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Japan's cash in circulation falls for 1st time since 2012 - BOJ

Japan's cash in circulation falls for 1st time since 2012 - BOJ

FILE PHOTO: Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration

TOKYO : Japan's monetary base, or the amount of cash circulating in the economy, fell 3.3 per cent in September from a year earlier, data showed on Tuesday, marking the first year-on-year decline since April 2012.

The data highlights a turning point in Bank of Japan (BOJ) Governor Haruhiko Kuroda's massive asset-buying programme deployed in 2013, which aimed at firing up inflation to his 2 per cent target with heavy money printing.

The drop, which followed a 0.4 per cent rise in August, reflected shrinking demand under the BOJ's pandemic-relief scheme, which was created in 2020 to ease funding strains caused by the crisis and will be phased out next year.

Source: Reuters
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