Flow of Funds - Overview of, the, and the - August 18, 2017 Research and Statistics Department Bank of *In this paper, major sectors are compared either among, the, and the or between and the.
Ⅰ. Overview:, the, and the Data are as of March-end 2017. Chart 1. Financial assets and liabilities of financial institutions Assets ( 3,381trillion yen ) Liabilities ( 3,270trillion yen ) ( 1,912 trillion yen ) 8% Currency and ( 1,879 trillion yen ) 10% 22% deposits 44% 3% Deposits with the Fiscal Loan Fund % Other financial institutions ( 830 trillion yen ) 4% ( 817 trillion yen ) Assets ( 87.9 trillion dollars ) Liabilities ( 84.8 trillion dollars ) 3% Borrowings 2% 4% ( 18. trillion dollars ) Currency and ( 19.0 trillion dollars ) 12% deposits 16% Assets ( 76.2 trillion euro) Liabilities ( 7.9 trillion euro) 2% 2% 1% 2% 2% ( 3.3 trillion euro) Currency and 17% deposits 34% ( 3.1 trillion euro) Other financial institutions 1% Borrowings 8% 2% Insurance and Pension funds Insurance, pension ( 639 trillion yen ) and ( 7 trillion yen ) % 9% 16% 4% Borrowings 3% 8% 7 0 2 0 7% 2 0 7 or liabilities of the financial institutions % 7% 3% Insurance and Pension funds 3% ( 28.3 trillion dollars ) Insurance, pension ( 27.1 trillion dollars ) 9% and 29% % 7% Borrowings 4% 3% Other financial institutions 8% ( 41.2 trillion dollars ) 1% 24% 16% ( 38.7 trillion dollars ) 9% 7 0 2 0 2 0 7 or liabilities of the financial institutions 10% 4% Insurance and Pension funds Insurance, pension and ( 9.8 trillion euro) 1 ( 9.7 trillion euro) 2% % 3% Borrowings % 6% 3% ( 31.2 trillion euro) ( 31.1 trillion euro) 18% 8% Borrowings 7% 3% 7% 7 0 2 0 2 0 7 or liabilities of the financial institutions * "Other financial institutions" for are the sum of "Securities investment trusts," "Other financial intermediaries," "Financial auxiliaries," and "Public captive financial institutions." ** "" for the includes central bank sector. *** "" is the residual which is the remaining after deducting "," "Deposits with the Fiscal Loan Fund"( only), "/Borrowings," "," "," "," and " " from total financial assets/liabilities. **** "" held by depository corporations for US includes "Vault cash" and "Reserves at Federal Reserve." 1
Chart 2. Financial assets held by households (1.4%) (1.%) (10.0%) (28.8%) ( 1,809 trillion yen ) (.6%) (11.0%) (.4%) (2.9%) (3.8%) (31.2%) ( 77.1 trillion dollars ) (13.4%) (2.9%) (33.2%) (18.2%) (34.0%) ( 23.3 trillion euro) (3.2%) (9.2%) * "" is the residual which is the remaining after deducting "," "," "," "," and " " from total financial assets. (2.3%) Chart 3. Financial liabilities owed by private nonfinancial corporations (4.) Borrowings (24.2%) (49.9%) (21.9%) ( 1,662 trillion yen ) (13.7%) (6.%) (23.7%) ( 43.4 trillion dollars ) Borrowings (6.2%) Borrowings (30.8%) (3.4%) (11.6%) ( 32.2 trillion euro) (4.2%) Percentage ratio to the total financial liabilities * "" is the residual which is the remaining after deducting "Borrowings," "," and "" from total financial liabilities. ** Figures for the consist of nonfinancial corporations, which include both public and private nonfinancial corporations. 2
Chart 4. Financial surplus and deficit of major sectors (as a percentage of nominal GDP) (%) 1 10 (Financial surplus) Private nonfinancial corporations Rest of the world 0 - -10 (Financial deficit) -1 200 2006 2007 2008 2009 2010 2011 2012 2013 2014 201 2016 Fiscal year (%) 1 (Financial surplus) 10 0 - -10-1 1 10 (Financial deficit) Private nonfinancial corporations Rest of the world 200 2006 2007 2008 2009 2010 2011 2012 2013 2014 201 2016 (%) (Financial surplus) Fiscal year 0 - -10-1 (Financial deficit) Nonfinancial corporations Rest of the world 200 2006 2007 2008 2009 2010 2011 2012 2013 2014 201 2016 Fiscal year * See notes on the last page for the definition of each sector. 3
