{"version":"1","article":{"id":"japan-september-monetary-base-2026","slug":"japan-september-monetary-base-2026","language":"en","url":"https://haberpaper.com/en/news/japan-september-monetary-base-2026","api_url":"https://haberpaper.com/api/v1/articles/japan-september-monetary-base-2026?lang=en","title":"Japan’s monetary base contracted 15.2% year on year in September","summary":"The Bank of Japan’s September table showed another annual decline in the average monetary base, with banknotes, coins and current-account balances falling at different rates.","category":"finance","region":"world","topics":[],"published_at":"2026-10-04T13:00:06+03:00","modified_at":"2026-10-04T13:00:06+03:00","publication_basis":"publication-record","event_period":"2026-09","event_period_basis":"event-or-reference-period","sources":[{"name":"Bank of Japan, Research and Statistics Department","url":"https://www.boj.or.jp/en/statistics/boj/other/mb/base2609.pdf","publishedAt":"2026-10-02","checkedAt":"2026-10-04"}],"translations":[{"language":"tr","url":"https://haberpaper.com/tr/news/japan-september-monetary-base-2026","api_url":"https://haberpaper.com/api/v1/articles/japan-september-monetary-base-2026?lang=tr"},{"language":"en","url":"https://haberpaper.com/en/news/japan-september-monetary-base-2026","api_url":"https://haberpaper.com/api/v1/articles/japan-september-monetary-base-2026?lang=en"},{"language":"ar","url":"https://haberpaper.com/ar/news/japan-september-monetary-base-2026","api_url":"https://haberpaper.com/api/v1/articles/japan-september-monetary-base-2026?lang=ar"},{"language":"fr","url":"https://haberpaper.com/fr/news/japan-september-monetary-base-2026","api_url":"https://haberpaper.com/api/v1/articles/japan-september-monetary-base-2026?lang=fr"},{"language":"es","url":"https://haberpaper.com/es/news/japan-september-monetary-base-2026","api_url":"https://haberpaper.com/api/v1/articles/japan-september-monetary-base-2026?lang=es"}],"data_types":["metrics"],"data":{"version":1,"blocks":[{"id":"boj-monetary-base-growth-september-2026","type":"metrics","title":{"tr":"Japonya parasal tabanı yıllık değişim oranları, Eylül 2026","en":"Japan monetary base year-on-year rates, September 2026","ar":"معدلات التغير السنوي للقاعدة النقدية في اليابان، سبتمبر 2026","fr":"Variations annuelles de la base monétaire japonaise, septembre 2026","es":"Variaciones interanuales de la base monetaria de Japón, septiembre de 2026"},"description":{"tr":"BOJ’nin parasal taban ve bileşenleri için yayımladığı yıllık ortalama bakiye değişimleri ile mevsimsellikten arındırılmış yıllıklandırılmış aylık oran.","en":"BOJ-reported annual changes in average monetary-base balances and the seasonally adjusted annualized monthly rate.","ar":"التغيرات السنوية في متوسط أرصدة القاعدة النقدية ومعدل التغير الشهري المعدل موسمياً والمسنوي كما نشرها بنك اليابان.","fr":"Variations annuelles des encours moyens de la base monétaire publiées par la BOJ et taux mensuel annualisé corrigé des variations saisonnières.","es":"Variaciones anuales de los saldos medios de la base monetaria y tasa mensual anualizada desestacionalizada comunicadas por el BOJ."},"methodology":{"tr":"Yüzdeler BOJ’nin 2 Ekim 2026 tarihli PDF tablosundan doğrudan alınmıştır. Kaynağın notuna göre aksi belirtilmedikçe oranlar ortalama bakiyelerin bir önceki yılın aynı dönemine göre değişimidir. Eylül mevsimsellikten arındırılmış eksi %10,2 değeri farklı olarak önceki aya göre yıllıklandırılmış değişimdir. Bileşen oranları toplanmaz; rezerv bakiyeleri cari hesap bakiyelerinin alt kümesidir. Veri bloğu yalnız kayıtlı percent birimini kullanır.","en":"Percentages are transcribed from the BOJ PDF dated 2 October 2026. The source note says that, unless otherwise indicated, rates are changes in average amounts outstanding from the same period a year earlier. September’s seasonally adjusted minus 10.2% figure is different: an annualized change from the previous month. Component rates are not additive; reserve balances are a subset of current-account balances. This block uses only the registered percent unit.","ar":"نُقلت النسب من ملف بنك اليابان المؤرخ 2 أكتوبر 2026. وتنص ملاحظة المصدر على أن المعدلات، ما لم يذكر خلاف ذلك، هي تغيرات متوسط الأرصدة القائمة مقارنة بالفترة نفسها من العام السابق. أما قيمة سبتمبر المعدلة موسمياً البالغة سالب 10.2% فهي مختلفة: تغير سنوي محسوب انطلاقاً من الشهر السابق. ولا تجمع معدلات المكونات؛ فأرصدة الاحتياطيات جزء من أرصدة الحسابات الجارية. تستخدم مجموعة البيانات وحدة النسبة المئوية المسجلة