Flow of Funds - Overview of Japan, US, and the Euro area -

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1 Flow of Funds - Overview of, US, and the - September 30, 201 Research and Statistics Department Bank of *In this paper, major sectors are compared either among, the, and the or between and the.

2 Ⅰ. Overview:, US, and the Data for and the US are those as of June-end 201; those for the are as of March-end 201. Chart 1 Financial assets and liabilities of financial intermediaries Assets ( 3,188trillion yen ) Liabilities ( 3,092trillion yen ) 12% Borrowings 7% 3% 22% ( 1,861 trillion yen ) 9% 13% 43% 4% ( 1,839 trillion yen ) 2% 2% reserves 14% Insurance and Pension funds % 9% ( 99 trillion yen ) ( 28 trillion yen ) 2% 2% % Borrowings 7% 2% Other financial intermediaries 4% 14% ( 728 trillion yen ) ( 726 trillion yen ) 2% 7% Deposits with the Fiscal Loan Fund or liabilities of the financial intermediaries 0% Assets ( 81.6 trillion dollars ) Liabilities ( 79.1 trillion dollars ) 3% 16% 6% % ( 21.6 trillion dollars ) 12% ( 19.8 trillion dollars ) % % Borrowings 2% 2% Insurance and Pension funds Borrowings 0% 7% 3% reserves 28% ( 2.8 trillion dollars ) ( 24.9 trillion dollars ) 0% 9% 9% 12% Other financial intermediaries 3% 16% 10% 1% 23% 2% ( 34.3 trillion dollars ) ( 34. trillion dollars ) Borrowings 4% 0% or liabilities of the financial intermediaries Assets (66.3 trillion euro) 1% Liabilities (6.4 trillion euro) 20% (32.7 trillion euro) 2% 10% 3% 2% (32.6 trillion euro) 8% 3% 2% 6% Borrowings 2% Insurance and Pension funds reserves 2% 12% (9.6 trillion euro) (9.0 trillion euro) 4% 14% 7% 7% 10% % Other financial intermediaries (24.0 trillion euro) (23.8 trillion euro) 3% Borrowings 6% 4% 14% or liabilities of the financial intermediaries * "" for includes central bank sector. ** "" is the residual which is the remaining after deducting "","Deposits with the Fiscal Loan Fund"( only),"", "", "","" and " reserves" from total financial assets/liabilities. *** "" held by depository corporations includes "Vault cash" and "Reserves at Federal Reserve". 1

1,839 trillion yen ) 2% 2% reserves 14% Insurance and Pension funds % 9% ( 99 trillion yen ) ( 28 trillion yen ) 2% 2% % Borrowings 7% 2% Other financial intermediaries 4% 14% ( 728 trillion yen ) (

3 Chart 2 Financial assets held by households (1.%) (.7%) (4.3%) (2.0%) reserves (2.8%) ( 1,717 trillion yen ) (4.4%) (10.6%) Investment trusts (13.2%) (34.3%) reserves (32.) ( 69.8 trillion dollars ) Currency and deposits (13.2%) (2.8%) (33.8%) (17.9%) reserves (33.) (21.8 trillion euro) (4.4%) (2.%) (8.3%) * "" is the residual which is the remaining after deducting "", "","", "" and " reserves" from total financial assets. Chart 3 Financial liabilities owed by private nonfinancial corporations (4.3%) (22.2%) (4.4%) (19.2%) ( 1,43 trillion yen ) (13.9%) (7.) (22.4%) ( 38.8 trillion dollars ) (6.6%) (31.3%) (2.2%) (12.3%) (30.3 trillion euro) (4.) Percentage ratio to the total financial liabilities * "" is the residual which is the remaining after deducting "", "", and "" from total financial liabilities. ** Figures for the consist of nonfinancial corporations, which include both public and private nonfinancial corporations. 2

3%) * "" is the residual which is the remaining after deducting "", "","", "" and " reserves" from total financial assets. Chart 3 Financial liabilities owed by private nonfinancial corporations (4.

4 Chart 4 Financial surplus and deficit of major sectors (as a percentage of nominal GDP) (%) 10 (Financial surplus) Private nonfinancial corporations General government Rest of the world (Financial deficit) Calendar year 10 (%) (Financial surplus) 0 - Private nonfinancial corporations General government -10 Rest of the world (Financial deficit) Calendar year (%) 10 (Financial surplus) Nonfinancial corporations General government Rest of the world -1 (Financial deficit) Calendar year * Figures for 201 are the sum of the data of the most recent four quarters: up to the 2nd quarter of 201 for and the, and up to the 1st quarter of 201 for the. ** See notes on the last page for the definition of each sector. *** Figures for the ese general government are recalculated to neutralize the following effects: transfer of reserves in the FILP Special Account to the central government; and investment in equities to the Post Holdings. 3

government -10 Rest of the world (Financial deficit) -1 1999 2000 2001 2002 2003 2004 200 2006 2007 2008 2009 2010 2011 2012 2013 2014 201 Calendar year (%) 10 (Financial surplus) 0 - -10

