Statistical Publication Overview
The Bank of Japan's Financial Markets Department published the "Results of FSB Repo Statistics Aggregation for Japan (August 2025)" on September 22, 2025. This statistical series commenced in January 2020 and compiles monthly repo transaction trends among financial institutions located in Japan in accordance with standards recommended by the Financial Stability Board (FSB). The target financial institutions are approximately 50 institutions with the highest repo transaction volumes, including local offices of foreign financial institutions.
Data Structure and Publication Content
Flow Data: Transaction amounts of new trades executed on business days are published by trade start date at the time of agreement. For August 2025, daily data is recorded in detail from June 2 to August 29, with transaction amounts fluctuating in the range of approximately 50 to 65 trillion yen.
Stock Data: Transaction amounts as of month-end are published in four categories: (1) repo transactions and securities lending transactions, (2) repo transactions, (3) securities lending transactions, and (4) transaction rates. The trading targets consist of repo transactions (transactions where bonds are sold in exchange for cash with repurchase on a specified future date) and securities lending transactions (bond lending and borrowing transactions).
Significance of Market Transparency Enhancement
FSB International Standards: Based on a report published by the FSB in November 2015, this represents an international initiative to regularly collect and aggregate granular data on repo transactions. The Financial Services Agency and the Bank of Japan implement data collection in accordance with FSB standards.
Policy Utilization: Utilized for enhancing the stability of Japan's financial markets, financial institution risk management, and monitoring application status under various regulations. Counterparties are classified and analyzed by jurisdiction (domestic residents, United States, Europe, others) and by business type (banks, dealers/brokers, others).
Characteristics of Data Analysis
GC/SC Repo Classification: Distinguishes between "GC (General Collateral) repo transactions" (primarily for funding purposes) that do not specify bond issues and "SC (Special Collateral) repo transactions" (primarily for bond procurement purposes) targeting specific issues. CCP-cleared transactions (utilizing clearing house debt assumption) and non-CCP-cleared transactions are also classified.
Maturity Analysis: Captures term-specific trends across six categories: overnight, 2 days to 1 week, over 1 week to 1 month, over 1 month to 3 months, over 3 months, and open-end. Repo rates are calculated and published as transaction volume-weighted averages.