• Kyodo News

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The benchmark of Japan’s money supply rose 2.1 percent in 2008 from a year earlier as savers favored holding their money in high-interest time deposits while fleeing stock markets amid the global financial turmoil, the Bank of Japan said Tuesday.

The average daily balance of M2 came to ¥741.8 trillion, the BOJ said in a preliminary report. The headline reading compares with a 1.6 percent increase in 2007.

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