Jiji Press TOKYO (Jiji Press) — M3 money stock in fiscal 2017, which ended last month, rose 3.2 percent from the previous year, the Bank of Japan said in a preliminary report Thursday.
The growth, which was the highest since comparable data became available in fiscal 2004, partly reflected an increase in loans by financial institutions on the back of the central bank’s massive monetary easing.
The average balance of M3, which covers cash in circulation, deposits, quasi-money and certificates of deposit, came to ¥1,308.6 trillion, the BOJ said.
Of the M3 components, the balance of deposit, mainly ordinary deposits, went up 7.6 percent, and that of cash in circulation increased 4.6 percent.
On the other hand, the balance of quasi-money, including time deposits, fell 1.4 percent, due to low interest rates in the country.