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M3 money stock hits another record high

Jiji Press TOKYO (Jiji Press) — The M3 money stock stood at ¥1,331.3 trillion in May, hitting a record high for the second straight month, the Bank of Japan said Monday.

The average balance of the M3 measure, which covers cash in circulation, demand and time deposits, and certificates of deposit, rose 2.7 percent from a year before.

The rise reflected brisk bank lending growth, Bank of Japan officials said.

Of the M3 components, cash increased by 4.1 percent and deposit money, including ordinary deposits, by 6.5 percent. The growth rate for deposit money has stayed the same since March.

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