Japan’s monetary base continued to contract in October 2026, but at a slower pace than in the previous month, according to data updated on 3 November 2026. The year-on-year change in the monetary base stood at -13.7% in October, compared with a sharper decline of -15.2% recorded in September 2026.
Both figures are calculated on a year-over-year basis, comparing each month’s monetary base to the same month a year earlier. The latest reading suggests that while Japan’s monetary conditions remain tighter than a year ago, the rate of contraction has moderated slightly heading into the final quarter of 2026.
