689 Total(P) Corporation Tax 123,910-962 -877 1,837-1,367 6,351 1,882 4,187 34,574 2,099 47,723 Inheritance Tax 21,150 102 69 1,743 1,562 1,602 1,888 1,948 2,182 2,225 13,319 Consumption Tax 171,380-438 -1,166-1,944 17,523 17,832 11,497 14,270 18,870 10,090 86,533 Liquor Tax 13,110 36 63 1,117 1,160 1,187 1,172 1,099 1,032 1,044 7,911 Tobacco Tax 9,290 2 763 720 740 747 774 728 689 691 5,855 Gasoline Tax Liquefied Petroleum Gas Tax Aviation Fuel Tax Petroleum and Coal Tax Promotion of Power- Resources Development Tax Motor Vehicle Tonnage Tax 23,940 0 12 2,057 2,056 1,886 1,908 2,160 2,167 2,027 14,273 80 0 1 7 7 7 7 7 7 7 49 520 0 42 44 42 46 48 44 44 42 352 6,880-108 79 622 662 536 814 469 480 644 4,197 3,130 0 264 240 239 274 294 273 246 251 2,081 3,700 305 311 338 330 297 322 307 294 278 2,781 Customs Duty 9,530 344 398 822 826 866 840 869 917 917 6,799 Tonnage Due 100 9 9 8 8 8 8 7 9 9 74 other - 0 0 0 0 0 0 0 0 0 0 Stamp Revenue General Account Total 10,920 1,459 732 826 800 772 860 772 762 923 7,907 577,120-2,479 9,751 21,601 61,699 45,671 31,859 36,440 75,904 35,382 315,829 (Reference) Local Corporation Tax Local Road Tax Liquefied Petroleum Gas Tax* Aviation Fuel Tax* Motor Vehicle Tonnage Tax* Special Tonnage Due Local Special Corporate Tax Special Tobacco Tax Special income tax for reconstruction 6,439-25 -17 91 65 400 91 223 1,801 91 2,719 2,562 0 1 220 220 202 204 231 232 217 1,527 80 0 1 7 7 7 7 7 7 7 49 149 0 12 13 12 13 14 13 13 12 101 2,539 209 213 232 226 204 221 211 202 191 1,909 125 11 11 10 10 10 10 9 11 11 93 20,025 504 754 789 1,850 3,523 1,931 991 973 559 11,875 1,437 0 118 111 115 116 120 113 107 107 906 3,764-68 190 275 772 278 199 194 285 294 2,418 other - -2 4 8 2 2 1 1-1 4 18 9

Trends in general account tax revenue (100 million yen) FY2014 FY2015 60,000 60,000 50,000 50,000 40,000 40,000 30,000 30,000 20,000 20,000 10,000 10,000 0 0-10,000 2014 2015-10,000 2015 2016 FY2016 FY2017 60,000 60,000 50,000 50,000 40,000 40,000 30,000 30,000 20,000 20,000 10,000 10,000 0 0-10,000 2016 2017-10,000 2017 2018 Income Tax Corporation Tax Consumption Tax 10

Trends in general account tax revenue (total) (100 million yen) 180,000 FY2014 180,000 FY2015 160,000 160,000 140,000 140,000 120,000 120,000 100,000 100,000 80,000 80,000 60,000 60,000 40,000 40,000 20,000 20,000 0 0-20,000 2014 2015-20,000 2015 2016 180,000 FY2016 180,000 FY2017 160,000 160,000 140,000 140,000 120,000 120,000 100,000 100,000 80,000 80,000 60,000 60,000 40,000 40,000 20,000 20,000 0 0-20,000 2016 2017-20,000 2017 2018 Income Tax Corporation Tax Consumption Tax 11

