Money
Money stock (M2 & M3)
The size of Japan’s money supply, measured monthly by the Bank of Japan as M2 and M3.
¥1,295 trn
latest, Apr 2026 (M2)
What this shows
Money stock measures how much money is circulating in the economy. This chart shows two of the Bank of Japan’s aggregates: M2 (cash plus deposits at domestic banks) and the broader M3 (which adds deposits at a wider set of institutions).
The Bank of Japan reports these as average amounts outstanding, originally in units of 100 million yen; here they are converted to trillions of yen for readability. Economists watch the level and growth rate of money stock as one input among many.
How to read it: Both lines are in trillions of yen. M3 is always above M2 because it counts a broader set of deposits.
Terms on this page
- M2 (money stock)
- M2 is a broad measure of the money supply — currency in circulation plus demand and time deposits at domestic banks. The Bank of Japan also publishes M1 (narrower) and M3 (broader). Economists watch the growth rate of money stock as one input among many.
- M3 (money stock)
- M3 includes everything in M2 plus deposits held at a wider range of financial institutions (such as the postal savings system). It is the broadest of the Bank of Japan's commonly cited money-stock aggregates.