Bank of Japan's M3 Money Stock y/y reflects the entire quantity of money circulating in the country's economy. The index reflects money stock changes in the given month compared to the same month a year ago.
The M3 money stock includes cash and residual assets which enterprises and individuals can use for making payments, as well as deposits at depository institutions and time deposits. The calculation is aimed to cover the entire quantity of money held by private households, non-financial corporation, local governments and municipal enterprises. The calculation does not include deposits, etc. held by the central government, depository institutions, insurance companies, government financial institutions, bank and insurance holding companies, as well as by non-residents.
The money stock structure is constantly changing. For example, the proportion of cash is reduced.
The M3 Money Stock indicator characterizes inflation in the country. Excess money supply growth potentially can cause inflation and generate fears that the government may tighten money growth by allowing the interest rates to rise, which in turn lowers future prices. In Japan, decisions by the Bank of Japan to increase the volume of the Japanese yen may not necessarily lead to inflation, as many Japanese tend to save money, and in particular the elderly tend to prefer cash savings, which are called "Tansu Yokin".
A higher than expected index can be seen as positive/bullish for JPY, but this relationships is not considered reliable.
The chart of the entire available history of the "Bank of Japan (BoJ) M3 Money Stock y/y" macroeconomic indicator.
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