Japan’s monetary base contracted by 15.2% year-on-year in September 2026, marking the 14th consecutive month of decline, although the pace eased from a 15.7% drop in August. The latest contraction was driven by an 18.3% fall in current account balances at the Bank of Japan, following an 18.9% decline in August, while banknotes in circulation fell 2.0% (2.0%) and coins in circulation eased 1.2% (1.2%). On an average outstanding basis, the monetary base stood at ?532.8 trillion in September, down from ?543.0 trillion in August.