The Bank of Japan published preliminary money stock statistics for March 2026. M2 grew 2.0% year on year and M3 1.4%, while M1 contracted 0.4%; broadly defined liquidity (L) increased 2.8%. Currency in circulation fell 1.1% from a year earlier and deposit money declined 0.3%, offset by gains in quasi-money of 5.2% and certificates of deposit of 6.2%. Average amounts outstanding in March were JPY 1,280.1 trillion for M2, JPY 1,625.5 trillion for M3 and JPY 2,268.5 trillion for L; seasonally adjusted annualized growth from the previous period was 3.7% for M2, 2.6% for M3 and 3.1% for L. Within L, investment trusts rose 11.7% year on year and pecuniary trusts 4.0%, while straight bonds fell 25.6% and bank debentures slipped 0.5%; commercial paper increased 536.2%, government securities issued by banks 20.7% and foreign bonds 6.2%. February 2026 figures were revised, and the series from January 2024 onward were also revised.
Bank of Japan 2026-04-13
Bank of Japan releases preliminary March 2026 money stock data with M2 up 2.0% year on year and L up 2.8%
The Bank of Japan released preliminary money stock statistics for March 2026, reporting year-on-year growth of 2.0% in M2, 1.4% in M3 and 2.8% in broadly defined liquidity, while M1 contracted 0.4%. Currency in circulation and deposit money declined, offset by gains in quasi-money and certificates of deposit, with notable shifts in broadly defined liquidity including a sharp rise in commercial paper and a fall in straight bonds. Figures for February 2026 and data from January 2024 onward were revised.