The Bank of Japan (BOJ) posted its November 2026 projection on Nov. 5, updating its monthly estimate of changes in financial institutions’ accounts at the central bank. The BOJ published the projection in a spreadsheet.
The accounts track funds financial institutions hold at the BOJ, rather than Japan’s balance-of-payments position. The release follows the BOJ’s October account-balance listing and November outlook.
Banknote movements, government treasury receipts and payments, and BOJ market operations affect the balances, the central bank says in its review of fiscal 2024 operations.
For historical context, BOJ figures put the balances at 530.4 trillion yen at the end of March 2025, 30.7 trillion yen below the level a year earlier. The central bank linked part of that decline to reduced Japanese government bond purchases and lower outstanding balances in some lending operations. Those figures describe an earlier period and are not a comparison with the November projection.
