Money Stock Preliminary Figures (July 2026)

This document is the preliminary money stock figures for July 2026 released by the Research and Statistics Department of the Bank of Japan. It was released externally at 8:50 a.m. on August 12, and, in principle, year-on-year growth rates in average balances are presented as percentages, with average balances separately listed in trillion yen.

In July 2026, year-on-year growth rates in average balances were 2.2% for M1, 2.0% for M2, 1.4% for M3, and 4.4% for broad liquidity. Broad liquidity is presented as an indicator that includes M3 and other component items.

In the July breakdown, year-on-year growth rates in average balances were -1.2% for currency in circulation, 0.2% for deposit money, 0.1% for quasi-money, and -2.8% for certificates of deposit. Average balances were 109.9 trillion yen for currency in circulation, 980.6 trillion yen for deposit money, 1,090.5 trillion yen for quasi-money, and 21.9 trillion yen for certificates of deposit.

For the component items of broad liquidity, July year-on-year growth rates in average balances were 11.8% for pecuniary trusts, 13.1% for investment trusts, 4.2% for bank debentures, 68.2% for bank-issued straight bonds, 166.7% for commercial paper issued by financial institutions, 18.8% for government securities, and 6.1% for foreign bonds. Average balances were 487.5 trillion yen for pecuniary trusts, 126.0 trillion yen for investment trusts, 2.8 trillion yen for bank debentures, 0.3 trillion yen for bank-issued straight bonds, 0.0 trillion yen for commercial paper issued by financial institutions, 25.2 trillion yen for government securities, and 47.2 trillion yen for foreign bonds.

Among the component items of broad liquidity, pecuniary trusts exclude pension trusts and securities investment trusts, while investment trusts represent the cumulative net investment amount of securities investment trusts and real estate investment trusts. Bank debentures exclude bonds with subordinated clauses and similar instruments, while commercial paper issued by financial institutions includes electronic commercial paper. Government securities include treasury discount bills and FILP bonds.

The letter “r” in the tables indicates revised figures. The seasonally adjusted annualized rate of change from the previous period or month is the seasonally adjusted rate of change from the previous period or month converted to an annual rate, and the document presents it alongside the year-on-year growth rate for each series.