Friday, October 11, 2013
Key Money-Supply Gauge Up 3.1% In Sept
TOKYO (NQN)--The benchmark measure of Japan's money supply grew 3.1% on the year in September, the Bank of Japan said Friday.
The balance of M3 -- currency in circulation, money in demand-deposit accounts, time deposits and certificates of deposit -- averaged 1,161 trillion yen. The growth rate rose 0.1 percentage point from the previous month to match the 3.1% logged in June, the highest since data became available in April 2004. The figure shows clearly that companies and individuals are holding more cash reserves.
The balance of L -- M3, pecuniary trusts, investment trusts, bank debentures, straight bonds issued by banks, commercial paper issued by financial institutions, government securities and foreign bonds -- rose 3.7% to 1,512.4 trillion yen, marking its highest growth rate since March 2007. Increased purchases of investment trusts contributed to the growth rate's 10th straight month of expansion.