June 25, 2021
Bank of Japan
Research and Statistics Department

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 2021 wasimplemented on June 25 and data from the first quarter of 2005 onward has been updated
accordingly. To download the retroactively revised data, please use the BOJ Time-Series Data
Search. Key points of the revision as well as their effect on outstanding and other figures in theFFA are as follows (figures are for end-March 2020).*― 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."(1) "Loans by private financial institutions" to "Households" (companies and government)(a) Revision"Loans by private financial institutions" to "Households" (companies and governments) areborrowings made by sole proprietorships. To date, this amount has been calculated by deducting
the borrowings from public financial institutions from the total value of borrowings by sole
proprietorships. The total value of borrowings by sole proprietorships was estimated using theaverage amount of borrowings per small enterprise (those with 5 employees or less), as a close
substitute for sole proprietorship in the Basic Survey on Small and Medium Enterprises compiledby the Small and Medium Sized Enterprise Agency, multiplying it by the number ofestablishments surveyed in the Economic Census by the Ministry of Internal Affairs andCommunications.
With the revision, the Bank has replaced this estimation method with a more precise one, dividing
the borrowings by sole proprietorships into two parts, those for "House and room lending byhouseholds" and the other borrowings "Not for house and room lending." The two separate*

This document is an updated version of the "Planned Retroactive Revision to the Flow of Funds Accounts"
released on May 28, 2021. The majority of the content is unchanged from the May version.

1calculations are then added together for the total. The former has primary statistics and isrelatively easy to measure the amount outstanding, while the latter uses data provided by industry
organizations to make an accurate estimation as a whole. More specifically, the amount ofborrowings for "House and room lending by households" is calculated based on the Bank ofJapan's statistics of Loans and Bills Discounted by Sector and on the financial statements offinancial institutions if not covered by the statistics. The other borrowings, "Not for house androom lending" from domestically licensed banks, etc., are calculated by multiplying the estimatedaverage amount of borrowings per sole proprietorship having actual borrowings in the Credit
Risk Database of CRD Association, by the number of sole proprietorships having actual
borrowings estimated from the number of enterprises using credit guarantees from Credit
Guarantee Corporations.
The amount of borrowings from "Finance companies" is more precisely estimated utilizing theresults of questionnaires conducted by the Japan Financial Services Association. The estimationof the amount of borrowings from "Financial institutions for agriculture, forestry, and fisheries"
is also improved by using the financial statements of those institutions.
(b) EffectDue to the above revision, figures for "Loans by private financial institutions" to households(companies and governments) have been revised upward. Conversely, "Loans by private
financial institutions" to private nonfinancial corporations and "Housing loans" to households
have been revised downward.

2

Change in amount outstanding: "Loans by private financial institutions" (end-March 2020)
Sector;Transaction item

Assets/liabilities

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

outstanding

Liabilities

43.8 tril. yen

54.0 tril. yen+10.2 tril. yen

Liabilities

333.3 tril. yen

329.3 tril. yen-4.0 tril. yen

Liabilities

193.3 tril. yen

185.9 tril. yen-7.4 tril. yen

Households;
Loans by private
financial institutions(to companies andgovernments)
Private nonfinancialcorporations;
Loans by private
financial institutions(to companies andgovernments)
Households;
Loans by private
financial institutions(Housing loans)(2) "Listed shares" held by "Securities companies"(a) Revision
The amount outstanding of "Listed shares" held by "Securities companies" was estimated bymultiplying the total market value of listed shares issued with the holding ratio of securities
companies obtained from the Share Ownership Survey of Tokyo Stock Exchange, Inc. on aregistered shareholder basis.
With the revision, aiming in part to ensure the estimation is unaffected by the change ofownership registration in securities lending transactions, the Bank has revised this method. In thenew method, the sum of "Trading securities and other" (after netted out in assets and liabilities)
and "Investment securities" in the Composite Balance Sheet of Securities Firms and Number ofCustomer Accounts, etc. released by the Japan Securities Dealers Association are multiplied by
the ratio of listed shares among total securities held in data disclosed by major securities
companies.
(b) EffectDue to the above revision, figures for listed shares held by "Securities companies" have beenrevised downward, whereas those held by financial institutions excluding securities companies,"Nonfinancial corporations," and "Households" have been revised upward.
3

