March 19, 2019 Research and Statistics Department Bank of Japan Basic Figures Flow of Funds for the Fourth Quarter of 2018 (Preliminary report)Chart 1 Financial assets and liabilities by sector Chart 2-1 Financial surplus and deficit by sector Chart 2-2 Financial surplus and deficit of households and private nonfinancial corporations Chart 3-1 Financial assets held by households Chart 3-2 Financial assets held by households: Breakdown of debt securities, investment trust beneficiary certificates, equity, and insurance Chart 4-1 Financial liabilities of private nonfinancial corporations Chart 4-2 Financial assets held by private nonfinancial corporations Chart 5 Breakdown of loans by private financial institutions Chart 6-1 Financial liabilities of general government Chart 6-2 Government bonds and treasury bills by holding sector Reference 1 From-whom-to-whom of domestic debt securities Reference 2 From-whom-to-whom of loans Reference 3 Pension entitlements of corporate pensions (defined benefit schemes) and claims of pension funds on pension managers Reference 4 Asset composition and pension entitlements of corporate pensions (defined benefit schemes) Reference 5 Distributions of investment trusts * Data used in this paper are available in the BOJ Time-Series Data Search .Contents Unit: trillion yen Households (321) Households (1,830) Others 17 Others 58 Loans 47 Others 319 Securities 362 General government (1,304) Others 518 General government (565) Securities 198 Others 52 Others 346 Borrowings 158 Others 106 Others 275 Notes: 1. Major sectors and transaction items are selected to show the overview of the Flow of Funds Accounts. 2. 3. 4. Chart 1. Financial assets and liabilities by sector (end of December 2018)Depository corporations (including sole proprietorships) ( Banks, Collectively managed trusts ) (including sole proprietorships) (1,632) (1,142) Private nonfinancial corporations Securities 408 Securities 265 Borrowings 407 Securities 83 Insurance, pension and standardized guarantees 523 Insurance and pension funds Borrowings 304 Loans 795 Deposits 1,489 Currency and deposits 984 Securities 906 Insurance, pension and standardized guarantees 527 Central government, Local governments, and Social security funds Borrowings 157 Loans 477 Deposits with the Fiscal Loan Fund 28(Of which: listed shares 512) Central government, Currency and deposits 262 Other financial institutions Securities investment trusts, Nonbanks, Public financial institutions, Public captive financial institutions, and Financial dealers and brokers Securities 373 Private nonfinancial corporations Local governments, and Social security funds Securities 1,096 Deposits with the Fiscal Loan Fund 21 Borrowings 251 Overseas (664) Overseas (1,006) Securities 140 Securities 460 The sum of the transaction items which are not shown individually is represented by Others in the above chart. Loans 49 Currency 115 Loans 184 Securities 511 Deposits with the Bank of Japan Loans and borrowings include “Bank of Japan loans,“ “Call loans and bills,“ “Loans by private financial institutions,“ “Loans by public financial institutions,“ “Loans by the nonfinancial sector,“ “Installment credit,“ and “Repurchase agreement and securities lending transactions.“ Securities include “Equity and investment fund shares“ and “Debt securities.“ The latter consists of “Central government securities and FILP bonds,“ “Bank debentures,“ “Industrial securities,“ “Trust beneficiary rights,“ etc. (Securities in external claims of Japan is “Outward investment in securities.