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Japan’s Monetary Base Stops Rising for First Time Under Kuroda

The Bank of Japan headquarters in Tokyo.

The Bank of Japan headquarters in Tokyo.

Photographer: Toru Hanai/Bloomberg

A key measure of the supply of money into Japan’s economy stopped rising for the first time under Bank of Japan Governor Haruhiko Kuroda’s leadership, triggered by the scaling down of the pandemic funding program.

Japan’s monthly-average monetary base fractionally declined to 656.8 trillion yen ($4.7 trillion) in August from 657 trillion yen a year earlier, according to Bloomberg calculations based on daily figures released by the central bank Thursday.