Treasury Funds vs. Private Sector Balance, November 2026 Forecast
Overview
The Ministry of Finance forecasts a total balance surplus of 6.2 trillion yen in November 2026, with the surplus 4.6 trillion yen smaller than in the same month of the previous year. The forecast reflects ordinary local allocation tax payments, along with receipts from consumption and corporate taxes and a surplus in government bonds and other items. Major receipt dates are the 5th for taxes and insurance premiums and the 12th for withholding income tax. Major payment dates are the 5th for ordinary local allocation tax payments and the 12th for payments of contributions toward medical benefits for the latter-stage elderly and related items. The forecast amount for public offerings of treasury bills, as well as table totals and notes, is also presented.
Key points
- The total balance is forecast to show a receipt surplus of 6.2 trillion yen.
- The receipt surplus is 4.6 trillion yen smaller than in the same month of the previous year.
- In November, the forecast public offering amounts are approximately 3.3–3.4 trillion yen once and approximately 3.1–3.2 trillion yen four times for 3-month bills, approximately 3.0–3.1 trillion yen once for 6-month bills, and approximately 1.9 trillion yen once for 1-year bills.
Overview
The Ministry of Finance's "Fiscal Funds to Private Sector Balance (November 2026 Forecast)" presents the balances of the General Account, special accounts, government bonds, and other items. Forecasts are compiled in units of 1 billion yen.
The total balance forecast reflects ordinary local allocation tax payments, receipts from consumption and corporate taxes, and a receipt surplus in government bonds and other items.
Details
Major receipt dates are the 5th for taxes, including consumption and corporate taxes, and insurance premiums, and the 12th for withholding income tax. Major payment dates are the 5th for ordinary local allocation tax payments and related items, and the 12th for payments of contributions toward medical benefits for the latter-stage elderly and related items.
The forecast public offering amounts for treasury bills in November are approximately 3.3–3.4 trillion yen once and approximately 3.1–3.2 trillion yen four times for 3-month bills, approximately 3.0–3.1 trillion yen once for 6-month bills, and approximately 1.9 trillion yen once for 1-year bills. These amounts may change depending on funding conditions and other factors.
For reference, the December 2026 amounts are approximately 2.1–4.1 trillion yen three times for 3-month bills, approximately 2.0–4.0 trillion yen once for 6-month bills, and approximately 0.7–2.7 trillion yen once for 1-year bills.
The △ mark indicates a payment surplus. Values for the same month of the previous year are rounded to the nearest 100 million yen, so totals may not match. Of the treasury bills acquired through Bank of Japan purchase and sale operations, redemption amounts for bills reaching maturity are not recorded in the balance with the private sector.