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M3 money stock up 3.5% in Oct.

Jiji Press TOKYO (Jiji Press) — Japan’s M3 money stock in October grew 3.5 percent from a year earlier, the Bank of Japan said in a preliminary report on Friday.

The average daily balance of M3, which covers cash in circulation, deposit money, quasi-money and certificates of deposit, stood at ¥1,308.8 trillion, hitting a record high for the second consecutive month.

The balance of cash in circulation increased 4.8 percent and that of deposit money, including ordinary deposits, rose 7.9 percent.

By contrast, the balance of quasi-money, including time deposits, fell 1.1 percent, posting the smallest drop since July 2016.

The outflow of funds from time deposits traced to the introduction of the BOJ’s negative interest rate policy in February 2016 is about to run its course, an official at the central bank said.Speech

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