Japan's money stock, or currency in circulation and bank deposits, rose at the fastest annual pace on record in May as companies hoarded cash to guard against slumping sales from the coronavirus pandemic, central bank data showed on Tuesday.
FILE PHOTO: A Japan Yen note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration
The data underscores the disruption the health crisis is causing to corporate activity and the flow of money, leaving policymakers dealing with the stiff challenge of reviving an economy in the throes of a deep recession. “Companies are borrowing more amid the coronavirus pandemic and parking money in bank deposits, so they have more cash at hand to meet immediate funding needs,” a BOJ official told reporters.
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