5 Ⅱ. Overview: and US Data for and the US are those as of June-end 201. Chart Financial assets held by investment trusts (6.0%) (14.2%) (19.3%) Outward investment in securities (1.4%) (19.1 trillion yen) (0.4%) (6.%) (8.6%) (37.6%) (2.9%) Outward investment in securities (0.0%) ( 18.1 trillion dollars ) (3.0%) (0.) * "" is the residual which is the remaining after deducting "","","","" and "Outward investment in securities"( only) from total financial assets. ** US Flow of Funds data include both outward and domestic investment in securities. Chart 6 Financial assets held by pension funds (3.6%) (30.3%) Shares and equities (10.3%) Outward investment in securities (23.4%) (18.%) (14.2 trillion yen) (6.3%) (0.2%) (7.%) (19.%) Investment trusts (21.4%) (29.) (29.3%) ( 17.9 trillion dollars ) (0.6%) * "" is the residual which is the remaining after deducting "","","","","" and "Outward investment in securities"( only) from total financial assets. ** US Flow of Funds data include both outward and domestic investment in securities. Chart 7 Financial assets held by insurance (8.%) (4.) (10.4%) (6.2%) Outward investment in securities (16.0%) (44.3 trillion yen) (1.3%) (3.3%) (7.3%) (0.9%) (27.) (9.8%) ( 7.9 trillion dollars ) (0.9%) (3.9%) Outward investment in securities (0.0%) * "" is the residual which is the remaining after deducting "","","","","" and "Outward investment in securities"( only) from total financial assets. ** US Flow of Funds data include both outward and domestic investment in securities. 4

) * "" is the residual which is the remaining after deducting "","","","" and "Outward investment in securities"( only) from total financial assets.

6 Notes to Charts 1 to 7 Data source Bank of, Flow of Funds Accounts, released on September 17, FRB, Financial Accounts of the, Second Quarter 201, released on September 18, ECB, Euro Area Accounts, released on August 21, Sectors and instruments Sectors and instruments of the [hereafter "US"] and [hereafter "EA"] are reclassified according to 's Flow of Funds Accounts (see below). Note that "" is equivalent to "Securities other than shares (excluding investment trusts)." Sectors [US] U.S.-Chartered Depository Institutions, Foreign Banking Offices in U.S., Banks in U.S.-Affiliated Areas, Credit Unions, Holding Companies [EA] Monetary Financial Institutions : Includes Central Bank as well as Depository Corporations. funds (Sectors marked with an asterisk indicate pension funds) [US] Life Insurance Companies, Property-Casualty Insurance Companies, Private Pension Funds*, State and Local Government Employee Retirement Funds*, Federal Government Employee Retirement Funds* [EA] Insurance Corporations and Pension Funds - In Euro Area Accounts, insurance corporations and pension funds are combined into one sector. Other financial intermediaries (Sectors with an asterisk indicate investment trusts. Sectors with double asterisks indicate nonbanks) [US] Money Market Mutual Funds*, Mutual Funds*, Closed-End and Exchange-Traded Funds*, Government-Sponsored Enterprises, Agencyand GSE-Backed Mortgage Pools**, Issuers of Asset-Backed Securities**, Finance Companies**, Real Estate Investment Trusts, Security Brokers and Dealers, Funding Corporations [EA] Non-Money-Market Investment Funds, Other financial intermediaries, Financial auxiliaries, Captive financial institutions Private nonfinancial corporations [US] Nonfinancial Corporate Business [EA] Non-financial Corporations : Includes both private and public nonfinancial corporations. General government [US] State and Local Governments, Federal Government : Social security funds not included. [EA] General Government : Includes social security funds. [US] and Nonprofit Organizations [EA], Including Non-profit Institutions Serving - In 's FFA, "" excludes "Private nonprofit institutions serving households." Assets/Liabilities [US] U.S. Deposits in Foreign Countries, Checkable Deposits and Currency, Time and Savings Deposits [EA] Currency and Deposits [US] Net Interbank Transactions, Federal Funds and Security Repurchase Agreements, [EA] [US] Debt Securities [EA] Short-term Debt Securities, Long-term Debt Securities [US] Money Market Mutual Fund Shares, Mutual Fund Shares [EA] Investment fund shares (including MMF shares) [US] Corporate Equities, Proprietors' Equity in Noncorporate Business, Investment by parent [EA] Listed Shares, Unlisted Shares and other equity reserves [US] Life Insurance Reserves, Pension Entitlements [EA] schemes Financial surplus and deficit [US] Net Lending (+) or Borrowing (-) (Financial Account) [EA] Net Lending (+) / Net Borrowing (-) from Financial Accounts Note Some items with small amount outstanding are not explicitly shown on charts.

Flow of Funds Accounts of the United States

June 5, 2008 Flow of Funds Accounts of the United States Annual Flows and Outstandings 2005-2007 Board of Governors of the Federal Reserve System, Washington D.C. 20551 Table of Contents Flows Levels Title