D. Receipts and Payments of the Treasury Funds with the Private Sector (2 ruary 2018) Category 2017 Receipts Payments Balance Receipts Payments Balance Receipts Payments Balance Receipts Payments Balance 1 General Account 46,675 33,520 13,155 65,362 110,143-44,780 74,248 119,165-44,917 57,428 39,524 17,904 Taxes 40,182 5,576 34,606 60,268 20,343 39,926 61,897 14,350 47,547 54,490 8,223 46,267 Non-tax Receipt 1,529-1,529 4,787-4,787 11,993-11,993 2,397-2,397 Social Security - 8,539-8,539-27,622-27,622-22,718-22,718-21,796-21,796 Grants to Local Government Entities 4,964 7,014-2,050 307 10,828-10,521 358 38,914-38,556 542 1,092-551 National Defense - 3,540-3,540-6,466-6,466-7,276-7,276-3,117-3,117 Public Works - 2,226-2,226-30,456-30,456-12,944-12,944-1,142-1,142 Treasury's Share in Compulsory Education Expenditure - 1,000-1,000-1,021-1,021-939 -939-939 -939 Miscellaneous - 5,625-5,625-13,407-13,407-22,023-22,023-3,214-3,214 2 Special Accounts etc. Fiscal Investment and Loan Foreign Exchange Equalization Fund 83,839 108,425-24,587 92,801 108,352-15,551 55,053 116,724-61,671 50,754 58,001-7,247 5,936 5,910 25 45,452 43,291 2,160 4,465 2,741 1,724 6,341 27,039-20,699 9,682 11,679-1,997 8,468 8,861-392 5,542 11,190-5,648 7,093 7,046 47 Insurance 64,460 84,709-20,249 33,854 18,908 14,946 40,026 79,515-39,489 35,590 19,491 16,099 Miscellaneous 3,761 6,127-2,366 5,027 37,292-32,265 5,020 12,946-7,925 1,730 4,424-2,694 3 Subtotal (1+2) 130,513 141,945-11,432 158,163 218,494-60,331 129,301 235,888-106,588 108,182 97,525 10,657 4 Government Bonds etc. Government Bonds (over one year) 125,066 18,164 106,903 118,492 143,842-25,350 118,517 19,474 99,043 115,225 14,718 100,507 119,630 13,227 106,403 115,492 141,342-25,850 111,517 13,474 98,043 107,635 8,200 99,435 Borrowings 5,436 4,937 499 3,000 2,500 500 7,000 6,000 1,000 7,590 6,518 1,072 5 Treasury Discount Bills etc. Treasury Discount Bills Short Term Borrowings 285,898 230,915 54,983 263,799 220,012 43,787 259,598 213,583 46,015 313,897 266,463 47,435 233,398 178,415 54,983 232,299 188,512 43,787 228,098 182,083 46,015 271,897 224,462 47,434 52,500 52,500 0 31,500 31,500 0 31,500 31,500-0 42,000 42,000 0 6 Subtotal (4+5) 410,965 249,079 161,886 382,291 363,854 18,437 378,115 233,057 145,058 429,122 281,181 147,942 7 Total (3+6) 541,478 391,024 150,454 540,455 582,348-41,894 507,416 468,946 38,470 537,304 378,706 158,598 8 Adjustments 3,733 5,441-1,708 7,308 9,628-2,319 6,593 3,540 3,053 4,338 4,298 40 Grand Total 9 545,211 396,465 148,746 547,763 591,976-44,213 514,009 472,486 41,523 541,642 383,003 158,638 (7+8) (Notes) Figures do not sum up to total because of rounding. (Annotations) Redemption of T-Bills held to maturity by the Bank of Japan, acquired through outright purchase operations, is excluded from the above table but is indicated in the following lines for information. Redemption of T-Bills (TBs and FBs) held to maturity by the Bank of 56,783 48,086 53,815 55,735 Japan Source : Financial Bureau (https://www.mof.go.jp/english/exchequer/receipts_payments/index.htm) 12

(100 million yen) 2017 Category Receipts Payments Balance Receipts Payments Balance Receipts Payments Balance Receipts Payments Balance 99,514 90,823 8,692 70,474 62,356 8,118 63,628 36,198 27,430 54,977 75,125-20,148 1 General Account 97,059 22,980 74,079 66,635 23,271 43,364 60,099 8,325 51,773 50,370 10,702 39,668 Taxes 1,644-1,644 2,945-2,945 1,581-1,581 1,384-1,384 Non-tax Receipt - 11,934-11,934-18,030-18,030-13,721-13,721-11,852-11,852 Social Security 811 39,789-38,978 894 24 870 1,949 3,405-1,456 3,223 42,801-39,578 Grants to Local Government Entities - 2,895-2,895-5,450-5,450-3,309-3,309-2,888-2,888 National Defense - 2,010-2,010-1,666-1,666-2,053-2,053-2,354-2,354 Public Works - 2,836-2,836-939 -939-939 -939-932 -932 Treasury's Share in Compulsory Education Expenditure - 8,379-8,379-12,976-12,976-4,445-4,445-3,597-3,597 Miscellaneous 69,441 116,434-46,993 57,822 75,500-17,678 64,194 102,767-38,573 108,819 59,405 49,414 2 10,525 5,358 5,167 6,756 10,495-3,739 7,270 5,214 2,056 39,759 7,566 32,193 9,644 9,438 206 9,664 9,378 286 8,886 9,121-235 6,986 6,689 297 Special Accounts etc. Fiscal Investment and Loan Foreign Exchange Equalization Fund 40,128 81,682-41,554 39,012 18,219 20,793 45,036 83,291-38,255 46,118 22,497 23,621 Insurance 9,144 19,957-10,813 2,390 37,163-34,773 3,003 5,141-2,138 15,956 22,652-6,696 Miscellaneous 168,955 207,257-38,302 128,296 137,856-9,559 127,823 138,965-11,142 163,797 134,530 29,266 3 111,539 121,063-9,523 120,320 18,029 102,291 112,661 14,992 97,669 112,065 119,342-7,278 4 104,539 115,063-10,524 113,320 12,029 101,291 104,710 8,040 96,670 105,565 113,342-7,778 Subtotal (1+2) Government Bonds etc. Government Bonds(over one year) 7,000 6,000 1,000 7,000 6,000 999.98 7,951 6,952 999 6,500 6,000 500 Borrowings 269,197 228,920 40,277 299,196 254,905 44,290 277,297 245,869 31,428 256,898 233,399 23,499 5 227,197 186,920 40,277 267,696 223,405 44,290 224,797 193,369 31,428 225,398 201,899 23,499 42,000 42,000 0 31,500 31,500 0 52,500 52,500 0 31,500 31,500 0 380,737 349,983 30,754 419,516 272,935 146,581 389,958 260,861 129,097 368,963 352,741 16,222 6 Treasury Discount Bills etc. Treasury Discount Bills Short Term Borrowings Subtotal (4+5) 549,692 557,240-7,548 547,812 410,790 137,022 517,781 399,826 117,955 532,759 487,271 45,488 7 Total (3+6) 6,580 9,310-2,730 9,479 8,439 1,040 7,024 5,473 1,551 5,299 6,389-1,090 8 Adjustments 556,271 566,549-10,278 557,292 419,230 138,062 524,805 405,298 119,506 538,059 493,661 44,398 9 Grand Total(7+8) 48,379 53,592 39,628 30,299 Redemption of T-Bills (TBs and FBs) held to maturity by the Bank of Japan 13

