Money Stock in October
Overview
The Bank of Japan’s Research and Statistics Department published “Money Stock: Preliminary Figures for October 2026,” covering year-on-year growth rates and average balances for M1, M2, M3, broad liquidity, and their components. In October, year-on-year growth was 1.7% for M2, 1.2% for M3, and 4.1% for broad liquidity; their average balances were 1,291.4 trillion yen, 1,633.2 trillion yen, and 2,341.2 trillion yen, respectively. Figures from July 2026 onward were revised, and revised figures are marked “r.”
Key points
- The October year-on-year growth rate for M2 was 1.7%.
- The October year-on-year growth rate for M3 was 1.2%.
- The October year-on-year growth rate for broad liquidity was 4.1%.
- Figures from July 2026 onward were revised.
Overview
The Bank of Japan's Research and Statistics Department published “Money Stock: Preliminary Figures for October 2026.” The release time was 8:50 a.m. on November 11, 2026.
Unless otherwise specified, published figures are year-on-year growth rates in average balances, in percent. The balance columns show average balances in trillion yen. In the table, (a) denotes the seasonally adjusted quarter-on-quarter or month-on-month rate converted to an annual rate; it differs from the year-on-year growth rate.
The preliminary figures show quarterly and monthly trends for 2024 and 2025, as well as quarterly and monthly trends for 2025 and 2026, covering M1, M2, M3, quasi-money, CDs, broad liquidity, and other measures. Broad liquidity includes M3 and other components. A separate table, “Components of Broad Liquidity,” shows trends in broad liquidity and its components.
Details
In the table's “2026/10” row, year-on-year growth rates in average balances were 1.7% for M1, 1.7% for M2, 1.2% for M3, and 4.1% for broad liquidity. The components in the same row were currency in circulation, -0.4%; deposit money, 4.4%; quasi-money, -1.5%; and CDs, -16.1%.
In the balance table's “2026/10” row, average balances were 1,077.6 trillion yen for M1, 1,291.4 trillion yen for M2, 1,633.2 trillion yen for M3, and 2,341.2 trillion yen for broad liquidity. The components were 109.1 trillion yen for currency in circulation, 968.4 trillion yen for deposit money, 535.7 trillion yen for quasi-money, and 19.9 trillion yen for CDs.
The seasonally adjusted quarter-on-quarter and month-on-month rates are shown as annualized changes from the preceding quarter or month. In the original table, the relevant columns are marked (a).
In the “2026/10” row of the separate table, “Components of Broad Liquidity,” year-on-year growth rates were 11.9% for money trusts, 14.2% for investment trusts, 0.2% for financial debentures, 122.7% for bank-issued straight bonds, 39,100.0% for financial institution-issued commercial paper, 20.4% for government securities, and 3.1% for foreign bonds.
Notes to the separate table state that money trusts exclude pension trusts and securities investment trusts, while investment trusts are the cumulative net investment amounts for securities investment trusts and real estate investment trusts. Financial debentures exclude subordinated bonds, and commercial paper issued by financial institutions includes electronic commercial paper. Government securities include treasury discount bills and FILP agency bonds.
Revised figures are marked “r.” Figures from July 2026 onward were revised, and the Bank of Japan's Time-Series Data Search website is provided as the reference for the revised figures.