Japan’s monetary base contracted by 15.2% year-on-year in September 2026, marking the 14th consecutive month of decline, although the pace eased from a 15.7% drop in August. The latest contraction was driven by an 18.3% fall in current account balances at the Bank of Japan, following an 18.9% decline in August, while banknotes in circulation fell 2.0% (2.0%) and coins in circulation eased 1.2% (1.2%). On an average outstanding basis, the monetary base stood at ¥532.8 trillion in September, down from ¥543.0 trillion in August. source: Bank of Japan

Monetary Base YoY in Japan decreased by 15.20 percent in September from -15.70 percent in August of 2026. Monetary Base YoY in Japan averaged 9.61 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 October of 2026.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-09-01 11:50 PM
Monetary Base YoY
-15.7% -13.8% -13.5%
2026-10-01 11:50 PM
Monetary Base YoY
-15.2% -15.7% -16.3% -16.0%
2026-11-03 11:50 PM
Monetary Base YoY
-15.2%


Related Last Previous Unit Reference
Interest Rate 1.25 1.00 percent Sep 2026
Monetary Base 5328464.00 5430070.00 JPY Billion Sep 2026
Money Supply M0 109898.00 109915.10 JPY Billion Aug 2026
Money Supply M1 1087467.80 1091486.30 JPY Billion Aug 2026
Money Supply M2 1296389.50 1296639.40 JPY Billion Aug 2026
Money Supply M3 1639987.80 1640869.80 JPY Billion Aug 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
-15.20 -15.70 55.70 -22.30 1971 - 2026 percent Monthly
NSA

News Stream
Japan Monetary Base Declines for 14th Straight Month
Japan’s monetary base contracted by 15.2% year-on-year in September 2026, marking the 14th consecutive month of decline, although the pace eased from a 15.7% drop in August. The latest contraction was driven by an 18.3% fall in current account balances at the Bank of Japan, following an 18.9% decline in August, while banknotes in circulation fell 2.0% (2.0%) and coins in circulation eased 1.2% (1.2%). On an average outstanding basis, the monetary base stood at ¥532.8 trillion in September, down from ¥543.0 trillion in August.
2026-10-02
Japan Monetary Base Posts Sharpest Fall Since 2007
Japan’s monetary base contracted by 15.7% year-on-year in August 2026, marking the sharpest decline since March 2007 and exceeding market estimates for a 13.5% decline. The latest reading also accelerated from a 13.8% decline in July, driven by a 18.9% drop in current account balances held at the Bank of Japan, following a 16.6% fall in July, while banknotes in circulation fell 2.0% (1.9%) and coins in circulation eased 1.2% (1.1%). On an average outstanding basis, the monetary base stood at ¥543.0 trillion in August, down from ¥554.9 trillion in July.
2026-09-02