Bank of Japan's M2 Money Stock y/y reflects the entire stock of the currency in cash as well as of other liquid assets used in the country's economy. The index reflects changes in the given month compared to the same month of the previous year.
The M2 monetary stock includes cash and residual assets which enterprises and individuals can use for making payments. This, known also as "money supply", is the quantity of currency available within the economy to purchase goods and services. Please note that methodology of calculating money supply varies between countries.
The index measures the 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.
The Bank of Japan has rapidly increased the supply of Japanese yen, but it did not result in inflation. 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 should be taken as positive/bullish for JPY, while a lower than expected index should be taken as negative/bearish for JPY.
The chart of the entire available history of the "Bank of Japan (BoJ) M2 Money Stock y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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