May 27, 2024
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 2024 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 2023).
― Charts at the end of this document present figures before and after the retroactive revision for
the following amounts outstanding: financial assets of "households," and financial assets andliabilities of "private nonfinancial corporations." At present, the extent to which this revisionaffects these amounts outstanding 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 on the "BOJ Time-Series DataSearch."(1) "Finance companies"(a) Revision"Finance companies" in the FFA consists of financial assets/liabilities in (1) money lendingcompanies, (2) the Resolution and Collection Corporation (excluding those recorded in "financial
institutions for small businesses"), (3) securities finance companies, and (4) venture capitals.
From these four, the most significant revision is to the series for money lending companies,
mainly due to the increase in the number of major money lending companies which respond to
the regular survey (hereafter the respondents) and the refinement of the estimation method.
Financial assets and liabilities held by money lending companies are estimated using financial
statements which are submitted to the Bank of Japan as source data of the FFA from therespondents through regular survey, except for those estimated using other sources such as
statistics released by industry associations. Specifically, the total financial assets and liabilities
are calculated by summing up the estimated amounts outstanding of each transaction item by the1following business types: money lending companies for consumers; money lending companies
for businesses; credit card companies, sales credit companies, money lending companies
affiliated to retailers and manufacturers; and leasing companies. The amount outstanding of eachtransaction item by business type is estimated by taking the ratio of the total loans outstandingof all companies categorized in each type to that of the respondents (categorized in each type)and multiplying by the amount outstanding for each transaction item reported by the respondents.
For breakdowns of deposits, the estimated total amount outstanding of the money lending
companies is allocated proportionally by the ratio of transferable deposits to time and savings
deposits of depository companies, assuming that this sector does not hold foreign currency
deposits.
In the planned revision for money lending companies, two changes will be put in place. Firstly,
the number of the respondents will be expanded; secondly, the amount outstanding of eachtransaction item held by money lending companies will be estimated by taking the ratio of thetotal loans outstanding of all companies to that of the respondents as a whole and multiplying by
the amount outstanding for each transaction item reported by the respondents (instead of eachbusiness type). Meanwhile, for the transaction items for which amounts outstanding are available
from other sources, data drawn from these sources will be used. In addition, for deposits, theestimated total amount outstanding of the money lending companies will be allocatedproportionally by the proportion of transferable deposits, time and savings deposits, and foreign
currency deposits of "nondeposit-taking institutions including money lenders and credit cardcompanies (but excluding government financial institutions)" in Amounts Outstanding ofDeposits by Depositor.
(b) EffectDue to the above revision, for "finance companies," the amounts outstanding of transaction items
which will be revised downward are mainly "time and savings deposits" (assets), "equity" (assets,liabilities), "loans by private financial institutions" (liabilities) and "debt securities" (liabilities).
Whereas, the amounts outstanding of transaction items which will be revised upward are mainly"transferable deposits" (assets), "loans by private financial institutions" (assets) and "loans by thenonfinancial sector" (liabilities).
Accordingly, amounts outstanding of some transaction items of "private nonfinancialcorporations" and "households" will also be revised.

2Major changes in amounts outstanding: "finance companies" (end-March 2023)
Amounts

Amounts

Changes inoutstanding after

amounts

revision

revisionoutstanding

Assets

1.1 tril. yen

4.7 tril. yen+3.6 tril. yen

Assets

7.1 tril. yen

1.1 tril. yen-5.9 tril. yen

Assets55.0 tril. yen

56.6 tril. yen+1.5 tril. yen

Assets12.1 tril. yen

10.1 tril. yen-2.0 tril. yen

Liabilities

49.4 tril. yen

39.4 tril. yen-10.0 tril. yen

Liabilities

9.3 tril. yen

15.0 tril. yen+5.7 tril. yen

Debt securities

Liabilities

19.4 tril. yen

18.1 tril. yen-1.3 tril. yen

EquityLiabilities

17.4 tril. yen

12.8 tril. yen-4.6 tril. yen

Transaction items
Transferable

Assets/liabilities outstanding before

deposits
Time and savings
deposits
Loans by private
financial institutions
EquityLoans by privatefinancial institutions
Loans by thenonfinancial sector(2) "Loans by private financial institutions" of "financial holding companies"(a) Revision
The amount outstanding of "loans by private financial institutions" held by "financial holding
companies" is estimated based on the financial statements of individual financial holding
companies, which are available only annually or semi-annually. In the planned revision, for
figures as of end of June and December when financial statements are unavailable, the amounts
outstanding of "loans by private financial institutions" held by financial holding companies ofbanks will be estimated using the data from financial statements of subsidiary banks of financial
holding companies. In addition, the reconciliation amounts will record the changes in amounts
outstanding of foreign currency loans attributable to the fluctuations of exchange rates, which
are estimated based on the financial statements of financial holding companies and theirsubsidiaries.
(b) EffectDue to the above revision, the figures for reconciliation, transaction and amounts outstanding of"loans by private financial institutions" (assets) of "financial holding companies," andaccordingly, amounts outstanding of some transaction items of "private nonfinancial
corporations" will be revised.
3

