In another sign that Japan's economy is faltering, the country's broadest measure of money-supply growth fell by 0.4% in September from a year ago. It was the first such decline since the Bank of Japan started recording the data in 1967. Prime Minister Kiichi Miyazawa has already proposed an $87 billion government spending program to perk up the sagging economy, but many economists say that's not enough. With the money supply now falling and consumer spending waning, the Bank of Japan may have to make more interest-rate cuts to get the economy moving again.
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