Page 456 - Invited Paper Session (IPS) - Volume 1

IPS177 Sayako K. M. et al.

Progress in Japan to implement the DGI-2 on
securities statistics and institutional sector
accounts
Sayako Konno Mizuno, Haruko Kato
Bank of Japan, Tokyo, Japan
Abstract
With the launch of the second phase of the Data Gaps Initiative (DGI-2) in
2015, the Bank of Japan (BOJ) has initiated various measures in order to
compile the financial data sets necessary for implementing recommendations
II.7 on securities statistics and II.8 on institutional sector accounts. These
measures utilize Japan’s Flow of Funds Accounts (FFA) as the underlying data
source and also explore complementary data sources.
With respect to recommendation II.7 on securities statistics, this paper
introduces our initiatives to compile issuing data with breakdown information
on debt securities by sector as DGI-2 intermediate target data. The BOJ plans
to investigate new data sources, such as microdata or the disaggregated data
of debt securities. This data allows classification of debt securities according
to the currency type, interest rate, maturity (original or remaining), and issuer’s
market and are not available solely from the FFA.
With respect to recommendation II.8 on institutional sector accounts, the BOJ
— using new data sources and methodology — looks at the feasibility of
compiling the following data: (1) loans and debt securities classified by
currency type and maturity (original and remaining) on both the asset and
liability sides of each economic sector; (2) breakdown of foreign securities into
three transaction items, i.e., foreign equities, foreign debt securities, and
foreign investment trusts; and (3) breakdown of foreign direct investment into
respective transaction items in alignment with the categories of the DGI-2
template. Of these issues, this paper introduces our initiatives relating to (2)
above and the tentative results of foreign debt securities. We are still in the
early stages in terms of achieving the recommendation; however, the
preliminary results of the time-series data show some trends and features of
foreign debt securities held by respective economic sectors. Towards the
completion of the DGI-2 by 2021, we will continue to work on the remaining
issues for both securities statistics and institutional sector accounts, while
taking into consideration factors such as data quality, respondent burden, and
data collection processes.

Keywords
Flow of Funds Accounts; DGI-2; Securities statistics; Institutional sector
accounts

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