فقط.","fr":"Les pourcentages sont transcrits du PDF de la BOJ daté du 2 octobre 2026. Selon la note de la source, sauf indication contraire, les taux correspondent aux variations des encours moyens par rapport à la même période un an auparavant. Le chiffre désaisonnalisé de moins 10,2 % pour septembre est différent : il s’agit d’une variation annualisée par rapport au mois précédent. Les taux des composantes ne s’additionnent pas ; les réserves font partie des comptes courants. Ce bloc utilise uniquement l’unité de pourcentage enregistrée.","es":"Los porcentajes se transcriben del PDF del BOJ fechado el 2 de octubre de 2026. La nota de la fuente indica que, salvo indicación en contrario, las tasas son cambios de los saldos medios frente al mismo periodo del año anterior. El dato desestacionalizado de menos 10,2 % en septiembre es distinto: una variación anualizada respecto al mes previo. Las tasas de los componentes no se suman; las reservas forman parte de las cuentas corrientes. Este bloque utiliza únicamente la unidad porcentual registrada."},"items":[{"label":{"tr":"Parasal taban, yıllık değişim","en":"Monetary base, year-on-year change","ar":"القاعدة النقدية، التغير السنوي","fr":"Base monétaire, variation annuelle","es":"Base monetaria, variación interanual"},"value":-15.2,"unit":"percent","period":"2026-09","basis":"observed","measure":{"id":"japan-monetary-base-yoy","unitCode":"percent","geography":"japan","frequency":"monthly","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Parasal taban, yıllık değişim","en":"Monetary base, year-on-year change","ar":"القاعدة النقدية، التغير السنوي","fr":"Base monétaire, variation annuelle","es":"Base monetaria, variación interanual"},"value":-15.7,"unit":"percent","period":"2026-08","basis":"observed","measure":{"id":"japan-monetary-base-yoy","unitCode":"percent","geography":"japan","frequency":"monthly","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Banknotlar, yıllık değişim","en":"Banknotes, year-on-year change","ar":"الأوراق النقدية، التغير السنوي","fr":"Billets, variation annuelle","es":"Billetes, variación interanual"},"value":-2,"unit":"percent","period":"2026-09","basis":"observed","measure":{"id":"japan-banknotes-yoy","unitCode":"percent","geography":"japan","frequency":"monthly","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Madeni paralar, yıllık değişim","en":"Coins, year-on-year change","ar":"العملات المعدنية، التغير السنوي","fr":"Pièces, variation annuelle","es":"Monedas, variación interanual"},"value":-1.2,"unit":"percent","period":"2026-09","basis":"observed","measure":{"id":"japan-coins-yoy","unitCode":"percent","geography":"japan","frequency":"monthly","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"BOJ cari hesap bakiyeleri, yıllık değişim","en":"BOJ current-account balances, year-on-year change","ar":"أرصدة الحسابات الجارية لدى بنك اليابان، التغير السنوي","fr":"Comptes courants à la BOJ, variation annuelle","es":"Saldos de cuentas corrientes en el BOJ, variación interanual"},"value":-18.3,"unit":"percent","period":"2026-09","basis":"observed","measure":{"id":"japan-current-account-balances-yoy","unitCode":"percent","geography":"japan","frequency":"monthly","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Rezerv bakiyeleri, yıllık değişim","en":"Reserve balances, year-on-year change","ar":"أرصدة الاحتياطيات، التغير السنوي","fr":"Réserves, variation annuelle","es":"Reservas, variación interanual"},"value":-17.3,"unit":"percent","period":"2026-09","basis":"observed","measure":{"id":"japan-reserve-balances-yoy","unitCode":"percent","geography":"japan","frequency":"monthly","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Parasal taban, yıllıklandırılmış mevsimsellikten arındırılmış aylık değişim","en":"Monetary base, seasonally adjusted annualized monthly change","ar":"القاعدة النقدية، التغير الشهري المعدل موسمياً والمسنوي","fr":"Base monétaire, variation mensuelle annualisée désaisonnalisée","es":"Base monetaria, variación mensual anualizada desestacionalizada"},"value":-10.2,"unit":"percent","period":"2026-09","basis":"observed","measure":{"id":"japan-monetary-base-sa-annualized-monthly-change","unitCode":"percent","geography":"japan","frequency":"monthly","aggregation":"change","periodRole":"reference-period"}}],"sourceUrls":["https://www.boj.or.jp/en/statistics/boj/other/mb/base2609.pdf"],"updatedAt":"2026-10-04T03:10:18+03:00"}]},"data_compilations":[{"id":"boj-monetary-base-growth-september-2026","creator":{"@type":"Organization","@id":"https://haberpaper.com/#organization","name":"Haber