Japan’s monetary base continued to contract in April 2026, but at a slightly slower pace than in the previous month, according to the latest data released on 6 May 2026. The monetary base fell 11.3% year-over-year in April, compared with an 11.6% year-over-year decline recorded in March 2026.
Both figures reflect year-over-year comparisons, with the April reading measuring the change versus April of the previous year, and the March figure comparing against March a year earlier. While the monetary base remains in negative territory, the marginal improvement suggests a modest easing in the pace of contraction as the Bank of Japan’s balance sheet and liquidity conditions continue to adjust.
