The Monetary Base YoY measures the annual change in the total amount of currency in circulation plus bank reserves held at the Bank of Japan. It is a key indicator of the central bank's monetary policy stance and liquidity in the financial system. A significant increase often reflects quantitative easing measures aimed at stimulating the economy. Conversely, a slowdown in growth may signal a tightening of monetary conditions.
The indicator is calculated by summing the total value of banknotes and coins in circulation with the balances of current accounts held by financial institutions at the Bank of Japan, compared to the same month of the previous year.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 1, 2026 | -15.70 | -13.50 | -2.20 |
| Aug 3, 2026 | -13.80 | -13.00 | -0.80 |
| Jul 1, 2026 | -13.70 | -10.00 | -3.70 |
| Jun 1, 2026 | -12.20 | -9.50 | -2.70 |
| May 6, 2026 | -11.30 | -10.50 | -0.80 |
| Feb 2, 2026 | -9.50 | -10.30 | +0.80 |
| Jan 5, 2026 | -9.80 | -8.00 | -1.80 |
| Dec 1, 2025 | -8.50 | -8.50 | 0.00 |
| Nov 4, 2025 | -7.90 | -4.80 | -3.10 |
| Oct 1, 2025 | -6.10 | -3.80 | -2.30 |
| Sep 1, 2025 | -4.10 | -3.50 | -0.60 |
| Aug 3, 2025 | -3.70 | — | — |
| Jul 1, 2025 | -3.30 | -3.50 | +0.20 |
| Jun 2, 2025 | -3.40 | -4.20 | +0.80 |
| May 1, 2025 | -5.10 | -2.00 | -3.10 |
| Apr 1, 2025 | -3.20 | -1.50 | -1.70 |
| Mar 4, 2025 | -1.90 | -1.80 | -0.10 |
| Feb 3, 2025 | -2.50 | -0.50 | -2.00 |
| Jan 6, 2025 | -0.90 | -0.20 | -0.70 |
| Oct 1, 2024 | -0.10 | 0.80 | -0.90 |
| Sep 2, 2024 | 0.60 | 0.60 | 0.00 |
| Jul 1, 2024 | 0.60 | 1.00 | -0.40 |
| Jun 3, 2024 | 0.70 | 2.20 | -1.50 |
| May 1, 2024 | 1.80 | — | — |
| Apr 1, 2024 | 1.20 | 2.50 | -1.30 |
| Mar 3, 2024 | 2.10 | 4.70 | -2.60 |
| Feb 1, 2024 | 4.70 | 7.50 | -2.80 |
| Date | First print | Current | Revision |
|---|---|---|---|
| Jun 1, 2026 | -12.3 | -12.2 | +0.10 ↑ |