(100 million yen) 2017 2018 Category Receipts Payments Balance Receipts Payments Balance Receipts Payments Balance Receipts Payments Balance 1 General Account 46,133 47,310-1,177 54,172 76,923-22,750 88,370 53,200 35,170 62,060 34,406 27,654 Taxes 42,700 7,845 34,856 51,344 5,465 45,879 85,123 12,804 72,320 59,302 8,013 51,289 Non-tax Receipt 1,443-1,443 1,873-1,873 2,218-2,218 1,728-1,728 Social Security - 20,253-20,253-12,567-12,567-14,521-14,521-9,623-9,623 Grants to Local Government Entities 1,990 1 1,989 955 47,145-46,190 1,028 2,784-1,755 1,029-1,029 National Defense - 3,327-3,327-2,766-2,766-5,235-5,235-2,777-2,777 Public Works - 2,108-2,108-2,321-2,321-3,722-3,722-1,985-1,985 Treasury's Share in Compulsory Education Expenditure - 932-932 - 936-936 - 2,944-2,944-936 -936 Miscellaneous - 12,844-12,844-5,723-5,723-11,191-11,191-11,073-11,073 2 Special Accounts etc. Fiscal Investment and Loan Foreign Exchange Equalization Fund 59,873 101,226-41,353 56,632 36,260 20,372 52,979 112,139-59,160 49,881 42,147 7,734 10,188 4,355 5,833 3,991 4,765-774 7,665 7,057 608 6,786 3,538 3,248 9,615 6,928 2,687 13,319 9,633 3,685 4,723 3,604 1,119 4,878 8,229-3,351 Insurance 37,544 83,439-45,896 37,507 17,025 20,483 38,495 82,890-44,395 33,846 21,688 12,158 Miscellaneous 2,526 6,503-3,977 1,815 4,837-3,023 2,096 18,589-16,493 4,370 8,691-4,321 3 Subtotal (1+2) 106,006 148,536-42,530 110,804 113,183-2,379 141,349 165,339-23,990 111,940 76,552 35,388 4 Government Bonds etc. Government Bonds (over one year) 113,827 18,436 95,391 115,651 32,136 83,515 111,913 101,014 10,900 117,004 15,931 101,073 108,327 12,936 95,391 109,912 26,616 83,296 106,413 95,014 11,400 111,504 10,931 100,573 Borrowings 5,500 5,500-0 5,739 5,521 218 5,500 6,000-500 5,500 5,000 500 5 Treasury Discount Bills etc. Treasury Discount Bills Short Term Borrowings 297,798 247,044 50,754 274,699 234,535 40,164 252,898 217,557 35,341 252,698 222,219 30,479 266,298 215,544 50,754 222,198 182,034 40,164 221,398 186,057 35,341 221,198 190,718 30,479 31,500 31,500-0 52,500 52,500 0 31,500 31,500-0 31,500 31,500 0 6 Subtotal (4+5) 411,625 265,480 146,145 390,350 266,671 123,679 364,812 318,571 46,241 369,702 238,149 131,553 7 Total (3+6) 517,631 414,016 103,615 501,154 379,854 121,300 506,160 483,910 22,251 481,642 314,702 166,941 8 Adjustments 4,139 3,736 403 5,897 3,745 2,152 8,039 8,793-754 3,583 3,616-33 9 Grand Total (7+8) 521,770 417,752 104,018 507,051 383,600 123,452 514,200 492,703 21,497 485,225 318,317 166,908 Redemption of T-Bills (TBs and FBs) held to maturity by the Bank of Japan 57,153 47,763 44,341 36,180 14

Trend of Receipts and Payments (100 million yen) Receipts 800,000 600,000 400,000 200,000 0 200,000 400,000 600,000 800,000 Payments 2015 2016 2017 2018 General Account Special Accounts Government Bonds Treasury Discount Bills Trend of Balance (Grand Total) (100 million yen) 250,000 200,000 150,000 100,000 50,000 0-50,000-100,000 2015 2016 2017 2018 15

