Monetary Base in Japan

Banco de Japon · Monthly · Importance 2

-13.8% (Jul-26) YOY · % · Mensual · CSV

Period	%
Jul 2026	-13.8%
Jun 2026	-13.7%
May 2026	-12.2%
Apr 2026	-11.3%
Mar 2026	-11.6%
Feb 2026	-10.6%
Jan 2026	-9.5%
Dec 2025	-9.8%
Nov 2025	-8.5%
Oct 2025	-7.8%
Sep 2025	-6.2%
Aug 2025	-4.1%
Jul 2025	-3.9%
Jun 2025	-3.5%
May 2025	-3.4%
Apr 2025	-4.8%
Mar 2025	-3.1%
Feb 2025	-1.8%
Jan 2025	-2.5%
Dec 2024	-1.0%
Nov 2024	-0.3%
Oct 2024	-0.3%
Sep 2024	-0.1%
Aug 2024	0.6%
Jul 2024	1.0%
Jun 2024	0.6%
May 2024	0.9%
Apr 2024	2.1%
Mar 2024	1.6%
Feb 2024	2.4%
Jan 2024	4.8%
Dec 2023	7.8%
Nov 2023	8.9%
Oct 2023	9.0%
Sep 2023	5.6%
Aug 2023	1.2%
Jul 2023	-1.3%
Jun 2023	-1.0%
May 2023	-1.1%
Apr 2023	-1.7%
Mar 2023	-1.0%
Feb 2023	-1.6%
Jan 2023	-3.8%
Dec 2022	-6.1%
Nov 2022	-6.4%
Oct 2022	-6.9%
Sep 2022	-3.3%
Aug 2022	0.4%
Jul 2022	2.8%
Jun 2022	3.9%
May 2022	4.6%
Apr 2022	6.6%
Mar 2022	7.9%
Feb 2022	7.6%
Jan 2022	8.4%
Dec 2021	8.3%
Nov 2021	9.3%
Oct 2021	9.9%
Sep 2021	11.7%
Aug 2021	14.9%

Period	100 millones de yenes
Jul 2026	5,549,259
Jun 2026	5,592,039
May 2026	5,757,634
Apr 2026	5,829,256
Mar 2026	5,707,875
Feb 2026	5,809,326
Jan 2026	5,894,035
Dec 2025	5,941,943
Nov 2025	6,126,869
Oct 2025	6,165,980
Sep 2025	6,281,080
Aug 2025	6,437,775
Jul 2025	6,438,964
Jun 2025	6,479,525
May 2025	6,560,120
Apr 2025	6,569,773
Mar 2025	6,458,519
Feb 2025	6,499,369
Jan 2025	6,511,079
Dec 2024	6,585,240
Nov 2024	6,697,481
Oct 2024	6,688,723
Sep 2024	6,694,463
Aug 2024	6,711,832
Jul 2024	6,701,436
Jun 2024	6,711,098
May 2024	6,788,243
Apr 2024	6,898,964
Mar 2024	6,662,400
Feb 2024	6,616,688
Jan 2024	6,680,019
Dec 2023	6,654,863
Nov 2023	6,715,329
Oct 2023	6,706,127
Sep 2023	6,698,608
Aug 2023	6,674,477
Jul 2023	6,633,513
Jun 2023	6,669,938
May 2023	6,727,323
Apr 2023	6,759,281
Mar 2023	6,557,809
Feb 2023	6,464,403
Jan 2023	6,376,936
Dec 2022	6,172,224
Nov 2022	6,168,203
Oct 2022	6,152,627
Sep 2022	6,341,934
Aug 2022	6,597,138
Jul 2022	6,722,218
Jun 2022	6,734,841
May 2022	6,800,213
Apr 2022	6,874,736
Mar 2022	6,621,323
Feb 2022	6,571,737
Jan 2022	6,627,169
Dec 2021	6,570,831
Nov 2021	6,590,000
Oct 2021	6,607,426
Sep 2021	6,557,964
Aug 2021	6,569,573

About this indicator

Source	Bank of Japan (BoJ)
Frequency	Monthly
Release	Un mes mas tarde al periodo de referencia (primeros dias habiles, 08:50 JST)
What it is	Japan's monetary base (or high-powered money) is the monetary liability of the Bank of Japan (BoJ): banknotes and coins in circulation plus the current-account balances that financial institutions hold at the central bank. It is the aggregate the BoJ controls directly.
How it's calculated	The BoJ publishes it as the average of outstanding balances over the month. The year-on-year change compares the month's average balance with that of the same month a year earlier.
Market implications	It reflects the stance of monetary policy: it expands with asset purchases (QE/QQE) and contracts when the BoJ shrinks its balance sheet. A sharp fall signals monetary normalisation, which matters for rate expectations and for the yen.
Limitations	It measures neither credit nor money in the hands of the public (M2/M3 do that); its relationship with inflation is weak and indirect. A rise in the monetary base does not automatically translate into more spending or higher prices.