Japan's Balance of Payments Statistics for 2014 and International Investment Position at Year-End 2014

International Department
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International Department: Bank of Japan

No 2015-09-30, Bank of Japan Research Papers from Bank of Japan

Abstract: Until last year, the International Department of the Bank published two separate annual reports on developments in Japan's balance of payments (BOP) and international investment position (IIP) under the BOJ Reports & Research Papers series. From this year onward, however, developments in Japan's BOP and IIP -- for the preceding calendar year and at year-end of the preceding calendar year, respectively -- will be presented collectively in a single annual report. This reflects the switch to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) as the basis for the compilation of Japan's BOP related statistics for data from January 2014 onward. Published by the International Monetary Fund (IMF), the Balance of Payments Manual provides the international standard for compiling the BOP and IIP. In the revision of the manual for the sixth edition, balance sheet items were expanded, allowing analyses that more organically connect transactions in the current and financial accounts as well as the IIP. This was the result of a series of discussions among a group of statistical experts organized by the IMF, reflecting the growing international interest in balance sheet vulnerabilities after currency crises. Against this background, this report aims to present the BOP and IIP in a more unified manner. In addition, this report presents, in several boxes, analyses of new data series that became available with the switch to the BPM6-based statistics. First, Box 1 outlines the switch to the BPM6-based statistics in Japan while briefly explaining the background to the revision of the Balance of Payments Manual for the sixth edition. Then, using data series newly released with the switch to the BPM6-based statistics, Boxes 3 and 7 respectively examine developments in direct investment income by region and industry, and in the composition of yen-denominated assets and foreign currency-denominated liabilities.

Date: 2015-09-30
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