E. Official Reserve Assets (the End of the Month) (7 ruary 2018) 2016 (million US dollar) Official reserve assets 1,248,107 1,254,149 1,262,099 1,262,509 1,253,967 1,265,402 1,264,750 1,256,053 1,260,145 1,242,792 1,219,291 1,216,903 Foreign currency reserves 1,192,824 1,193,683 1,201,196 1,200,407 1,193,989 1,202,686 1,201,838 1,193,344 1,196,234 1,180,425 1,159,321 1,157,790 Securities 1,067,634 1,068,486 1,076,126 1,075,380 1,069,261 1,077,607 1,076,267 1,066,903 1,068,188 1,054,462 1,031,886 1,031,902 Deposits 125,190 125,197 125,070 125,027 124,728 125,079 125,571 126,441 128,046 125,963 127,435 125,888 IMF reserve position 8,369 12,470 12,495 12,393 12,267 12,370 12,068 12,026 12,706 12,645 12,274 12,019 SDRs 19,059 17,110 17,451 17,556 17,377 17,327 17,295 17,942 18,136 17,905 18,214 18,087 Gold 27,353 30,381 30,434 31,630 29,821 32,494 33,017 32,210 32,537 31,295 28,984 28,516 Other reserve assets 502 505 523 523 513 525 532 531 532 522 498 491 16 2017 Official reserve assets 1,231,573 1,232,340 1,230,330 1,242,295 1,251,868 1,249,847 1,260,040 1,268,006 1,266,310 1,260,925 1,261,242 1,264,283 Foreign currency reserves 1,170,803 1,170,660 1,168,909 1,180,046 1,189,360 1,188,139 1,197,552 1,204,226 1,203,236 1,198,464 1,198,933 1,202,071 Securities 1,043,826 1,042,763 1,042,952 1,052,925 1,061,544 1,062,210 1,074,963 1,081,532 1,080,790 1,076,041 1,076,384 1,079,459 Deposits 126,977 127,897 125,957 127,121 127,816 125,929 122,589 122,694 122,446 122,423 122,549 122,612 IMF reserve position 12,201 11,979 11,936 12,041 12,126 11,819 11,775 11,883 11,886 11,760 11,203 10,582 SDRs 18,233 18,310 18,350 18,542 18,715 18,810 19,005 19,100 19,099 18,930 19,078 19,195 Gold 29,837 30,891 30,626 31,157 31,151 30,562 31,185 32,272 31,567 31,249 31,496 31,897 Other reserve assets 499 500 509 509 516 517 523 525 522 522 532 538 2018 Official reserve assets 1,268,535 Foreign currency reserves 1,204,746 Securities 1,082,243 Deposits 122,503 IMF reserve position 10,511 SDRs 19,640 Gold 33,091 Other reserve assets 547 (Note) 1. Coverage of this template is the monetary authorities and other central government, excluding social security. 2. Current market exchange rates are used for valuation of non-us dollar denominated assets/liabilities. 3. Securities and gold reflect marked to market values. 4. Figures may not total due to rounding. Source : International Bureau (https://www.mof.go.jp/english/international_policy/reference/official_reserve_assets/index.htm)

Trend of Official Reserve Assets (million US dollar) 1,350,000 1,300,000 1,250,000 1,200,000 17 1,150,000 1,100,000 1,050,000 1,000,000 950,000 2016 2017 2018 Foreign currency reserves IMF reserve position SDRs Gold Other reserve assets

F. Balance of Payments (8 ruary 2018) ( 100 million yen ) 2016 2017 (P) (P) (P) Current Account 11,143 952 28,940 29,805 19,557 16,776 9,288 23,680 23,941 22,593 21,764 13,473 7,972 Goods & Services 5,201-10,660 10,794 10,878 2,597-546 4,608 3,521 3,522 7,995 3,967 2,227 3,344 Goods 8,087-8,498 10,742 8,718 5,485-1,161 5,169 5,656 3,240 8,457 4,302 1,810 5,389 Exports 66,815 55,243 63,487 71,706 61,765 57,158 63,774 63,743 61,734 67,212 65,735 67,683 72,715 Imports 58,728 63,741 52,745 62,988 56,280 58,319 58,605 58,087 58,494 58,755 61,433 65,873 67,326 Services -2,886-2,162 53 2,160-2,888 615-561 -2,135 281-461 -334 417-2,045 Primary income 6,841 12,708 19,869 22,250 18,484 19,347 5,112 21,696 22,391 16,689 19,405 13,298 6,148 18 Secondary income -900-1,096-1,723-3,324-1,523-2,024-432 -1,537-1,971-2,091-1,608-2,052-1,520 Capital Account -99-236 -119-315 -32-1,247-145 -147-13 -44-171 -217-187 Financial Account 2,412-14,351 17,379 49,396 10,929 20,917 12,390 10,068 19,246 20,738-8,532 14,046 18,851 Direct investment Portfolio investment Financial derivatives (other than reserves) Other investment Reserve assets Net errors & omissions (Notes) 1. Totals may not add due to rounding. 2. "(P)" means Preliminary. 21,066 11,039 21,985 23,755 4,633 16,474 14,852 11,984 5,969 16,541 7,911 6,484 22,663-51,994-46,691-29,027 34,894-73,405 49,090 11,002 63,003-14,183-272 -22,280-19,464-13,379 11,968 5,916 3,747 2,282-4,534 2,683-173 3,718-16 1,623 5,142 5,914 8,170 22,075 4,398 16,156-7,694 81,153-50,499-12,285-69,078 24,536-3,304 1,022 22,484-380 -704 10,986 4,519-3,841 3,083 3,169-1,006 441 2,941 6,149-327 -1,372 1,776-8,632-15,066-11,442 19,906-8,596 5,388 3,247-13,466-4,681-1,812-30,124 790 11,065

