*In this paper, major sectors are compared either among J apan, the United States, and the

Euro area
or between J apan and the United States.
Flow of Funds
- Overview of J apan, US, and the Euro area -
Bank of Japan
December 21, 2012
Research and Statistics Department
. Overview: Japan, US, and the Euro area
Data for Japan and the US are those as of September-end 2012; those for the Euro area as of June-end 2012.
Chart 1 Financial assets and liabilities of financial intermediaries
Japan
Assets ( 2,694trillion yen ) Liabilities( 2,682trillion yen )
Depository corporations
( 1,575 trillion yen ) ( 1,598 trillion yen )
Insuranceand Pension funds
( 516trillion yen ) ( 488 trillion yen )
Other financial intermediaries
( 603 trillion yen ) ( 596 trillion yen )
Percentageratio to thetotal financial assets or liabilities of thefinancial intermediaries
United States
Assets ( 66.1 trillion dollars ) Liabilities( 63.7 trillion dollars )
Depository corporations
( 18.5 trillion dollars ) ( 16.9 trillion dollars )
Insuranceand Pension funds
( 18.2 trillion dollars ) ( 17.5 trillion dollars )
Other financial intermediaries
( 29.3 trillion dollars ) ( 29.3 trillion dollars )
Percentageratio to thetotal financial assets or liabilities of thefinancial intermediaries
Euro area
Assets (58.6 trillion euro) Liabilities(57.3 trillion euro)
Depository corporations
(35.8 trillion euro) (34.8 trillion euro)
Insuranceand Pension funds
(7.0 trillion euro) (7.2 trillion euro)
Other financial intermediaries
(15.7 trillion euro) (15.4 trillion euro)
Percentageratio to thetotal financial assets or liabilities of thefinancial intermediaries
* "Depository corporations" for Euro areaincludes central bank sector.
** "Others" is theresidual which is theremaining after deducting "Currency and deposits","Deposits with theFiscal Loan Fund"(J apan only),"Loans", "Bonds",
"Investment trusts","Shares and equities" and "Insuranceand pension reserves" fromtotal financial assets/liabilities.
*** "Currency and deposits" held by depository corporations includes "Vault cash" and "Reserves at Federal Reserve".
Currency and deposits 4%
Currency and deposits 1%
Currency and deposits 21%
Loans 6%
Loans 1%
Loans 23%
Bonds 5%
Bonds 5%
Bonds
12%
Investment trusts 2%
Investment trusts 3%
Investment trusts 1%
Shares and equities 9%
Shares and equities 1%
Shares and equities 2%
Others 0%
Others
3%
Currency and deposits
45%
Borrowings 6%
Borrowings 1%
Bonds 5%
Bonds
9%
Investment trusts 10%
Investment trusts 2%
Shares and equities 5%
Sharesandequities 1%
Shares and equities 3%
Insuranceand pension reserves
11%
Others
2%
75 50 25 0 25 50 75
Currency and deposits
1%
Currency and deposits
0%
Currency and deposits 2%
Loans 17%
Loans 1%
Loans
13%
Bonds
13%
Bonds
9%
Bonds 5%
Investment trusts 1%
Investment trusts 5%
Investment trusts 0%
Shares and equities 10%
Shares and equities 9%
Shares and equities 0%
Currency and deposits
0%
Currency and deposits
0%
Currency and deposits 17%
Borrowings 3%
Borrowings 0%
Borrowings 2%
Bonds 18%
Bonds 0%
Bonds 2%
Investment trusts
21%
Investment trusts 0%
Investment trusts 0%
Shares and equities 1%
Insuranceand pension
reserves 0%
Insurance andpension
reserves 24%
Insuranceand pension
reserves 0%
Others 4%
Others 3%
Others 5%
Others 3%
Others 4%
Others 7%
75 50 25 0 25 50 75
Currency and deposits1%
Currency and deposits 7%
Loans 15%
Loans 2%
Loans 25%
Bonds 2%
Bonds
10%
Bonds 18%
Investment trusts 1%
Sharesandequities 1%
Shares and equities 1%
Shares and equities 1%
Others 3%
Others
4%
Others
7%
Currency and deposits
45%
Depositswiththe Fiscal Loan Fund
2%
Borrowings
8%
Borrowings 6%
Bonds 7%
Bonds 1%
Investment trusts 3%
Sharesandequities 1%
Sharesandequities 1%
Shares and equities 2%
Insuranceand pension
reserves 16%
Others 1%
Others
1%
Others
4%
75 50 25 0 25 50 75
1
Chart 2 Financial assets held by households
( 1,510 trillion yen )
( 53.6 trillion dollars )
(19.0 trillion euro)
Percentage ratio to the total financial assets
* "Others" is the residual which is the remaining after deducting "Currency and deposits", "Bonds","Investment trusts",
"Shares and equities" and "Insurance and pension reserves" from total financial assets.
( 1,002 trillion yen )