“) 389 (External debts of Japan) (External claims of Japan) Securities 373 Central bank Securities 573Liabilities (fund raising) Assets (investments) Assets Liabilities Assets Liabilities - 1 -Chart 2-1. Financial surplus and deficit by sector (1) Quarterly (seasonally adjusted) (3) Fiscal year (2) Calendar year 27.3 13.3 -21.7 -8.5 17.6 11.5 -21.7 -18.9 -60 -40 -20 0 20 40 60 06 07 08 09 10 11 12 13 14 15 16 17 18 (trillion yen) Calendar year (Financial surplus) (Financial deficit) Private nonfinancial corporations Households Overseas General government -15 -10 -5 0 5 10 15 15 16 17 18 (trillion yen) Calendar year (Financial surplus) (Financial deficit) Households Private nonfinancial corporations Overseas General government 17.5 25.6 -16.9 -12.5 15.8 11.1 -20.8 -21.5 -60 -40 -20 0 20 40 60 05 06 07 08 09 10 11 12 13 14 15 16 17 (trillion yen) Fiscal year (Financial surplus) (Financial deficit) Households Private nonfinancial corporations Overseas General government - 2 -（日本） （日本） Notes: 1. 2. Chart 2-2. Financial surplus and deficit of households and private nonfinancial corporations (1) Financial surplus and deficit of households (2) Financial surplus and deficit of private nonfinancial corporations Loans by financial institutions are the sum of the transaction flow of “Loans by private financial institutions“ and “Loans by public financial institutions“ on the borrowing side. Net financing in domestic securities is calculated as follows: the transaction flow of investment in “Debt securities“ and “Equity and investment fund shares“ minus that of fund raising through these securities. -60 -40 -20 0 20 40 60 05 06 07 08 09 10 11 12 13 14 15 16 17 (trillion yen) FY Others Loans by financial institutions (repayment represents positive) Outward direct investment Net financing in domestic securities Outward investment in securities Currency and deposits Financial surplus and dificit -60 -40 -20 0 20 40 60 05 06 07 08 09 10 11 12 13 14 15 16 17 (trillion yen) Others Insurance, pension and standardized guarantees Loans by financial institutions (repayment represents positive) Investment trusts Equity Debt securities Currency and deposits Financial surplus and deficit FY (trillion yen) (trillion yen) -60 -40 -20 0 20 40 60 Q1 17 Q2 Q3 Q4 Q1 18 Q2 Q3 Q4 -60 -40 -20 0 20 40 60 Q1 17 Q2 Q3 Q4 Q1 18 Q2 Q3 Q4 sum of the latest 4 quarters sum of the latest 4 quarters - 3 -（図表 ） 民間非金融法人 金融負債 Notes: 1. 2. The sum of “Loans,“ “Financial derivatives and employee stock options,“ “Deposits money,“ “Trade credits and foreign trade credits,“ “Accounts receivable/payable,“ “Outward investment in securities,“ and “Others“ in the Flow of Funds Accounts is represented by Others in the above charts. Chart 3-1. Financial assets held by households (1) Amounts outstanding (2) Changes from a year earlier (3) Breakdown by component The sum of “Non-life insurance technical reserves,“ “Life insurance reserves,“ and “Annuity entitlements“ in the Flow of Funds Accounts is represented by insurance in the above chart. -8 -6 -4 -2 0 2 4 6 8 06 07 08 09 10 11 12 13 14 15 16 17 18 Calendar year Currency and deposits Debt securities Investment trust beneficiary certificates Equity Insurance, pension and standardized guarantees Others Changes from a year earlier 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 Q1 17 Q2 Q3 Q4 Q1 18 Q2 Q3 Q4 CY (y/y % chg.) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 04 05 06 07 08 09 10 11 12 13 14 15 16 17 (trillion yen) FY Others Insurance, pension and standardized guarantees Equity Investment trust beneficiary certificates Debt securities Currency and deposits (trillion yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,785 1,808 1,820 1,854 1,831 1,847 1,860 1,830 1 1.9 3.6 3.9 3.8 2.6 2.2 2.2 -1.3 1,830(100.0) 2 2.3 2.6 2.9 2.6 2.1 2.0 1.9 1.6 984( 53.8) 3 - 0.1 - 3.5 - 3.6 0.3 - 5.6 - 1.7 - 0.2 - 1.3 24 ( 1.3) 4 -1.9 7.0 8.1 4.5 0.7 0.6 0.8 -12.4 67( 3.7) 5 5.8 19.0 18.2 21.9 14.2 8.8 8.4 -15.3 175 ( 9.5) 6 0.2 0.8 1.1 0.8 0.6 0.4 0.7 0.1 523( 28.6) 7 Of which: insurance 1.9 2.0 2.0 1.3 0.8 0.9 1.1 0.5 371( 20.3) 8 4.2 0.9 4.4 -1.4 -2.0 3.2 2.8 3.0 58( 3.2) Amounts outstanding in December- end 2018 in trillion yen (percentage ratio in parentheses)Amounts outstanding (End of period, trillion yen) 2017 2018 C h a n g e s ( % ) Total assets Currency and deposits Debt securities Investment trust beneficiary certificates Eq u it y Insurance, pension and standardized guarantees Others - 4 -Notes: 1. 2. The sum of “Non-life insurance technical reserves,“ “Life insurance reserves,“ and “Annuity entitlements“ in the Flow of Funds Accounts is represented by Insurance in the above chart.Chart 3-2. Financial assets held by households: Breakdown of debt securities, (1) Debt securities (3) Equity (4) Insuranceinvestment trust beneficiary certificates, equity, and insurance (2) Investment trust beneficiary certificates Reconciliation is calculated as the difference of stock from the previous period minus the transaction flow of the relevant period. -20 -10 0 10 20 15161718 Calendar year Reconciliation Transaction flow Changes from a year earlier (y/y % chg.) -40 -20 0 20 40 15 161718 Calendar year Reconciliation Transaction flow Changes from a year earlier (y/y % chg.) -5 -4 -3 -2 -1 0 1 2 3 4 5 15161718 Calendar year Reconciliation Transaction flow Changes from a year earlier (y/y % chg.) -40 -20 0 20 40 15161718 Calendar year Reconciliation Transaction flow Changes from a year earlier (y/y % chg.) - 5 -Notes: 1. 2. (3) Breakdown by component Chart 4-1. Financial liabilities of private nonfinancial corporations (1) Amounts outstanding (2) Changes from a year earlier Figures are evaluated on either a book value or face value basis. They do not match the figures in Chart 1 which are evaluated on a market value basis. The sum of “Insurance, pension and standardized guarantees,“ “Financial derivatives and employee stock options,“ “Accounts receivable/payable,“ “Other external claims and debts,“ and “Others“ in the Flow of Funds Accounts is represented by Others in the above charts. 0 200 400 600 800 1,000 1,200 Q1 17 Q2 Q3 Q4 Q1 18 Q2 Q3 Q4 CY -8 -6 -4 -2 0 2 4 6 06 07 08 09 10 11 12 13 14 15 16 17 18 Calendar year Loans Debt securities Equity and investment fund shares Deposits money Trade credits and foreign trade credits Others Changes from a year earlier (y/y % chg.) 0 200 400 600 800 1,000 1,200 04 05 06 07 08 09 10 11 12 13 14 15 16 17 (trillion yen) FY Loans Debt securities Equity and investment fund shares Deposits money Trade credits and foreign trade credits Others (trillion yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 930 915 927 948 952 945 952 971 1 Total liabilities 1.4 1.7 4.0 2.7 2.4 3.2 2.7 2.4 971 (100.0) 2 Loans 3.9 3.8 3.5 2.6 1.1 3.1 3.4 3.5 410 ( 42.2) 3 Debt securities 8.3 6.3 7.9 8.3 5.5 5.8 5.0 6.1 76 ( 7.8) 4 Equity and investment fund shares - 0.1 - 0.4 - 0.0 0.6 0.0 0.1 - 0.1 - 0.9 167 ( 17.2) 5 Deposits money 0.8 0.1 - 0.0 2.1 - 0.5 0.8 0.5 - 0.9 45 ( 4.7) 6 Trade credits and foreign trade credits - 3.7 1.1 11.2 7.1 7.7 6.7 3.8 0.2 206 ( 21.3) 7O t h e r s 0.9 - 6.2 - 3.1 - 9.5 - 1.3 1.0 0.8 10.6 67 ( 6.9) C h a n g e s ( % ) Amounts outstanding in December- end 2018 in trillion yen (percentage ratio in