Trend of Balance of Payments ( 100 million yen ) 120,000 100,000 80,000 60,000 40,000 19 20,000 0-20,000-40,000-60,000 2015 2016 2017 Goods & Services Primary income Secondary income Capital Account Financial Account Net errors & omissions

(Appendix table) 20 1. Direct Investment Assets/Liabilities 2016 2017 ( 100 million yen ) (P) (P) (P) Direct Investment Assets Execution 71,013 44,433 58,054 81,566 33,626 37,964 35,536 41,707 30,341 45,460 42,058 31,171 58,290 Withdrawal 49,293 33,469 33,894 55,314 25,688 20,049 20,049 29,044 21,996 30,046 32,269 22,739 30,744 Net 21,720 10,964 24,160 26,252 7,937 17,915 15,487 12,664 8,345 15,413 9,789 8,432 27,546 Equity other than Execution 15,505 6,367 19,887 29,296 9,416 9,197 6,672 9,537 5,807 13,379 15,847 4,817 19,645 reinvestment of Withdrawal 4,321 1,270 2,000 11,653 3,765 1,507 2,262 2,351 5,038 979 10,048 1,370 5,272 earnings Net 11,183 5,098 17,886 17,643 5,651 7,690 4,410 7,186 768 12,401 5,799 3,447 14,373 Reinvestment of Execution 4,653 4,654 4,639 4,633 4,634 4,632 4,797 4,813 4,814 5,842 5,841 5,843 5,869 earnings Withdrawal - - - - - - - - - - - - - Net 4,653 4,654 4,639 4,633 4,634 4,632 4,797 4,813 4,814 5,842 5,841 5,843 5,869 Debt instruments Execution 50,855 33,411 33,529 47,637 19,575 24,134 24,067 27,357 19,720 26,238 20,369 20,511 32,776 Withdrawal 44,971 32,200 31,894 43,661 21,923 18,542 17,787 26,692 16,957 29,068 22,221 21,369 25,472 Net 5,884 1,212 1,635 3,976-2,348 5,592 6,280 664 2,763-2,830-1,851-858 7,304 Direct Investment Execution 25,574 27,364 32,791 32,719 35,675 36,846 38,208 42,794 36,312 33,827 36,077 34,026 36,666 liabilities Withdrawal 24,920 27,440 30,615 30,222 32,371 35,405 37,574 42,115 33,936 34,954 34,199 32,077 31,784 Net 654-75 2,176 2,497 3,305 1,441 635 679 2,376-1,128 1,878 1,949 4,883 Equity other than Execution 1,641 1,940 1,632 2,425 2,258 4,215 562 1,087 721 734 2,358 979 3,385 reinvestment of Withdrawal 3,847 1,291 335 2,325 1,848 5,341 1,722 362 804 551 2,662 1,004 2,300 earnings Net -2,206 649 1,297 100 409-1,126-1,160 725-83 183-303 -25 1,085 Reinvestment of Execution 1,131 1,138 1,170 1,204 1,222 1,221 1,473 1,476 1,464 1,586 1,582 1,608 1,607 earnings Withdrawal - - - - - - - - - - - - - Net 1,131 1,138 1,170 1,204 1,222 1,221 1,473 1,476 1,464 1,586 1,582 1,608 1,607 Debt instruments Execution 22,803 24,285 29,989 29,090 32,195 31,410 36,173 40,230 34,127 31,507 32,137 31,439 31,674 Withdrawal 21,074 26,148 30,280 27,897 30,522 30,064 35,852 41,752 33,132 34,403 31,537 31,073 29,484 Net 1,729-1,863-291 1,193 1,673 1,346 322-1,522 995-2,896 599 366 2,191 (Notes) 1. Reinvestment of earnings are recorded under "Execution". Negative figures are recorded when retained earnings decrease. 2. "(P)" means Preliminary.

