Money supply during the month of May grew by 3.8 percent over the same period last year, marking the first year-on-year growth in three months, the Bank of Japan said Tuesday.

Preliminary statistics released by the central bank cover the total stock of money in the economy as determined by the benchmark of M2 + CD — mainly currency in circulation, deposits and certificates of deposits.

Broadly defined liquidity growth was put at 2.9 percent, up from the 2.4 percent logged in April. BOJ officials said, however, that it is difficult to make an assessment of the growth figures, because fluctuations in recent months have been large.

The rise in growth is seen as an indication that the trend toward the cancellation of investment trusts, which has continued since last fall, has eased somewhat, officials said.

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