May 26, 2023
Bank of Japan
Research and Statistics Department

Planned Retroactive Revision to the Flow of Funds Accounts
The Bank of Japan retroactively revises data for the Flow of Funds Accounts (FFA), in principle
once a year, to reflect information updates, such as newly obtained source data and institutionalchanges, and to incorporate revised estimation methods. The retroactive revision of 2023 isscheduled to be implemented in June and data from the first quarter of 2005 onward will be updated
accordingly. This document outlines the key points of the revision currently planned, as well as theireffect on outstanding and other figures in the FFA (tentative figures for end-March 2022).
― Charts at the end of this document present figures before and after the retroactive revision for
the following outstanding amounts, which are assumed to be of greatest interest to users ingeneral: financial assets of "Households," and financial assets and liabilities of "Private
nonfinancial corporations." At present, the extent to which this revision affects theseoutstanding amounts is likely to be marginal.
― Figures and charts in this document are tentative, and subject to additional revisions as a resultof, for example, newly obtained source data in the period ahead. The revised data arescheduled to be released on June 27 and will be available in the "BOJ Time-Series DataSearch."(1) "Other equity"(a) Revision"Other equity" refers to holdings in corporations other than joint-stock corporations and specialcorporations, etc. Of these, part of the amount held by the "Central government" and all of theamounts held in "Social security funds" are recorded from the contributed capital (shareholders’equity, etc.) provided in financial statements, Government investment corporation lists, and otherdata. In the planned revision, the net assets of investee corporations will be recorded as "Otherequity" for each sector in reference to the same item of the Annual Report on National Accounts
compiled by the Cabinet Office.

1(b) EffectDue to the above revision, the figures for "Other equity" (assets) of "Central government" and"Social security funds" will be revised upward. Accordingly, "Other equity" (liabilities) of"Social security funds," "Public nonfinancial corporations," "Public captive financialinstitutions," "Nonlife insurance," "Other pensions," and "Government financial institutions," etc.
are likely to also be revised upward.
Change in amount outstanding: "Other equity" (end-March 2022)
SectorAssets/liabilities

Central government

Amount outstanding Amount outstanding Change in amount(before revision)(after revision)

outstanding

Assets45.5 tril. yen

67.9 tril. yen+22.4 tril. yen

Social security funds

Assets0.8 tril. yen

6.6 tril. yen+5.8 tril. yen

Social security funds

Liabilities

0.1 tril. yen

4.7 tril. yen+4.6 tril. yen

Public nonfinancial

Liabilities

41.8 tril. yen

49.4 tril. yen+7.6 tril. yen

Liabilities

6.6 tril. yen

14.5 tril. yen+7.9 tril. yen

Nonlife insurance

Liabilities

0.8 tril. yen

3.8 tril. yen+3.0 tril. yen

Other pensions

Liabilities

0.02 tril. yen

1.2 tril. yen+1.2 tril. yen

Government

Liabilities

23.8 tril. yen

27.1 tril. yen+3.3 tril. yen

corporations
Public captive
financial institutions

financial institutions(2) Loans to "Securities companies"(a) Revision
The total amount of loans to "Securities companies," which is mainly based on the financial
statements of securities companies, is allocated to loans by domestic sectors which are recorded
as "Loans by private financial institutions" and loans by the overseas sector which are recorded
as "Loans by the nonfinancial sector." With the planned revision, the ratio of loans by domestic
sectors and the overseas sector will be refined by reflecting newly obtained source data.
(b) EffectDue to the above revision, figures for "Loans by private financial institutions" (liabilities) to"Securities companies" will be revised downward, whereas "Loans by the nonfinancial sector"(liabilities) to "Securities companies" will be revised upward. Accordingly, "Loans by private
financial institutions" (liabilities) to "Private nonfinancial corporations" will be revised upward,2

whereas "Loans by the nonfinancial sector" (liabilities) to "Private nonfinancial corporations"will be revised downward.
Change in amount outstanding: "Loans by private financial institutions" and "Loans by thenonfinancial sector" (end-March 2022)
Sector;Transaction item