Change in amount outstanding: "Listed shares" (end-March 2020)
SectorAssets/liabilities

Securities companies

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

outstanding

Assets11.1 tril. yen

4.0 tril. yen-7.1 tril. yen

Assets110.1 tril. yen

114.0 tril. yen+3.9 tril. yen

Assets124.1 tril. yen

125.1 tril. yen+1.0 tril. yen

Assets90.3 tril. yen

93.0 tril. yen+2.7 tril. yen

Financial institutions
excludingsecurities

companies
Nonfinancial
corporations
Households(3) "Installment credit (not included in consumer credit)" provided by "Private nonfinancialcorporations"(a) RevisionThis revision is concerning the treatment of sales credit on automobiles and mobile phones
provided by "Private nonfinancial corporations" (i.e., accounts receivable from the sales of these
items on their financial statements). In the FFA, while such credit has been considered to be apart of "Installment credit (not included in consumer credit)," it was recorded under "Tradecredits and foreign trade credits" (assets and liabilities).
With the revision, sales credit provided by "Private nonfinancial corporations" are recorded under"Installment credit (not included in consumer credit)." The amounts outstanding of such credit
are estimated using such source data as the financial statements of major companies involved in
the transactions of sales credit on automobiles and major mobile phone companies.
(b) EffectDue to the above revision, figures for "Trade credits and foreign trade credits" (assets andliabilities) of "Private nonfinancial corporations" have been revised downward, whereas thosefor "Installment credit (not included in consumer credit)" (assets) of "Private nonfinancialcorporations" have been revised upward. Accordingly, some other figures, mainly for"Installment credit (not included in consumer credit)" (liabilities) of "Households," have also
been revised upward.

4

Change in amount outstanding: "Installment credit (not included in consumer credit)" and"Trade credits and foreign trade credits" (end-March 2020)
Sector;Transaction item

Assets/liabilities

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

outstanding

Assets0.0 tril. yen

7.1 tril. yen+7.1 tril. yen

Liabilities

0.1 tril. yen

6.6 tril. yen+6.5 tril. yen

Assets

219.8 tril. yen

214.8 tril. yen-5.0 tril. yen

Liabilities

193.6 tril. yen

188.4 tril. yen-5.2 tril. yen

Private nonfinancialcorporations;
Installment credit(not included inconsumer credit)
Households;
Installment credit (notincluded in consumercredit)
Private nonfinancialcorporations;Tradecredits and foreign
trade credits
Private nonfinancialcorporations;

Tradecredits and foreign
trade credits(4) "Outward investment in securities" held by "Financial institutions for agriculture,forestry, and fisheries"(a) Revision
The holding amounts of "Outward investment in securities" by sector are estimated using theInternational Investment Position of Japan by holder and source data such as financial statements
of individual institutions. The amount unidentified from the source data calculated as residuals
is regarded as investment by "Private nonfinancial corporations" and allocated to the sector.
With the revision, the estimation for the amount of "Outward investment in securities" held by"Financial institutions for agriculture, forestry, and fisheries" has been made more accurate
through the examination of source data.

5(b) EffectDue to the above revision, figures for "Outward investment in securities" held by "Financial
institutions for agriculture, forestry, and fisheries" have been revised upward and those held by"Private nonfinancial corporations" have been revised downward.
Change in amount outstanding: "Outward investment in securities" (end-March 2020)
SectorAssets/liabilities

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

outstanding

Assets37.6 tril. yen

43.4 tril. yen+5.8 tril. yen

Assets22.3 tril. yen

16.4 tril. yen-5.9 tril. yen

Financial
institutions foragriculture, forestry,and fisheries
Private nonfinancial
corporations(5) "External securities issued by residents" of "Private nonfinancial corporations"(a) Revision
Regarding "External securities issued by residents," the amount issued by "Private nonfinancial
corporations" was estimated using debt securities statistics compiled by the Bank forInternational Settlements as source data.
With the revision, the source data has been switched from the above to databases provided byDealogic, etc. Along with this change, the amount of "External securities issued by residents"
issued by "Private nonfinancial corporations" is calculated by adding up the amounts outstandingof individual external securities issued by this sector, which are obtained from the new source
data.
(b) EffectDue to the above revision, outstanding figures for "External securities issued by residents"(liabilities) of "Private nonfinancial corporations" have been revised downward.