2. Portfolio Investment Assets/Liabilities ( 100 million yen ) 2016 2017 (P) (P) (P) Portfolio Investment Assets -26,247-4,286-16,237-10,319-32,846 42,726 24,103 59,261 24,263 6,516-1,555 9,792 10,064 Equity and investment Acquisition 43,209 40,211 48,325 56,513 46,707 55,929 57,135 50,437 54,884 52,755 53,852 58,328 48,508 fund shares Disposition 46,866 32,273 41,703 65,566 41,029 42,023 44,735 39,810 39,467 47,070 41,559 41,448 35,116 Net -3,657 7,939 6,622-9,053 5,678 13,906 12,400 10,627 15,417 5,685 12,293 16,880 13,392 Long-term Acquisition 255,366 282,795 277,744 360,041 276,846 285,176 323,343 277,454 231,209 275,823 240,873 247,939 180,792 debt securities Disposition 276,503 295,215 300,294 362,993 318,769 253,857 310,372 230,575 225,204 276,709 255,579 254,779 183,667 Net -21,136-12,420-22,550-2,951-41,923 31,319 12,972 46,879 6,005-886 -14,706-6,840-2,874 Short-term Acquisition 9,788 13,200 17,590 43,924 40,914 49,499 48,579 50,343 52,762 56,010 45,879 54,286 43,749 debt securities Disposition 11,241 13,004 17,898 42,239 37,514 51,997 49,849 48,588 49,920 54,293 45,022 54,534 44,203 Net -1,453 196-308 1,685 3,400-2,498-1,269 1,755 2,842 1,717 858-248 -453 21 Portfolio Investment Liabilities 25,747 42,405 12,790-45,213 40,560-6,364 13,101-3,742 38,447 6,788 20,724 29,256 23,443 Equity and investment Acquisition 445,939 374,090 386,592 422,683 409,466 425,261 467,176 383,216 395,318 420,680 499,225 556,333 453,515 fund shares Disposition 439,723 374,873 388,640 438,969 394,494 418,279 464,220 376,650 405,948 433,894 464,612 560,371 453,920 Net 6,217-783 -2,047-16,287 14,972 6,982 2,956 6,566-10,630-13,214 34,613-4,038-406 Long-term Acquisition 83,020 88,827 80,307 91,253 75,661 63,374 71,650 80,641 70,308 101,758 57,964 82,350 69,834 debt securities Disposition 87,708 68,700 68,631 101,563 63,600 48,220 78,951 63,983 46,230 88,619 53,518 70,937 72,117 Net -4,687 20,127 11,677-10,310 12,061 15,155-7,301 16,658 24,078 13,138 4,446 11,412-2,282 Short-term Acquisition 194,651 165,391 170,238 176,590 194,103 171,124 179,771 159,240 197,965 171,235 176,441 181,060 172,447 debt securities Disposition 170,434 142,329 167,078 195,207 180,577 199,625 162,325 186,206 172,966 164,371 194,775 159,178 146,317 Net 24,217 23,061 3,160-18,616 13,527-28,501 17,445-26,966 24,999 6,863-18,334 21,882 26,131 (Notes) 1. Totals may not add due to rounding. 2. "(P)" means Preliminary. Source : International Bureau (https://www.mof.go.jp/english/international_policy/reference/balance_of_payments/index.htm)

G. International Transaction in Securities (Monthly; based on reports from designated major investors) (8 ruary 2018) Portfolio Investment Assets ( 100 million yen ) 2017 2018 Equity and investment fund shares Acquisition Disposition 34,306 42,173 49,743 42,210 50,852 52,178 46,155 46,173 47,972 47,850 52,417 43,431 52,845 29,112 38,035 56,650 36,269 38,694 40,800 34,519 35,594 37,733 37,827 37,990 31,889 40,208 Net 5,195 4,138-6,907 5,941 12,158 11,377 11,635 10,579 10,239 10,023 14,427 11,542 12,637 Acquisition 268,282 268,237 347,180 267,058 272,646 308,892 266,830 221,447 265,376 229,174 236,441 168,155 292,372 Long-term debt Disposition 284,491 278,909 346,789 309,617 241,571 294,556 222,200 213,995 266,175 243,509 237,250 169,438 278,485 securities Net -16,210-10,673 390-42,559 31,074 14,336 44,630 7,453-799 -14,334-810 -1,283 13,887 Subtotal Net (A) -11,015-6,535-6,517-36,617 43,233 25,714 56,265 18,032 9,440-4,311 13,617 10,259 26,524 Acquisition 12,867 16,822 41,444 38,802 48,558 47,297 50,080 51,823 53,773 44,764 53,384 41,872 51,301 Short-term debt Disposition 11,941 16,675 40,398 36,323 50,195 47,988 47,564 49,592 53,832 43,797 53,415 43,128 49,700 securities Net 926 147 1,046 2,479-1,637-691 2,516 2,230-59 968-31 -1,257 1,600 Total (C) -10,089-6,388-5,471-34,139 41,595 25,023 58,781 20,262 9,382-3,344 13,586 9,003 28,125 22 Portfolio Investment Liabilities Equity and Acquisition investment fund Disposition shares 373,269 385,627 421,281 407,295 424,337 463,757 381,868 394,205 416,602 498,038 554,808 446,657 492,258 374,460 387,948 438,153 392,249 417,457 463,071 375,955 405,004 432,390 463,750 559,034 452,755 485,576 Net -1,192-2,321-16,872 15,046 6,880 686 5,913-10,800-15,788 34,288-4,226-6,098 6,682 Acquisition 78,844 68,691 75,967 71,115 61,540 61,157 55,325 67,803 76,064 48,247 73,831 64,846 59,646 Long-term debt Disposition 62,003 64,335 89,995 60,548 45,103 75,815 53,478 44,532 79,800 48,545 68,279 68,858 69,495 securities Net 16,841 4,357-14,028 10,567 16,437-14,658 1,847 23,271-3,735-298 5,552-4,012-9,849 Subtotal Net (B) 15,649 2,035-30,900 25,613 23,317-13,972 7,760 12,472-19,524 33,990 1,325-10,110-3,167 Acquisition 164,044 169,562 175,234 192,369 168,300 175,662 156,321 195,556 166,260 173,362 176,784 169,448 159,832 Short-term debt Disposition 139,503 165,383 192,936 178,873 198,104 160,839 182,778 170,418 161,658 192,054 156,929 144,611 171,606 securities Net 24,541 4,179-17,702 13,496-29,804 14,822-26,457 25,137 4,602-18,692 19,855 24,837-11,774 Total (D) 40,191 6,215-48,602 39,110-6,487 850-18,698 37,609-14,922 15,298 21,180 14,727-14,942 Subtotal Net (A) - (B) -26,664-8,570 24,384-62,231 19,916 39,686 48,505 5,560 28,964-38,301 12,292 20,369 29,691 Total Net (C) - (D) -50,279-12,602 43,132-73,249 48,083 24,173 77,479-17,347 24,303-18,642-7,594-5,724 43,066 (Notes) 1. Totals may not add due to rounding. 2. International Transactions in Securities show net aquisition with a plus sign(+) and net disposition with a minus sign(-). 3. "Designated Major Investors indicate banks, financial instruments firms, insurance companies, investment trust management companies and asset management companies, etc. that were designated by the Minister of Finance in accordance with Article 21 of the Ministerial Ordinance Concerning Report on Foreign Exchange transactions, etc. Source : International Bureau (https://www.mof.go.jp/english/international_policy/reference/itn_transactions_in_securities/index.htm)

