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Japan’s monetary base registered the biggest drop on record — 7.2 percent — in April due to a sharp fall in the balance of current-account deposits held by financial institutions at the Bank of Japan, the central bank 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 — fell to 103.58 trillion yen in the reporting month, the BOJ said.