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Japan’s most closely watched money supply gauge rose 2 percent in February from a year earlier, but the balance of quasi-money — mostly in time deposits — fell a steep 11.1 percent, the Bank of Japan said Monday.

The average daily balance of M2 — cash in circulation, demand deposits and quasi-money — plus certificates of deposit, came to 672 trillion yen, compared with a revised 675.9 trillion yen in January, the central bank said.

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