Trend of International Transaction in Securities ( 100 million yen ) 150,000 100,000 50,000 23 0-50,000-100,000 2015 2016 2017 Portfolio Investment Assets Portfolio Investment Liabilities

H. The balance of Offshore Accounts (16 ruary 2018) 1. End of ember 2017 Assets (100 million yen, %) Liabilities (100 million yen, %) Total balance Denominated in Denominated in Total balance Denominated in Denominated in Foreign Currency yen Foreign Currency yen To non- To non- To non- To non- To non- To nonresidents residents residents residents residents residents Deposits /Call Loans 24,422 18,923 19,819 15,260 4,603 3,663 Deposits/ Call Money 66,428 60,794 59,260 54,662 7,168 6,132 Securities 276,393 276,364 273,556 273,527 2,837 2,837 Securities - - - - - - Loans 34,257 34,122 32,466 32,331 1,791 1,791 Borrowed Money 44,316 44,202 23,649 23,565 20,667 20,637 Inter-Office Accounts 524,916 524,916 391,779 391,779 133,137 133,137 Inter-Office Accounts 110,762 110,762 110,574 110,574 188 188 Total 860,329 854,665 717,960 713,236 142,369 141,429 Total 222,338 216,583 194,209 189,521 28,129 27,062 Monthly change(%) 1.7 1.7-0.1-0.2 11.4 12.2 Monthly change(%) 1.9 1.7 1.9 1.4 1.6 4.4 (Notes) Figures are not rounded out. 24 2. Revised data (Monthly) (100 million Yen) 2016 2017 (P) Assets 962,104 914,594 866,942 864,690 803,965 804,491 798,589 811,200 837,151 840,161 849,888 846,124 860,329 To non-residents 954,717 907,858 861,828 858,938 798,846 799,209 792,930 805,912 830,638 834,787 845,188 840,730 854,665 Denominated in Foreign Currency 829,134 778,712 737,057 725,251 681,906 685,749 688,380 693,667 716,802 730,139 719,826 718,342 717,960 To non-residents 824,142 774,426 734,233 721,739 678,957 682,577 684,413 690,489 712,499 726,025 716,856 714,678 713,236 Denominated in yen 132,970 135,882 129,885 139,439 122,059 118,742 110,209 117,533 120,349 110,022 130,062 127,782 142,369 To non-residents 130,575 133,432 127,595 137,199 119,889 116,632 108,517 115,423 118,139 108,762 128,332 126,052 141,429 Liabilities 276,127 240,093 242,637 263,265 225,784 219,086 227,925 227,311 219,106 229,375 224,829 218,250 222,338 To non-residents 268,117 232,759 236,786 256,391 220,187 213,212 222,188 221,257 211,845 223,392 220,431 212,908 216,583 Denominated in Foreign Currency 244,357 209,898 215,003 231,758 197,038 189,582 197,863 196,487 189,617 200,724 197,694 190,553 194,209 To non-residents 238,743 204,855 211,443 227,125 193,612 185,819 193,819 192,544 184,567 195,852 194,877 186,992 189,521 Denominated in yen 31,770 30,195 27,634 31,507 28,746 29,504 30,062 30,824 29,489 28,651 27,135 27,697 28,129 To non-residents 29,374 27,904 25,343 29,266 26,575 27,393 28,369 28,713 27,278 27,540 25,554 25,916 27,062 (Notes) Figures are not rounded out. Source : International Bureau (https://www.mof.go.jp/english/international_policy/reference/offshore/index.htm)