( 30.3 trillion dollars )

(25.7 trillion euro)
Percentage ratio to the total financial liabilities
* "Others" is the residual which is the remaining after deducting "Loans", "Bonds", and "Shares and equities" from total financial liabilities.
** Figures for the Euro area consist of nonfinancial corporations, which include both public and private nonfinancial corporations.
Chart 3 Financial liabilities owed by private nonfinancial corporations
Currency and deposits
(36.4%)
Currency and
deposits (14.3%)
Currency and deposits
(55.6%)
Bonds
(7.0%)
Bonds
(8.7%)
Bonds (2.2%)
Investment trusts
(7.0%)
Investment
trusts
(12.3%)
Investment trusts (3.8%)
Shares and equities
(14.3%)
Shares and equities
(32.9%)
Shares and equities (5.8%)
Insurance and pension
reserves
(31.8%)
Insurance and pension
reserves
(28.5%)
Insurance and pension
reserves
(28.2%)
Others (3.4%)
Others (3.3%)
Others (4.4%)
0 10 20 30 40 50 60 70 80 90 100
Euro area
United States
J apan
Loans
(33.0%)
Loans
(7.6%)
Loans
(32.0%)
Bonds (3.7%)
Bonds (20.0%)
Bonds (6.8%)
Shares and equities
(47.5%)
Shares and equities
(54.2%)
Shares and equities
(34.2%)
Others (15.8%)
Others (18.2%)
Others (27.0%)
0 10 20 30 40 50 60 70 80 90 100
Euro area
United States
J apan
2
Chart 4 Financial surplus and deficit of major sectors (as a percentage of nominal GDP)
Japan
United States
Euro area
* Figures for 2012 arethesumof thedataof themost recent four quarters: up to the3rd quarter of 2012 for J apan and theUnited States, and up to the2nd quarter
of 2012 for theEuro area.
** Seenotes on thelast pagefor thedefinition of each sector.
*** Figures for theJ apanesegeneral government arerecalculated to neutralizethefollowing effects: theclassification of theJ apan Expressway Holding and Debt Repayment
Agency into thecentral government; transfer of reserves in theFILP Special Account to thecentral government; and investment in equities to theJ apan Post Holdings.
-15
-10
-5
0
5
10
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
(%)
Calendar year
Private nonfinancial corporations General government
Households Rest of the world
(Financial surplus)
(Financial deficit)
-15
-10
-5
0
5
10
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
(%)
Calendar year
Private nonfinancial corporations General government
Households Rest of the world
(Financial surplus)
(Financial deficit)
-15
-10
-5
0
5
10
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
(%)
Calendar year
Nonfinancial corporations General government
Households Rest of the world
(Financial surplus)
(Financial deficit)
3
Overview: Japan and US
Data for Japan and the US are those as of September-end 2012.
Chart 5 Financial assets held by investment trusts
(91.7 trillion yen)
( 13.3 trillion dollars )
Percentage ratio to the total financial assets
* "Others" is theresidual which is theremaining after deducting "Currency and deposits","Loans","Bonds","Shares and equities" and "Outward investment in securities"(J apan only)
fromtotal financial assets.
** US Flow of Funds dataincludeboth outward and domestic investment in securities.
Chart 6 Financial assets held by pension funds
(120.1 trillion yen)
( 11.2 trillion dollars )
Percentage ratio to the total financial assets
* "Others" is theresidual which is theremaining after deducting "Currency and deposits","Loans","Bonds","Investment trusts","Shares and equities"
and "Outward investment in securities"(J apan only) fromtotal financial assets.
** US Flow of Funds dataincludeboth outward and domestic investment in securities.
Chart 7 Financial assets held by insurance
(395.8 trillion yen)
( 7.0 trillion dollars )
Percentage ratio to the total financial assets
* "Others" is theresidual which is theremaining after deducting "Currency and deposits","Loans","Bonds","Investment trusts","Shares and equities"
and "Outward investment in securities"(J apan only) fromtotal financial assets.
** US Flow of Funds dataincludeboth outward and domestic investment in securities.
Currency and deposits (1.0%)
Currency and deposits (5.5%)
Loans (0.7%)
Loans (2.4%)
Bonds (19.2%)
Bonds (31.5%)
Investment
trusts
(24.5%)
Investment trusts
(3.6%)
Shares and equities (38.3%)
Shares
and
equities
(8.5%)
Outward investment in
securities (0.0%)
Outward investment
in securities (20.8%)
Others (16.2%)
Others (27.6%)
0 10 20 30 40 50 60 70 80 90 100
United States
Japan
Currency and deposits (1.2%)
Currency and deposits (1.2%)
Loans
(7.2%)
Loans
(12.9%)
Bonds (53.4%)
Bonds (61.3%)
Investment trusts (3.2%)
Investment trusts
(3.6%)
Shares and equities (25.5%)
Shares and equities (5.0%)
Outward investment in securities
(0.0%)
Outward
investment
in securities
(11.7%)
Others
(9.4%)
Others (4.3%)
0 10 20 30 40 50 60 70 80 90 100
United States
Japan
Currency and deposits (3.4%)
Currency and deposits
(0.3%)
Loans
(6.3%)
Loans (5.5%)
Bonds (43.5%)
Bonds (19.0%)
Shares and equities (46.3%)
Shares and equities
(15.2%)
Outward investment in
securities (0.0%)
Outward investment in
securities (37.6%)
Others (0.5%)
Others (22.5%)
0 10 20 30 40 50 60 70 80 90 100
United States
Japan
4
Data source
Bank of J apan, Flow of Funds Accounts, released on December 21, 2012
http://www.boj.or.jp/en/index.htm

