Monetary Base and Bank of Japan Transactions (July 2026)

This document is a statistical publication titled “Monetary Base and Bank of Japan Transactions (July 2026),” posted in Japanese and English by the Bank of Japan’s Monetary Affairs Department. The covered periods are May, June, and July 2026; the stock table covers the end of each month, while the flow table covers changes during each month.

The stock table lists items related to Bank of Japan transactions, including long-term Japanese government bonds, treasury discount bills, transactions in Japanese government bonds under repurchase agreements, pooled collateral operations, CP purchase operations under repurchase agreements, various fund-supplying operations and loans, money trusts, and government deposits.

The monetary unit is “end-of-month balance, hundred million yen” for the stock table and “monthly increase or decrease, hundred million yen” for the flow table.

The monetary base fell from 5,718,775 hundred million yen at the end of May 2026 to 5,599,849 hundred million yen at the end of June and 5,575,718 hundred million yen at the end of July. At the end of July, its components were 1,149,807 hundred million yen in banknotes issued, 45,789 hundred million yen in currency in circulation, and 4,380,122 hundred million yen in current account deposits at the Bank of Japan; Reserve Balances accounted for 4,028,129 hundred million yen of the current account deposits at the Bank of Japan.

The month-end balance of long-term Japanese government bonds was 5,331,356 hundred million yen in May and 5,183,424 hundred million yen in June, before reaching 5,193,819 hundred million yen in July. Transactions in long-term Japanese government bonds under repurchase agreements with the government amounted to negative 224,951 hundred million yen at the end of July. Pooled collateral operations amounted to 249,361 hundred million yen, fixed-rate operations to 391,059 hundred million yen, growth-supporting fund-supplying operations under the Loan Support Program to 370,099 hundred million yen, and fund-supplying operations to support increases in bank lending to 6,516 hundred million yen.

In the flow table for July 2026, the monthly increase or decrease in long-term Japanese government bonds was 10,395 hundred million yen, comprising purchases of 23,386 hundred million yen and redemptions and other changes of negative 12,991 hundred million yen. The monthly increase or decrease in long-term Japanese government bonds was negative 147,932 hundred million yen in June and 11,867 hundred million yen in May. For treasury discount bills, underwriting, purchases, sales, net sales to the government, redemptions and other changes were all shown as 0 hundred million yen in May, June, and July.

The stock table also includes climate change response operations, operations to support financial institutions in disaster areas, corporate bonds and other instruments, ETFs and J-REITs held as trust assets, Article 33 loans, loans to the Deposit Insurance Corporation of Japan and other items, supplementary supplies of Japanese government bonds through securities lending, and supplies of collateral Japanese government bonds for U.S. dollar operations. For the definitions of each figure, refer to the notes in the document; inquiries should be directed to the Planning and Coordination Division of the Bank of Japan’s Monetary Affairs Department.