6

Change in amount outstanding: "External securities issued by residents" (end-March 2020)
SectorPrivate nonfinancial
corporations

Assets/liabilities

Amount outstanding Amount outstanding Change in amount

Liabilities(before revision)(after revision)

outstanding

11.6 tril. yen

8.7 tril. yen-2.9 tril. yen(6) Other key points of the retroactive revision
Other than the above revisions in estimation methods, the Bank has reflected newly obtained
source data as part of the revision; in this revision, it has also revised methods for estimating
certain transaction amounts, while this does not affect any outstanding figures. Below are thehighlights of such revisions.
"Unlisted shares" issued by "Private nonfinancial corporations"
In estimating the amount outstanding of "Unlisted shares" issued by "Private nonfinancialcorporations," the Bank makes use of data such as those on market value from the Annual Reporton National Accounts. With the revision, historical figures have been retroactively revised toreflect 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 relatedstatistics, figures for some transaction items of the sector "Overseas" have been revised from2018 onward.
Transaction amounts of "Outward investment in securities" (assets) of "Public pensions" and"Corporate pensions" (specifically, "Defined benefit schemes")
Regarding "Public pensions" and "Corporate pensions" ("Defined benefit schemes"), thetransaction amount of "Outward investment in securities" (assets) has been calculated bydeducting the estimated reconciliation amount (capital gains or losses) from the quarter-onquarter change in the amount outstanding of the sector's holdings.
With the revision, the Bank has refined the estimation of the reconciliation amounts (capital gainsor losses) by using such source data as information on income gains for a major institution. Dueto the revision, figures for the transaction amount of "Outward investment in securities" (assets)
have been revised upward for "Public pensions" and "Corporate pensions" ("Defined benefitschemes"), whereas they have been revised downward for "Private nonfinancial corporations."
This revision does not affect any outstanding figures.
7

Transaction amount of "Investment trust beneficiary certificates" (liabilities) of "Securitiesinvestment trusts" (specifically, "Stock investment trusts")
The transaction amount of "Investment trust beneficiary certificates" on the liability side of the"Securities investment trusts" ("Stock investment trusts") was calculated by using the estimatedamounts of the reinvested earnings from income gains and the distributions from principal, etc.
In the estimation, the Bank used investment reports of major publicly offered stock investment
trusts excluding ETFs, and grossed them up to the total of all stock investment trusts.
With the revision, the Bank has incorporated new methods in estimating income gains ofprivately placed stock investment trusts and ETFs, both of which have been growing significantly
in terms of net asset value in recent years. In estimating income gains of privately placed stock
investment trusts, the Balance of Payments Statistics and the International Investment Positionof Japan have been introduced as new sources, recognizing that the majority of portfolios ofprivately placed stock investment trusts consist of outward investment in securities.
Due to the above revision, transactions of "Investment trust beneficiary certificates" on theliability side of the "Stock investment trusts" have been revised upward. This revision does notaffect any outstanding figures.

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

8

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

Total financial assets

2,000

1,500

1,000500

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 ┛ 20

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 ┛ 20

Calendar year
(trillion yen)

Debt securities

10080

60

40

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 ┛ 20

Calendar year9

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

80

60

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 ┛ 20

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 ┛ 20

Calendar year

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

Total financial liabilities

1,000

800

600

400

Before retroactive revision200

0After 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 ┛ 20

Calendar year10

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

Borrowings

500

400

300

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 ┛ 20

Calendar year

Debt securities(trillion yen)
100

80

60

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 ┛ 20

Calendar year
(trillion yen)

Equity and investment fund shares

200150100

50

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 ┛ 20

Calendar year11(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 ┛ 20

Calendar year
(trillion yen)

Currency and deposits

300

250

200

150

100

Before retroactive revision50

0After 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 ┛ 20

Calendar year
(trillion yen)

Debt securities

100

Before retroactive revision80

After retroactive revision6040200┗ 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 ┛ 20

Calendar year12

(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 ┛ 20

Calendar year
(trillion yen)

Outward investment in securities

100

Before retroactive revision80

After retroactive revision

60

40200

┗ 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 ┛ 20

Calendar year

13