Paper","url":"https://haberpaper.com/"},"license":{"@type":"CreativeWork","@id":"https://haberpaper.com/en/data-terms/v1#license","name":"Haber Paper Original Data Compilation License 1.0","url":"https://haberpaper.com/en/data-terms/v1"},"rights_scope":"Haber Paper original data arrangement, labels and methodology notes only; underlying source rights and permissions remain separate.","source_license_url":null}],"data_downloads":[{"id":"boj-monetary-base-growth-september-2026","formats":{"json":"https://haberpaper.com/api/v1/articles/japan-september-monetary-base-2026/data/boj-monetary-base-growth-september-2026?lang=en&format=json","csv":"https://haberpaper.com/api/v1/articles/japan-september-monetary-base-2026/data/boj-monetary-base-growth-september-2026?lang=en&format=csv"}}],"content":{"paragraphs":["The Bank of Japan’s (BOJ) Monetary Base table for September 2026, released on October 2, showed the average monetary base down 15.2% from a year earlier. The annual decline was 15.7% in August and 13.8% in July. Unless otherwise indicated, the table’s headline figures are year-on-year changes in average amounts outstanding during each period. The September rate therefore does not compare the stock at the end of September with the stock a year earlier. The release reports end-period balances separately. Those measures answer different questions and should not be substituted for one another when describing the central bank’s liabilities.","The monetary base brings together banknotes in circulation, coins in circulation and current-account balances held at the BOJ. It is a measure of central-bank liabilities associated with cash and reserve accounts; it is not the broad money supply and is not the amount of loans banks have extended to households and firms. In September, average banknotes in circulation were down 2.0% year on year and coins were down 1.2%. BOJ current-account balances declined 18.3%. Reserve balances fell 17.3%, but they are a component within current-account balances and must not be added a second time to the monetary-base total. The component rates refer to distinct, though related, balance-sheet categories.","The source PDF reports average amounts outstanding in units of 100 million yen. The average monetary-base amount was 5,328,464 such units in September and 5,430,070 in August, equivalent to ¥532.8464 trillion and ¥543.0070 trillion, respectively. A separate table gives end-period stocks of 5,354,214 units for September and 5,437,652 for August. An average balance reflects levels across the month, whereas an end-period amount is a stock on a particular date. The source provides these amounts alongside growth rates, but they have different definitions and reference points. The comparison between September and August amounts is a month-to-month level comparison, not the year-on-year rate above.","The year-on-year rates measure changes in each reported monetary-base component from the same month a year earlier; they are not month-on-month changes. The BOJ also publishes a seasonally adjusted rate for the monetary base, annualized from the previous month. That measure was minus 10.2% in September, compared with minus 28.8% in August. An annualized monthly rate expresses the seasonally adjusted change over one month as if it continued for a year; it is not the actual change over the past 12 months. Seasonality and the choice of comparison period can cause the two rates to differ in size and direction. Reading them as a single like-for-like series would obscure what each one measures.","The release documents the September monetary-base figures, but it does not by itself establish that a particular BOJ policy decision, asset-purchase operation or bank-lending choice caused the decline. The table defines the reported measures and their scope; it does not provide a causal decomposition of the movements. A smaller monetary base does not imply that broad money or economic activity contracted by the same percentage. Assessing those questions would require other balance-sheet items, the coverage of reserve accounts, credit and price indicators, and the policy framework. This article stays with the September release, distinguishes average from end-period amounts and separates the year-on-year measure from the annualized monthly rate. It does not turn one monthly observation into a forecast or a broader policy conclusion."],"key_points":[],"sections":[]},"text":"The Bank of Japan’s September table showed another annual decline in the average monetary base, with banknotes, coins and current-account balances falling at different rates.