Ⅱ. Overview: and the Data are as of March-end 2017. Chart. Financial assets held by investment trusts (.7%) (10.8%) (20.4%) Outward investment in (44.4%) (11.) ( 188.2 trillion yen) (4.7%) (2.8%) (1.0%) (32.) (9.3%) ( 20.0 trillion dollars ) (.3%) (2.2%) * "" is the residual which is the remaining after deducting "," "," "," "," "," and "Outward investment in "( only) from total financial assets. ** Data for US include both outward and domestic investment in. Chart 6. Financial assets held by pension funds (6.8%) (2.) (7.%) Outward investment in (20.3%) Claims of pension funds on pension managers (21.0%) (8.%) ( 19.3 trillion yen) (3.4%) (7.4%) (0.6%) (19.8%) (22.%) (2.8%) Claims of pension funds on pension managers (22.2%) (8.8%) ( 19. trillion dollars ) (0.2%) * "" is the residual which is the remaining after deducting "," "," "," "," "," "Outward investment in "( only), and "Claims of pension funds on pension managers" from total financial assets. ** Data for US include both outward and domestic investment in. Chart 7. Financial assets held by insurance (2.8%) (.8%) (9.0%) (.6%) Outward investment in (17.4%) (6.3%) ( 479.2 trillion yen) (1.) (3.) (7.4%) (0.7%) (18.8%) (9.3%) (12.7%) ( 8.8 trillion dollars ) * "" is the residual which is the remaining after deducting "," "," "," "," "," and "Outward investment in "( only) from total financial assets. ** Data for US include both outward and domestic investment in. 4
Data source Bank of, Flow of Funds Accounts, released on June 27, 2017 http://www.boj.or.jp/en/statistics/sj/index.htm/ FRB, Financial Accounts of the, First Quarter 2017, released on June 8, 2017 https://www.federalreserve.gov/releases/z1/current/ ECB, Euro Area Accounts, released on July 28, 2017 http://www.ecb.europa.eu/stats/prices/acc/html/index.en.html Sectors and transaction items Sectors [US] U.S.-Chartered Depository Institutions, Foreign Banking Offices in U.S., Banks in U.S.-Affiliated Areas, Credit Unions [EA] Monetary Financial Institutions : Includes central bank as well as depository corporations. Insurance and pension funds (Sectors marked with an asterisk indicate pension funds) [US] Life Insurance Companies, Property-Casualty Insurance Companies, Private Pension Funds*, State and Local Government Employee Retirement Funds*, Federal Government Employee Retirement Funds* [EA] Insurance Corporations and Pension Funds - In Euro Area Accounts, insurance corporations and pension funds are combined into one sector. Other financial institutions (Sectors with an asterisk indicate investment trusts. Sectors with double asterisks indicate nonbanks) [US] Money Market Mutual Funds*, Mutual Funds*, Closed-End Funds*, Exchange-Traded Funds*, Government-Sponsored Enterprises, Agency-and GSE-Backed Mortgage Pools**, Issuers of Asset-Backed Securities**, Finance Companies**, Real Estate Investment Trusts, Security Brokers and Dealers, Holding Companies, Funding Corporations [EA] Non-Money-Market Investment Funds, Other financial intermediaries, Financial auxiliaries, Captive financial institutions Private nonfinancial corporations [US] Nonfinancial Corporate Business [EA] Non-financial Corporations : Includes both private and public nonfinancial corporations. [US] State and Local Governments, Federal Government : Social security funds not included. [EA] General Government : Includes social security funds. [US] and Nonprofit Organizations [EA], Including Non-profit Institutions Serving - In 's FFA, households excludes private nonprofit institutions serving households. Transaction items [US] U.S. Deposits in Foreign Countries, Checkable Deposits and Currency, Time and Savings Deposits [EA] Currency and Deposits /Borrowings [US] Net Interbank Transactions, Federal Funds and Security Repurchase Agreements, [EA] [US] Securities [EA] Short-term Securities, Long-term Securities [US] Money Market Mutual Fund Shares, Mutual Fund Shares [EA] Investment fund shares (including MMF shares) [US] Corporate Equities, Proprietors' in Noncorporate Business, Investment by parent [EA] Listed Shares, Unlisted Shares and other equity [US] Life Insurance Reserves, Pension Entitlements [EA] Insurance and pension schemes Claims of pension funds on pension managers [US] Claims of pension fund on sponsor Financial surplus and deficit [US] Net Lending (+) or Borrowing (-) (Financial Account) [EA] Net Lending (+) / Net Borrowing (-) from Financial Accounts Note Notes to Charts 1 to 7 Sectors and transaction items of the [hereafter "US"] and [hereafter "EA"] are reclassified according to the 's Flow of Funds Accounts (see below). Some items with small amount outstanding are not explicitly shown on charts.