Rose 43% on Japan’s monetary easing.
The Bank of Japan said Japan's monetary base hit a record high for the seventh straight month in September on the back of its bold monetary easing.
The monetary base is the combined balance of currency in circulation and commercial financial institutions' current account deposits at the BOJ. This stood at US$1.9 trillion at the end of September, up 43% on-year. Compared with the end of August, the monetary base grew 4.9%.
The BOJ aggressively quantitative and qualitative monetary easing policy regime launched in April has helped the balance of financial institutions' current account deposits at the end of September jump over twice on-year to US$998 billion.
This caused the monetary base to rise 30% from the end of March, just before the start of the BOJ easing.
Under the current policy, BOJ aims to lift the monetary base to US$2 trillion by the end of 2013 and to US$2.8 trillion by the end of 2014 in a bid to help Japan achieve 2% inflation.
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