Treasury-Private Sector Balance, September 2026 (Forecast)
Overview
The Ministry of Finance forecast that the overall balance of government receipts and payments against the private sector in September 2026 will show excess receipts of 5.2 trillion yen. Compared with the same month of the previous year, the excess-receipts margin is expected to decrease by 4.3 trillion yen. While payments such as ordinary local allocation tax are scheduled, receipts from consumption tax, corporate tax, and insurance premiums, as well as excess receipts from government bonds and other sources, are expected. The projected public offering amount of short-term government securities is approximately 19.8 trillion yen and may change depending on future cash management.
Key points
- The overall balance in September 2026 is expected to show excess receipts of 5.2 trillion yen.
- The excess-receipts margin is expected to decrease by 4.3 trillion yen compared with the same month of the previous year.
- Receipts from consumption tax, corporate tax, and other taxes, along with payments such as ordinary local allocation tax, are both scheduled for September 2.
- The projected public offering amount of short-term government securities is approximately 19.8 trillion yen.
Overview
This is the forecast for the balance of government receipts and payments against the private sector during September 2026, presented by the Ministry of Finance on September 2, 2026.
In September, payments including ordinary local allocation tax distributions are expected, while receipts from consumption tax, corporate tax, and other sources, together with excess receipts from government bonds and other items, are also expected to result in an overall excess of receipts. The total is expected to show excess receipts of 5.2 trillion yen, a decrease of 4.344 trillion yen from 9.506 trillion yen in the same month of the previous year.
Details
The main receipt dates are September 2 and 14. On September 2, receipts from consumption tax, corporate tax, and other taxes, as well as insurance premiums, are expected; on September 14, receipts from withholding income tax are expected. The main payment dates are also September 2 and 14. Payments on September 2 include ordinary local allocation tax and local special grant distributions, while payments on September 14 include contributions toward medical expenses for older adults and other items.
In the general account, receipts from taxes are projected at 7.363 trillion yen, social security payments at 1.564 trillion yen, local allocation tax grant payments at 4.782 trillion yen, and other payments at 1.288 trillion yen. In the special accounts, receipts from insurance premiums and other sources amount to 3.856 trillion yen, and other payments amount to 2.601 trillion yen. Fiscal investment and loans are expected to show excess receipts of 2.189 trillion yen.
Government bonds and other items are expected to show excess receipts of 6.248 trillion yen, while short-term government securities and other items are expected to show excess payments of 3.672 trillion yen. The breakdown for short-term government securities is approximately 3.5–3.6 trillion yen × 4 times for 3-month securities, approximately 3.0–3.1 trillion yen × 1 time for 6-month securities, and approximately 2.5 trillion yen × 1 time for 1-year securities. Temporary borrowing is expected to show excess payments of 100 billion yen.
The projected public offering amount of short-term government securities may change depending on future cash management conditions and other factors. Projected amounts are compiled in units of 1 billion yen, and the symbol “△” in the table indicates excess payments. Because figures for the same month of the previous year are rounded to the nearest 100 million yen, totals may not agree.
Among the short-term government securities acquired by the Bank of Japan through short-term government securities trading operations, redemption amounts for securities reaching maturity are not recorded in the balance against the private sector.