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Bank of Japan

The Bank of Japan (BOJ) also known as Nippon Ginko, is the central bank of Japan. The Bank is often called Nichigin for short. It has its headquarters in Chuo, Tokyo.

Articles by Bank of Japan

Bank of Japan Accounts (May 10)

5 hours ago

May 12, 2021
Bank of Japan

Assets
(thousand yen)

Gold
441,253,409
Cash1
191,634,241
Japanese government securities
534,566,462,367
Commercial paper2
2,855,515,509
Corporate bonds3
7,573,645,807
Pecuniary trusts (stocks held as trust property)4
555,463,081
Pecuniary trusts (index-linked exchange-traded funds held as trust property)5
36,064,937,773
Pecuniary trusts (Japan real estate investment trusts held as trust property)6
657,485,533
Loans (excluding those to the Deposit Insurance Corporation)
127,661,564,000
Foreign currency assets7
7,359,097,433
Deposits with agents8
5,279,110
Others
716,368,033
Total
718,648,706,300

Liabilities and Net Assets
(thousand yen)
Banknotes
116,548,129,114
Current deposits

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Bank of Japan Accounts (April 30)

5 days ago

May 7, 2021
Bank of Japan

Assets
(thousand yen)

Gold
441,253,409
Cash1
193,103,235
Japanese government securities
536,097,985,919
Commercial paper2
2,896,216,085
Corporate bonds3
7,581,448,735
Pecuniary trusts (stocks held as trust property)4
555,463,081
Pecuniary trusts (index-linked exchange-traded funds held as trust property)5
36,064,937,773
Pecuniary trusts (Japan real estate investment trusts held as trust property)6
657,485,533
Loans (excluding those to the Deposit Insurance Corporation)
127,661,564,000
Foreign currency assets7
7,357,499,458
Deposits with agents8
6,501,637
Others
718,212,415
Total
720,231,671,284

Liabilities and Net Assets
(thousand yen)
Banknotes
117,357,700,237
Current deposits

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(Research Paper) Supplementary Paper Series for the “Assessment” (2): Estimating Effects of Expansionary Monetary Policy since the Introduction of Quantitative and Qualitative Monetary Easing (QQE) Using the Macroeconomic Model (Q-JEM)

12 days ago

日本語

April 30, 2021
Takuji Kawamoto*1
Takashi Nakazawa*2
Yui Kishaba*3
Kohei Matsumura*4
Jouchi Nakajima*5
Full Text [PDF 2,974KB]
Abstract
This paper estimates the macroeconomic effects of the Bank of Japan’s expansionary monetary policies since the introduction of Quantitative and Qualitative Monetary Easing (QQE) using the Bank of Japan’s large-scale macroeconomic model, Q-JEM (Quarterly Japanese Economic Model). We consider counterfactual paths of major financial variables, such as real interest rates, constructing hypothetical scenarios where the QQE and subsequent easing measures had not been introduced. We then conduct counterfactual simulations to examine how Japan’s macroeconomic variables such as real GDP and CPI would have evolved under

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(Research Paper) Supplementary Paper Series for the “Assessment” (1): The Effects of the Bank of Japan’s ETF Purchases on Risk Premia in the Stock Markets

12 days ago

日本語

April 30, 2021
Ko Adachi*1
Kazuhiro Hiraki*2
Tomiyuki Kitamura*3
Full Text [PDF 958KB]
Abstract
This paper provides an empirical investigation of the effects of the Bank of Japan’s exchange traded funds (ETF) purchases on risk premia in the stock markets. The analysis examines the following two indicators of risk premia: equity risk premium implied by Nikkei 225 option prices, and yield spreads of individual stocks. The former indicator is analyzed at daily frequency, and the latter is analyzed at weekly frequency. The analysis also examines how the effects of ETF purchases vary depending on market conditions and the size of ETF purchases. The results show that the Bank of Japan’s ETF purchases have lowering effects on risk premia. The

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Twenty-second Meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks

15 days ago

April 27, 2021
Financial Markets Department
Bank of Japan
The twenty-second meeting of the Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks was held on April 27, 2021.
The agenda of the meeting is available on the "Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks" page of the Bank of Japan’s website. The meeting minutes of the twenty-second meeting will be released on the same page.
Inquiries
Market Infrastructure Division, Financial Markets Department
E-mail : [email protected]

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Issuance Schedule for the New 500 Yen Coin

15 days ago

April 27, 2021
Bank of Japan
The Ministry of Finance announced today that it had decided to proceed with the necessary preparations to start issuing new 500 yen coins in November 2021.
The Bank of Japan will announce the date of issuance when the necessary preparations have been completed.
Issuance Schedule for the New 500-yen Coin (Link to the Ministry of Finance’s website)The current 500 yen coins will remain valid even after the issuance of the new 500 yen coins.
For the time being, some of the current 500 yen coins collected will be recirculated, according to the demand for 500 yen coins in the market, to ensure smooth distribution.
(References)
Introduction of a New Series of Bank of Japan Notes and a New 500 Yen Coin [PDF 786KB]
Notice

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Business continuity at the Bank of Japan at declaration of emergency state by the Government of Japan

16 days ago

April 26, 2021
Bank of Japan
On April 23, the Government of Japan declared a state of emergency over the novel coronavirus disease (COVID-19) based on the Act on Special Measures for Pandemic Influenza and New Infectious Diseases Preparedness and Response. The Bank of Japan, as a designated public institution under the Act, is required to take necessary measures to ensure the stability of people’s daily lives and economic activities even in times of emergency.
The Bank, in cooperation with relevant parties such as the national and local governments as well as financial institutions, will continue providing essential central banking services while taking measures against COVID-19 based on the Basic Policies for Novel Coronavirus Disease Control by

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