Japan’s monetary base declined by 12.2% year-on-year in May 2026, exceeding market estimates for a 9.5% fall and worsening from an 11.3% drop in the previous month. The latest reading also marked the steepest decline since April 2007, driven by a 14.7% fall in current account balances held at the Bank of Japan, while banknotes in circulation slipped 1.7% and coins in circulation eased 1.1%. On an average outstanding basis, the monetary base stood at ¥575.8 trillion in May, down from ¥582.9 trillion in the preceding period. source: Bank of Japan

Monetary Base YoY in Japan averaged 9.75 percent from 1971 until 2026, reaching an all time high of 55.70 percent in February of 2014 and a record low of -22.30 percent in November of 2006. Japan Monetary Base YoY - data, historical chart, forecasts and calendar of releases - was last updated on June of 2026.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-06 11:50 PM
Monetary Base YoY
-11.3% -11.6% -10.5% -10.9%
2026-06-01 11:50 PM
Monetary Base YoY
-12.2% -11.3% -9.5% -11.5%
2026-07-01 11:50 PM
Monetary Base YoY
-12.2%


Related Last Previous Unit Reference
Interest Rate 0.75 0.75 percent May 2026
Monetary Base 5757634.00 5829256.00 JPY Billion May 2026
Money Supply M0 110557.40 110979.00 JPY Billion Apr 2026
Money Supply M1 1102913.90 1089663.60 JPY Billion Apr 2026
Money Supply M2 1295411.70 1279526.20 JPY Billion Apr 2026
Money Supply M3 1640511.00 1625080.70 JPY Billion Apr 2026


Japan Monetary Base YoY
The Monetary Base reflects changes in the total amount of currency in circulation and current account deposits held by financial institutions at the Bank of Japan. An expansion in the monetary base typically stimulates spending and economic activity, which can, in turn, increase inflationary pressures.
Actual Previous Highest Lowest Dates Unit Frequency
-12.20 -11.30 55.70 -22.30 1971 - 2026 percent Monthly
NSA