Notes on Sectoral Balance Sheets (SBS) data in Japan
July 2024
Economic and Social Research Institute, Cabinet Office
1. Overview
Main source data

Flow of Funds Accounts (Bank of Japan)Monetary Base (Bank of Japan)International Investment Position (Ministry of Finance, Bank of Japan)International Reserves/Foreign Currency Liquidity (Ministry of Finance)Balance of the Fiscal Loan Fund (Ministry of Finance)

Central Government Debt "Outstanding Government Bonds and Borrowings" (Ministry ofFinance)

Financial Statements Statistics of Corporations by Industry (Ministry of Finance)Quarterly Financial Reports of Public financial corporations

Presentations
Five main sectors (Non-financial corporations, Financial corporations, General government,
Households and NPISHs, and Rest of the world)
NPISH: Non-profit institutions serving households

Five sub-sectors in Financial corporations (Central bank, Other deposit-taking corporations,
Money market funds, Insurance corporations and pension funds, and Other financialcorporations)Eight financial instruments for both assets and liabilities (F1. Monetary gold and SDRs, F2.
Currency and deposits, F3. Debt securities, F4. Loans, F5. Equity and investment funds shares,
F6. Insurance, pension, and standardized guarantee schemes, F7. Financial derivatives andemployee stock options, F8. Other accounts receivable/payable)

2. Recording principles comparing with the Flow of Funds Accounts (FFA)
The primary data source of the SBS is the Flow of Funds Accounts (FFA), therefore the recording
principles of both statistics are basically the same. Listed below are a few exceptions where thetwo statistics have different concepts and definitions thus being recorded in different manners.

SBS
ConsolidationNon-consolidated,

FFA
exceptthat

Non-consolidated for all sectors

General government is compiled on aconsolidated basis.
Valuation

Market valueMarket value

Loans are on a book value basis.

Loans are on a market value basis.

3. Remarks


Minor differences in sectors and financial instruments coverage between the SBS and the FFA
are summarized in the following tables.

Rest of the world

Households and NPISHs

General government

Other financial corporations

Non-financial corporations
Financial corporations
Central bank
Other deposit-taking corporations
Money market funds
Insurance corporations and pension funds

Sectors

(+)
(+)
(+)
(+)
(+)
(+)
(-)
(+)
(+)
(+)
(+)
(+)
(+)
(+)
(+)
(+)

Central bank
Depository corporations
MMF and MRF
Insurance
Pension funds
Securities investment trusts
Of which: MMF and MRF
Other financial intermediaries
Financial auxiliaries
Public captive financial institutions
Central government
Local governments
Social security funds
Households
Private nonprofit institutions serving households
Overseas

Japan's Flow of Funds Accounts
Includes (+) or
excludes (-)(+)
Non-financial corporations

Comparative table of sectors of Sectoral Balance Sheets vs Japan's Flow of Funds Accounts

Insurance, pension and standardized
guarantees
Financial derivatives and employee
stock options
Other accounts receivable/payable

Equity and investment fund shares

Financial derivatives and employee stock options
Deposits money
Trade credits and foreign trade credits
Accounts receivable/payable
Other external claims and debts
Of which: gold and SDRs etc.
Others

(+)
(+)
(+)
(+)
(+)
(-)
(+)

Installment credit (not included in consumer credit)
Repurchase agreements and securities lending transactions
EquityInvestment trust beneficiary certificates
Outward direct investment

(+)
(+)
(+)
(+)
(+)

Insurance, pension and standardized guarantees

Loans by the nonfinancial sector(+)(+)

Bank of Japan loans
Call loans and bills
Loans by private financial institutions
Loans by public financial institutions

(+)
(+)
(+)
(+)

Outward investments in securities

(+)

Loans

Treasury discount bills
Central government securities and FILP bonds
Local government securities
Public corporation securities
Bank debentures
Industrial securities
External securities issued by residents
Commercial paper
Trust beneficiary rightsStructured-financing instruments

(+)
(+)
(+)
(+)
(+)
(+)
(+)
(+)
(+)
(+)

Debt securities

Of which: gold and SDRs etc.
CurrencyDeposits with the Bank of Japan
Government deposits
Transferable deposits
Time and savings deposits
Certificates of deposits
Foreign currency deposits
Deposits with the Fiscal Loan Fund

(+)
(+)
(+)
(+)
(+)
(+)
(+)
(+)
(+)

Includes (+) or
excludes (-)

Japan's Flow of Funds Accounts

Monetary gold and SDRs
Currency and deposits

Financial instruments(-) Assets equivalent to the government deposits held by special accounts(-) Liabilities equivalent to the government deposits held by special accounts(+) Offsetting assets to subsidy bonds, etc.
(-) Contributions to international organizations(-) Deposits with government officials' mutual aids(+) Outward investments in shares and foreign investment trusts issued bynonresidents(+) Contributions to international organizations(+) Loans to the IMF through the New arrangements to Borrow (NAB) in IMF
reserve positions(-) Outward investments in shares and foreign investment trusts issued bynonresidents(+) Subsidy bonds, etc.

(+) IMF reserve tranche in IMF reserve positions(+) Deposits with government officials' mutual aids(-) IMF reserve positions

Additions to (+) and removal from (-)
Japan's Flow of Funds Accounts

Comparative table of financial instruments of Sectoral Balance Sheets vs Japan's Flow of Funds Accounts