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Monetary mapping · Japan

Japan uses the Bank of Japan M2 series directly

Japan enters the MM2 basket through the Bank of Japan’s official M2 series. In the QWM2 source registry it is treated as a core M2 / close variant, making the Japanese component a relatively direct analogue to the U.S. reference measure: the production system does not need to substitute a broader differently named aggregate such as M3 or M4.

The harmonisation still respects the national definition rather than pretending that the underlying instruments are identical across countries. MM2 preserves the official Japanese series, aligns it to the common monthly framework and converts the local-currency stock into current U.S. dollars. Consequently, a stable or rising yen-denominated M2 stock can have a different current-USD contribution when JPY/USD moves materially; the page therefore exposes both local-currency and dollar views rather than collapsing them into a single interpretation.