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Loan growth slowed to the weakest pace in three years in March, signaling the central bank’s introduction of negative interest rates has yet to spur credit in the world’s third-largest economy.

Loans, excluding trusts, rose 2 percent from a year earlier, slowing from 2.2 percent in February, the Bank of Japan said Tuesday. Deposits increased 3 percent, easing from 3.1 percent in February. The figures are the first for a full month after the BOJ began charging lenders 0.1 percent interest on some of their reserves on Feb. 16.

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