http://www.federalreserve.gov/releases/z1/Current/

http://www.ecb.int/stats/acc/html/index.en.html
Sectors and instruments
Sectors
Depository corporations
[US] U.S.-Chartered Depository Institutions excluding Credit Unions, 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.
Insurance and pension 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 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, Agency-and
GSE-backed Mortgage Pools**, Issuers of Asset-Backed Securities**, Finance Companies**, Real Estate Investment Trusts, Security
Brokers and Dealers, Funding Corporations
[EA] Other Financial Intermediaries
- In Euro Area Accounts, investment trusts and financial auxiliaries are included in Other Financial Intermediaries.
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.
Households
[US] Households and Nonprofit Organizations
[EA] Households, Including Non-profit Institutions Serving Households
- In Japan's FFA, "households" excludes "Private nonprofit institutions serving households."
Assets/Liabilities
Currency and deposits
[US] U.S. Deposits in Foreign Countries, Checkable Deposits and Currency, Time and Saving Deposits
[EA] Currency and Deposits
Loans
[US] Net Interbank Liabilities, Federal Funds and Security Repurchase Agreements, Depository Institution Loans Not Elsewhere Classified, Other
Loans and Advances, Consumer Credit, Total Mortgages, Security Credit
[EA] Loans
Bonds
[US] Open Market Paper, Treasury Securities, Agency-and GSE-backed Securities, Municipal Securities and Loans, Corporate and Foreign
Bonds
[EA] Short-term Debt Securities, Long-term Debt Securities
Investment trusts
[US] Money Market Mutual Fund Shares, Mutual Fund Shares
[EA] Mutual Fund Shares
Shares and equities
[US] Corporate Equities, Proprietors' Equity in Noncorporate Business, Investment by parent
[EA] Quoted Shares, Unquoted Shares and Other Equity
Insurance and pension reserves
[US] Life Insurance and Pension Fund Reserves
[EA] Insurance Technical Reserves
Financial surplus and deficit
[US] Net Lending (+) or Borrowing (-) (Financial Account)
[EA] Net Lending (+) / Net Borrowing (-) from Financial Accounts
Note
FRB, Flow of Funds Accounts of the United States, Third Quarter 2012, released on December 6, 2012
Notes to Charts 1 to 7
Sectors and instruments of the United States [hereafter "US"] and Euro area [hereafter "EA"] are reclassified according to J apan's Flow of Funds
Accounts (see below). Note that "Bonds" is equivalent to "Securities other than shares (excluding investment trusts)."
Some items with small amount outstanding are not explicitly shown on charts.
ECB, Euro Area Accounts, released on October 30, 2012
5