Changes in amounts: "loans by private financial institutions" (the fourth quarter of 2022)1
SectorFinancial holding
companies
Financial holding
companies
Financial holding
companies

Assets/liabilities

Reconciliation/transaction/
outstanding

Amounts

Amounts

Changes in

before revision

after revision

amounts

AssetsReconciliation---0.9 tril. yen-0.9 tril.
yen

AssetsTransaction

0-1.2 tril. yen-1.2 tril.
yen

AssetsOutstanding

40.9 tril. yen

39.0 tril. yen-1.9 tril.
yen(3) "Public corporation securities" of "overseas"(a) Revision
The amount outstanding of "public corporation securities" held by the overseas sector is
calculated from the residual after deducting the amounts held by domestic sectors, whose data
are available from disclosed information such as financial statements, from total amounts issued.
To be more specific, the residual is allocated among "private nonfinancial corporations," "private
nonprofit institutions serving households (NPISH)" and "overseas." In the planned revision, theratio attached for each sector in the allocation will be refined to reflect the recent increase inforeign investors’ holdings more accurately.
(b) EffectDue to the above revision, the figures for "public corporation securities" (assets) of "overseas"
will be revised upward, whereas "public corporation securities" (assets) of "private nonfinancial
corporations" and "NPISH" will be revised downward. Accordingly, the figures for "central
government securities and FILP bonds" (assets) of "overseas" will be revised downward, whereas"central government securities and FILP bonds" (assets) of "domestically licensed banks" will berevised upward.

1As this revision does not affect the amounts outstanding as of the end of March, the table shows thefigures of the reconciliation, transaction and amounts outstanding, as well as the changes caused by therevision as of the fourth quarter of 2022, as an example.

4

Changes in amounts outstanding: "public corporation securities" and "central government
securities and FILP bonds" (end-March 2023)
Sector;Transaction item
Overseas; publiccorporation securities

AmountsChanges inoutstanding after

amounts

revision

revisionoutstanding

Assets

3.2 tril. yen

7.6 tril. yen+4.4 tril. yen

Assets78.1 tril. yen

73.4 tril. yen-4.7 tril. yen

Assets23.6 tril. yen

26.4 tril. yen+2.8 tril. yen

Assets

3.6 tril. yen

1.3 tril. yen-2.2 tril. yen

Assets

3.6 tril. yen

0.2 tril. yen-3.3 tril. yen

Amounts
Assets/liabilities outstanding before

Overseas; central
government securities
and FILP bonds
Domestically licensedbanks; central
government securities
and FILP bondsPrivate nonfinancial
corporations; publiccorporation securities
NPISH; publiccorporation securities(4) 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.
"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 2021
onward.
Inquiries:
Financial Statistics Group, Economic Statistics Division, Research and Statistics Department
E-mail: post.rsd5@boj.or.jp
5

(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 ┛┗ 2 2 ┛23

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 ┛┗ 2 2 ┛23

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 ┛┗ 2 2 ┛23

Calendar year6

(1) Households (outstanding financial assets) (continued)
Investment trust beneficiary certificates(trillion yen)
10080

6040

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 ┛┗ 2 2 ┛23

Calendar year
(trillion yen)

Equity

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 ┛┗ 2 0 ┛┗ 2 1 ┛┗ 2 2 ┛23

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 ┛┗ 2 2 ┛23

Calendar year7(2) Private nonfinancial corporations (outstanding financial liabilities,
book value/face value basis) (continued)(trillion yen)

Borrowings

600

500

400

300

200

Before retroactive revision
1000

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 ┛┗ 2 2 ┛23

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 ┛┗ 2 2 ┛23

Calendar year
(trillion yen)

Equity and investment fund shares

200

150

100

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 ┛┗ 2 0 ┛┗ 2 1 ┛┗ 2 2 ┛23

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

Total financial assets

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

Before retroactive revision200

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 ┛┗ 2 2 ┛23

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 ┛┗ 2 2 ┛23

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 ┛┗ 2 2 ┛23

Calendar year9(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 ┛┗ 2 2 ┛23

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 ┛┗ 2 2 ┛23

Calendar year10