Assets/liabilities

Amount outstanding Amount outstanding Change in amount(before revision)(after revision)

outstanding

Liabilities

15.5 tril. yen

9.1 tril. yen-6.5 tril. yen

Liabilities

0.1 tril. yen

6.5 tril. yen+6.5 tril. yen

Liabilities

354.1 tril. yen

362.8 tril. yen+8.7 tril. yen

Liabilities

47.6 tril. yen

40.9 tril. yen-6.7 tril. yen

Securities companies;
Loans by private
financial institutions(to companies andgovernments)
Securities companies;
Loans by thenonfinancial sector
Private nonfinancial
corporations; Loansby private financial
institutions (tocompanies andgovernments)
Private nonfinancial
corporations; Loansby the nonfinancial
sector(3) Other key points of the retroactive revision
Other than the above revisions, the Bank will reflect newly obtained source data as part of theplanned revision. Below are the highlights of such revisions currently planned.
"Transferable deposits" held by "Private Nonprofit Institutions Serving Households (NPISH)"
The amount of "Transferable deposits" held by "NPISH" is estimated based on the amount heldby "Institutions providing medical, health care, welfare, and educational services, and otherorganizations" in the Amounts Outstanding of Deposits by Depositor, deducting the amount heldby the part of each institution that does not fall under the definition of "NPISH." With the planned
revision, figures for "Transferable deposits" held by "NPISH" will be refined to reflect the newly
obtained source data.
3

"Unlisted shares" issued by "Private nonfinancial corporations"
In estimating the amount outstanding of "Unlisted shares" issued by "Private nonfinancial
corporations," the Bank makes use of data such as those on market value from the Annual Reporton National Accounts. With the planned revision, historical figures will be retroactively revised
to reflect the newly obtained source data.
Reflecting the retroactive revision of the Balance of Payments related statistics
As a result of incorporating the retroactively revised data from the Balance of Payments related
statistics, figures for some transaction items of the sector "Overseas" will be revised from 2020
onward.

Inquiries:
Financial Statistics Group, Economic Statistics Division, Research and Statistics Department
E-mail: post.rsd5@boj.or.jp

4

(Reference)(1) Households (outstanding financial assets)(trillion yen)

Total financial assets

2,500

2,000

1,500

1,000

Before retroactive revision500

After retroactive revision0┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year
(trillion yen)

Currency and deposits

1,200

1,000

800

600

400

Before retroactive revision
2000

After retroactive revision┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year
(trillion yen)

Debt securities

100806040

20

Before retroactive revision
After retroactive revision0┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year5

(1) Households (outstanding financial assets) (continued)
Investment trust beneficiary certificates(trillion yen)100

806040

Before retroactive revision20

After retroactive revision0┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year
(trillion yen)

Equity

300

250

200

150

100

Before retroactive revision500

After retroactive revision┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year

(2) Private nonfinancial corporations (outstanding financial liabilities,
book value/face value basis)(trillion yen)

Total financial liabilities

1,200
1,000
800
600
400
200
0

Before retroactive revision
After retroactive revision┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year6

(2) Private nonfinancial corporations (outstanding financial liabilities,
book value/face value basis) (continued)(trillion yen)

Borrowings

500400300

200

Before retroactive revision100

After retroactive revision0┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year

Debt securities(trillion yen)1008060

40

Before retroactive revision20

After retroactive revision0┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22Calendar year
(trillion yen)

Equity and investment fund shares

20015010050

Before retroactive revision
After retroactive revision0┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year7(3) Private nonfinancial corporations (outstanding financial assets)(trillion yen)

Total financial assets

1,400
1,200
1,000
800
600
400

Before retroactive revision
After retroactive revision

2000┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year
(trillion yen)

Currency and deposits

350
300
250
200
150
100

Before retroactive revision
After retroactive revision500┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year
(trillion yen)

Debt securities

100

Before retroactive revision80

After retroactive revision

6040200┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year8(3) Private nonfinancial corporations (outstanding financial assets) (continued)(trillion yen)

Equity500

Before retroactive revision400

After retroactive revision

300

200

1000┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year
(trillion yen)

Outward investment in securities

100

Before retroactive revision80

After retroactive revision

60

40

200

┗ 0 5 ┛┗ 0 6 ┛┗ 0 7 ┛┗ 0 8 ┛┗ 0 9 ┛┗ 1 0 ┛┗ 1 1 ┛┗ 1 2 ┛┗ 1 3 ┛┗ 1 4 ┛┗ 1 5 ┛┗ 1 6 ┛┗ 1 7 ┛┗ 1 8 ┛┗ 1 9 ┛┗ 2 0 ┛┗ 2 1 ┛ 22

Calendar year

9