Abstract
The Treasury is a body corporate of state, subject of financial and economic behavior. The state often becomes a subject of economic behavior in this sense. For example, it becomes the subject of action such as, the administration of properties, the buying and selling of goods and services and the taking charge of monetary revenues and expenditures. What influences the money market among these, is needless to say, the monetary revenues and expenditures. This is called The Fiscal Payments and Receipts in Japan and has long been regarded as a factor wielding a great influence on the national economy. The reason why the Treasury has had such a great influence on the national economy can be explained by the modern history of Japan. The Japanese government has tried every possible means to encourage the growth of modern industries since the Meiji Restoration. Therefore, the Treasury includes not only the general accounts financed by tax revenues, but also the special accounts used for government enterprises, government banks and various funds. The constitution of the Treasury is very complicated. It is reported that as many as 95 factors, including all kinds of government accounts, those of Public Corporations and Public Finance Corporations, etc. are regulating the fiscal payments and receipts. Consequently, the influence of the fiscal payments and receipts on the Japanese money market is extensive and involved. For example, absorption of money by the Treasury presents various other factors of different nature than the compulsory absorption of money in the mere form of taxation. As the japanese government runs a savings bank, the people's money is also absorbed in the form of savings. When government enterprises issue public loan bonds, money is absorbed in the form of investment. The influence of fiscal payments is likewise involved. As mentioned before, various factors constituting the fiscal payments and receipts, the relation of payments and receipts among various accounts, public corpo-
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