parentheses) Amounts outstanding (End of period, trillion yen) 2017 2018 - 6 -（日本） Note:Chart 4-2. Financial assets held by private nonfinancial corporations (1) Amounts outstanding (2) Changes from a year earlier (3) Breakdown by component The sum of “Loans,“ “Investment trust beneficiary certificates,“ “Insurance, pension and standardized guarantees,“ “Financial derivatives and employee stock options,“ “Deposits money,“ “Accounts receivable/payable,“ “Other external claims and debts,“ and “Others“ in the Flow of Funds Accounts is represented by Others in the above charts. 0 200 400 600 800 1,000 1,200 1,400 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Currency and deposits Debt securities Equity Trade credits and foreign trade credits Outward direct investment Outward investment in securities Others 0 200 400 600 800 1,000 1,200 1,400 Q1 17 Q2 Q3 Q4 Q1 18 Q2 Q3 Q4 -20 -15 -10 -5 0 5 10 15 20 25 06 07 08 09 10 11 12 13 14 15 16 17 18 (y/y % chg.) Currency and deposits Debt securities Equity Trade credits and foreign trade credits Outward direct investment Outward investment in securities Others Changes from a year earlier (trillion yen) FY Calendar year (trillion yen) CY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,086 1,104 1,139 1,196 1,173 1,176 1,211 1,142 1 Total assets 4.0 11.3 13.6 13.3 8.1 6.5 6.3 - 4.5 1,142 (100.0) 2 Currency and deposits 5.6 5.3 6.3 5.1 4.9 3.7 4.0 3.8 262 ( 22.9) 3 Debt securities 0.0 - 1.7 0.9 2.4 4.9 5.4 3.1 1.5 30 ( 2.6) 4 Equity 6.5 22.3 21.0 30.0 14.5 8.2 8.6 -19.1 330 ( 28.9) 5 Trade credits and foreign trade credits - 1.8 3.1 11.1 7.6 7.1 5.7 3.3 - 0.1 234 ( 20.5) 6 Outward direct investment 6.2 19.0 20.7 10.8 8.3 7.8 8.9 4.6 131 ( 11.5) 7 Outward investment in securities 9.3 17.7 20.3 - 3.1 11.0 10.7 14.9 11.4 40 ( 3.5) 8 Others 3.0 5.0 7.3 5.3 - 2.6 6.8 5.4 3.7 115 ( 10.1) Amounts outstanding (End of period, trillion yen) C h a n g e s ( % ) Amounts outstanding in December- end 2018 in trillion yen (percentage ratio in parentheses) 2017 2018 - 7 -Notes: 1. 2. 3. Chart 5. Breakdown of loans by private financial institutions (1) Breakdown by borrower sector (2) Changes from a year earlier Figures are evaluated on a market value basis. Loans by private financial institutions are the sum of loans provided by “Depository corporations,“ “Insurance and pension funds,“ “Other financial intermediaries,“ and “Financial auxiliaries.“ The sum of “To public nonfinancial corporations“ and “To private nonprofit institutions serving households“ in the Flow of Funds Accounts is represented by “To others“ in the above charts. -6 -4 -2 0 2 4 6 06 07 08 09 10 11 12 13 14 15 16 17 18 To general government To private nonfinancial corporations To households To overseas To financial institutions To others Changes from a year earlier Calendar year (y/y % chg.) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 823 816 829 838 847 848 859 864 1 Total loans by private financial institutions 3.0 3.8 4.2 3.0 3.0 4.0 3.7 3.1 864 (100.0) 2 To general government - 0.8 - 0.1 - 1.2 - 1.6 - 1.5 - 3.7 - 3.3 - 1.9 61 ( 7.1) 3 To private nonfinancial corporations 3.6 3.8 3.8 3.2 1.9 2.6 2.4 2.7 324 ( 37.5) 4 To households 2.3 2.4 1.9 2.2 2.9 2.7 3.0 2.5 260 ( 30.1) 5 To overseas 10.4 5.9 10.7 1.9 3.4 9.1 6.2 0.9 87 ( 10.1) 6 To financial institutions 1.4 9.4 10.8 8.5 9.7 13.2 12.0 10.9 116 ( 13.4) 7 To others - 4.1 - 1.4 - 1.2 0.1 - 1.2 - 0.6 - 0.8 - 0.5 17 ( 1.9) 2017 Amounts outstanding (End of period, trillion yen) C h a n g e s ( % ) Amounts outstanding in December- end 2018 in trillion yen (percentage ratio in parentheses) 2018 - 8 -