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SOURCE ROOM

Trends in Japan's Short-term Financial Market — Results of the Tokyo Short-term Financial Market Survey (25/August) —

Bank of Japan, Financial Markets Department

Claims Supported by This Source

  1. Conducted since 2008, annually since 2013. The 16th survey will be conducted in August 2025 (reference date: end of July), with 383 institutions surveyed and a 100% response rate.
  2. In the short-term money market, the outstanding balance of funds raised was flat year-on-year, while the outstanding balance of funds invested decreased. No significant movement in the outstanding balances of uncollateralized call and repo transactions.
  3. This paper defines the repo market as "the market for cash-collateralized securities lending and transactions with repurchase/resale agreements." GC repo is a repo without specifying the issue, while SC repo is a repo that specifies the issue.
  4. The outstanding balance of GC repos increased. On the fund-raising side, city banks and others raised funds for arbitrage with their current accounts at the Bank of Japan after the negative interest rate policy was lifted. SC repos decreased, mainly centered on foreign securities.
  5. The uncollateralized call market was largely flat year-on-year. Lenders were primarily trust banks, while borrowers were institutions with interest-bearing Bank of Japan current accounts, procuring funds for arbitrage purposes.

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