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TOKYO (XFN-ASIA) - The monetary base in May fell 5.7 pct from a year before to 88.787 trln yen, dropping for the 15th
consecutive month, preliminary data from the Bank of Japan showed.
This was the first time in 13 months that the monetary base posted a single-digit decline, having
fallen by double-digit levels in the past.
In March 2006, the monetary base dropped for the first time in more than five years after the central bank abandoned its easy credit policy, which was designed to counter deflation, and has been shrinking since then as the central bank steadily drains surplus funds from short-term money markets.
The total amount that commercial banks keep in current accounts at the central bank declined 53.9 pct from a year before to 8.88 trln yen in May, falling for the 15th month in a row.
(1 usd = 121.03 yen)
TOKYO (XFN-ASIA) - The monetary base in May fell 5.7 pct from a year before to 88.787 trln yen, dropping for the 15th
consecutive month, preliminary data from the Bank of Japan showed.
This was the first time in 13 months that the monetary base posted a single-digit decline, having
fallen by double-digit levels in the past.
In March 2006, the monetary base dropped for the first time in more than five years after the central bank abandoned its easy credit policy, which was designed to counter deflation, and has been shrinking since then as the central bank steadily drains surplus funds from short-term money markets.
The total amount that commercial banks keep in current accounts at the central bank declined 53.9 pct from a year before to 8.88 trln yen in May, falling for the 15th month in a row.
(1 usd = 121.03 yen)
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