\n\nThe Bank of Japan’s (BOJ) Monetary Base table for September 2026, released on October 2, showed the average monetary base down 15.2% from a year earlier. The annual decline was 15.7% in August and 13.8% in July. Unless otherwise indicated, the table’s headline figures are year-on-year changes in average amounts outstanding during each period. The September rate therefore does not compare the stock at the end of September with the stock a year earlier. The release reports end-period balances separately. Those measures answer different questions and should not be substituted for one another when describing the central bank’s liabilities.\n\nThe monetary base brings together banknotes in circulation, coins in circulation and current-account balances held at the BOJ. It is a measure of central-bank liabilities associated with cash and reserve accounts; it is not the broad money supply and is not the amount of loans banks have extended to households and firms. In September, average banknotes in circulation were down 2.0% year on year and coins were down 1.2%. BOJ current-account balances declined 18.3%. Reserve balances fell 17.3%, but they are a component within current-account balances and must not be added a second time to the monetary-base total. The component rates refer to distinct, though related, balance-sheet categories.\n\nThe source PDF reports average amounts outstanding in units of 100 million yen. The average monetary-base amount was 5,328,464 such units in September and 5,430,070 in August, equivalent to ¥532.8464 trillion and ¥543.0070 trillion, respectively. A separate table gives end-period stocks of 5,354,214 units for September and 5,437,652 for August. An average balance reflects levels across the month, whereas an end-period amount is a stock on a particular date. The source provides these amounts alongside growth rates, but they have different definitions and reference points. The comparison between September and August amounts is a month-to-month level comparison, not the year-on-year rate above.\n\nThe year-on-year rates measure changes in each reported monetary-base component from the same month a year earlier; they are not month-on-month changes. The BOJ also publishes a seasonally adjusted rate for the monetary base, annualized from the previous month. That measure was minus 10.2% in September, compared with minus 28.8% in August. An annualized monthly rate expresses the seasonally adjusted change over one month as if it continued for a year; it is not the actual change over the past 12 months. Seasonality and the choice of comparison period can cause the two rates to differ in size and direction. Reading them as a single like-for-like series would obscure what each one measures.\n\nThe release documents the September monetary-base figures, but it does not by itself establish that a particular BOJ policy decision, asset-purchase operation or bank-lending choice caused the decline. The table defines the reported measures and their scope; it does not provide a causal decomposition of the movements. A smaller monetary base does not imply that broad money or economic activity contracted by the same percentage. Assessing those questions would require other balance-sheet items, the coverage of reserve accounts, credit and price indicators, and the policy framework. This article stays with the September release, distinguishes average from end-period amounts and separates the year-on-year measure from the annualized monthly rate. It does not turn one monthly observation into a forecast or a broader policy conclusion.","corrections":[],"editorial_illustration":{"kind":"symbolic-editorial-illustration","documentary":false,"scope":"article","asset_id":"japan-monetary-base","url":"https://haberpaper.com/assets/illustrations/japan-monetary-base-1536.webp","width":1536,"height":1024,"alt":"Symbolic central-bank scene with blank papers, unmarked coins and reserve trays.","language":"en"},"section_illustration":{"kind":"symbolic-editorial-illustration","documentary":false,"scope":"section","asset_id":"finance","url":"https://haberpaper.com/assets/illustrations/finance-1536.webp","width":1536,"height":1024,"alt":"Symbolic financial system with a vault door, columns and unmarked coins.","language":"en"}}}