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How Should the Recent Increase in Japan's Monetary Base Be Understood?

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  • Policy Planning Office

    (Bank of Japan)

Abstract

Monetary base is generally defined as 'all central bank liabilities to the financial corporations and other sectors'. In Japan, it is the quantitative monetary indicator which represents 'the amount of currency supplied by the Bank of Japan (the Bank)' and consists of the current account balances held at the Bank (accounting for 10-20%) and cash in circulation (banknotes and coins, 80-90%). These two components share the common features: (i) both are currency with the highest liquidity (convenience as a method of payment); (ii) both are liabilities of the Bank or the government; (iii) both are supplied through the Bank; and (iv) neither bear interest rates.

Suggested Citation

  • Policy Planning Office, 2002. "How Should the Recent Increase in Japan's Monetary Base Be Understood?," Bank of Japan Research Papers 2002-09-05, Bank of Japan.
    • Handle: RePEc:boj:bojron:02-e-0905
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    File URL: http://www.boj.or.jp/en/research/brp/ron_2002/data/ron0209a.pdf
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    Cited by:

    1. James R. Rhodes & Naoyuki Yoshino, 2007. "Japan’s Monetary Policy Transition, 1955-2005," GRIPS Discussion Papers 07-04, National Graduate Institute for Policy Studies.
    2. Naoyuki Yoshino & James R. Rhodes, 2004. "Japan's Monetary Policy Transition, 1955-2004," Econometric Society 2004 Far Eastern Meetings 725, Econometric Society.
    3. Hiroshi Ugai, 2006. "Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses," Bank of Japan Working Paper Series 06-E-10, Bank of Japan.

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