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Japan’s monetary base increased 1.5 percent in July from a year earlier, its 54th straight month of expansion, the Bank of Japan said Tuesday.

The average daily balance of the monetary base — cash in circulation plus current-account deposits held at the central bank by financial institutions and Japan Post — came to 110.11 trillion yen in the reporting month, the BOJ said.

The long-running expansion in the monetary base reflects the BOJ’s quantitative monetary easing policy to fight deflation, which has been in place since March 2001.

The outstanding balance of BOJ notes in circulation expanded 3.4 percent from a year earlier to 73.61 trillion yen, following a 3.5 percent rise in June.

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