The Bank of Japan published preliminary January 2026 money stock statistics, showing M2 increased 1.6% year on year and M3 rose 1.0%, while broadly defined liquidity (L) grew 2.0%. The breakdown showed M1 declined 0.5% year on year, with currency in circulation down 1.1% and deposit money down 0.4%, alongside gains in quasi-money (up 4.4%) and certificates of deposit (up 0.6%). Average amounts outstanding were JPY 1,279.1 trillion for M2 (JPY 1,282.1 trillion seasonally adjusted), JPY 1,627.2 trillion for M3 (JPY 1,628.6 trillion seasonally adjusted), and JPY 2,240.4 trillion for L (JPY 2,244.9 trillion seasonally adjusted); the release also incorporated revisions to December 2025 figures. For L components outside M3, pecuniary trusts rose 3.6% year on year and investment trusts rose 3.1%, while straight bonds fell 57.3% and commercial paper rose 224.7%. Government bonds increased 20.8% and foreign bonds increased 8.7%.
Bank of Japan 2026-02-10
Bank of Japan releases preliminary January 2026 money stock data with M2 up 1.6% and M3 up 1.0% year on year
The Bank of Japan's preliminary January 2026 money stock statistics reveal a 1.6% year-on-year increase in M2 and a 1.0% rise in M3, with broadly defined liquidity (L) growing 2.0%. Notable changes include a 0.5% decline in M1, a 4.4% increase in quasi-money, and significant fluctuations in components such as a 224.7% rise in commercial paper and a 57.3% fall in straight bonds.