Trend of the balance of Offshore Accounts (100 million yen) Assets 1,200,000 1,000,000 800,000 600,000 400,000 25 200,000 0 200,000 400,000 Liabilities 2014 2015 2016 2017 Assets:Denominated in Foreign Currency Assets:Denominated in yen Liabilities:Denominated in Foreign Currency Liabilities:Denominated in yen

I. Central Government Debt (the End of the Month) (9 ruary 2017) 1. Outstanding Government Bonds and Borrowings (100 million yen) 2016 2017 Government Bonds 9,289,145 9,349,002 9,452,315 9,499,986 9,562,520 General Bonds 8,263,734 8,305,733 8,372,501 8,455,411 8,513,398 Long-term (10 years or more) 6,027,888 6,108,230 6,195,439 6,262,661 6,361,024 Medium-term (from 2 to 5 years) 1,894,076 1,867,764 1,856,318 1,885,284 1,868,435 Short-term (one year or less) 341,770 329,740 320,743 307,466 283,939 Fiscal Investment and Loan Program Bonds 941,224 962,509 958,087 924,496 928,584 Long-term (10 years or more) 588,641 586,923 589,215 597,304 594,914 Medium-term (from 2 to 5 years) 352,584 375,587 368,872 327,192 333,671 Subsidy Bonds 1,855 2,094 1,800 1,875 1,887 Subscription / Contribution Bonds 47,265 46,277 45,025 44,671 45,900 Government Bonds issued to Development Bank of Japan Government Bonds issued to Nuclear Damage Liability Facilitation Fund 13,247 13,247 13,247 13,247 13,247 21,820 19,142 61,656 60,287 59,503 Borrowings 542,597 544,200 538,160 526,532 537,128 Long-term (over one year) 143,872 140,329 138,963 135,624 135,611 Short-term (one year or less) 398,725 403,870 399,196 390,907 401,516 Financing Bills 832,492 822,392 799,189 777,888 757,890 Total 10,664,234 10,715,594 10,789,664 10,804,405 10,857,537 2. Outstanding Government Guaranteed Debts Government Guaranteed Debts 409,652 402,832 402,736 405,720 406,690 (Source) Financial Bureau (https://www.mof.go.jp/english/jgbs/reference/gbb/index.htm) (Notes) 1. Figures do not sum up to total because of rounding. 2. Above "Outstanding Government Bonds and Borrowings" contains government bonds and borroeings heid by government. 26

Trend of Central Government Debt 12,000,000 (100 million yen) 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 2014 2015 2016 2017 Government Bonds Borrowings Financing Bills 27

PUBLIC RELATIONS & PRESS RELEASE

A. New Tax Convention with Spain Agreed in Principle ruary 21, 2018 Ministry of Finance 1. The Government of Japan and the Government of the Kingdom of Spain have agreed in principle on the new Convention replacing the existing Tax Convention (the Convention between Japan and the Spanish State for the Avoidance of Double Taxation with respect to Taxes on Income), which entered into force in 1974. 2. The new Convention will reinforce or introduce provisions for clarifying the scope of taxation in the two countries, eliminating international double taxation and preventing tax evasion and avoidance and is expected to promote further mutual investments and economic exchanges between the two countries. 3. The new Convention will be signed after the necessary internal procedures have been completed by each of the two Governments. Thereafter, the new Convention will enter into force after the completion of the approval process in both countries (in the case of Japan, approval by the Diet is necessary). 30

B. Designs of The Olympic and Paralympic Games Tokyo 2020 Commemorative Coin Program (First Issue) ruary 23, 2018 Ministry of Finance The Ministry of Finance has decided to issue approx. 30 types of coins commemorating the Olympic and Paralympic Games Tokyo 2020 in four series before the opening of the Tokyo 2020 Games. For the first issue, the designs were decided as follows for a 10,000-yen premium-grade gold coin, two types of 1,000- yen premium-grade silver coin, and two types of 100-yen clad coin. They will be issued as outlined in the Attachment Event Olympic Games Tokyo 2020 Type 10,000-yen gold coin 1,000-yen silver coin 100-yen clad coin Design (Obverse) Yabusame (horseback archery) and kanji characters " " Aquatics Fencing Design (Reverse) Official emblem of Olympic Games Tokyo 2020 Official emblem of Olympic Games Tokyo 2020, cherry blossoms, and ginkgo leaves Official emblem of Olympic Games Tokyo 2020 31

Event Tokyo 2020 Paralympic Games Type 10,000-yen gold coin 1,000-yen silver coin 100-yen clad coin Design (Obverse) (Not issued this time) Judo Boccia Design (Reverse) Official emblem of Tokyo 2020 Paralympic Games, cherry blossoms, and ginkgo leaves Official emblem of Tokyo 2020 Paralympic Games (Note 1) The diameters are 26 mm for the 10,000-yen gold coin, 40 mm for the 1,000-yen silver coins, and 22.6 mm for the 100-yen clad coins. (Note 2) Clad coins refer to the coins with a metal layer sandwiched by the different types of metal plates by using the clad technology. (Note 3) See References 1 to 5 for the details of the designs. (Attachment) Outline of the 10,000-yen Gold Coin, 1,000-yen Silver Coins and 100-yen Clad Coins 32