Money Stock in September
Overview
The Bank of Japan’s Statistics Department released the preliminary money stock figures for September 2026. The report shows trends in M2, M3, broad liquidity, and their components, focusing on year-over-year growth rates based on average balances. Broad liquidity stood at 2,344.3 trillion yen in September, with year-over-year growth of 4.3%. Figures from January 2026 onward have been revised.
Key points
- Broad liquidity stood at 2,344.3 trillion yen in September 2026.
- Year-over-year growth in broad liquidity based on average balances was 4.3% that month.
- Figures from January 2026 onward are revised figures.
- The figures were released externally at 8:50 a.m. on October 14, 2026.
Overview
The Bank of Japan Statistics Department’s “Preliminary Money Stock Figures (September 2026)” presents money stock and broad liquidity statistics for September 2026. The tables contain annual, quarterly, and monthly series, using year-over-year growth rates based on average balances as the principal indicator. Unless otherwise specified, growth rates are in percent and balances are shown in trillion yen.
Following “Preliminary Money Stock Figures (September 2026),” the document presents “Broad Liquidity Components.” The latter shows year-over-year growth rates for broad liquidity (L), M3, investment trusts, financial bonds, bank-issued straight corporate bonds, financial institution-issued CP, money trusts, government bonds, foreign bonds, and other items. It also lists balances for broad liquidity and M3.
Details
Growth rates in the preliminary figures are generally year-over-year rates based on average balances. The “(a)” column in the tables gives growth rates calculated at an annual rate from seasonally adjusted quarter-over-quarter or month-over-month changes. The balance columns show average balances in trillion yen and list values for August and September 2026. Revised figures are marked with “r.”
The notes state that figures from January 2026 onward have been revised and direct readers to the Bank of Japan’s Time-Series Data Search for the revised figures. The English note in the document also marks revised figures with “r” and specifies that figures from January 2026 onward have been revised.
The broad liquidity components have individual scope notes. Money trusts exclude pension trusts and securities investment trusts, while investment trusts refer to cumulative net investment amounts in securities investment trusts and real estate investment trusts. Bank-issued straight corporate bonds exclude subordinated bonds and similar instruments, and financial institution-issued CP includes electronic CP. Government bonds include treasury discount bills and FILP agency bonds.
The document’s notes explain that broad liquidity (L) comprises M3 and the other components shown on the following page. The components table shows the year-over-year growth rates of each item for September 2026.