英语文摘：Japan bank lending drops 2.1% in Dec., money stock rises

TOKYO, Jan. 12 (Xinhua) -- The overall level of bank lending in Japan fell 2.1 percent from a year earlier in December, marking the 13th straight month of decline, the Bank of Japan (BOJ) said Wednesday.

According to the central bank, the level of outstanding loans stood at 393.86 trillion yen (4.73 trillion U.S. dollars) in the recording month, this follows a 2.1 percent decline in November.

Bank lending, including trusts, also declined 1.9 percent on year, standing at 456.5 trillion yen (5.57 trillion U.S. dollars) following the 2.0 percent decline in the previous month, the BOJ said.

According to the BOJ, adjusted bank lending fell 1.8 percent on year after falling an annualized 1.9 percent drop a month earlier.

Separately the BOJ said Wednesday that M2 money stock rose 2.3 percent on year in December to 782.3 trillion yen (9.39 trillion U. S. dollars), below the median expectations for a 2.6 percent annual rise.

The balance of M2 includes currency in circulation and deposits, but excludes those held at Japan Post Bank.

M3 money stock was up 1.8 percent on year to 1,082.9 trillion yen (13 trillion U.S. dollars) after rising by 2.0 percent on year in the previous month, the central bank said.

The balance of M3 includes currency in circulation, deposit money and so-called "quasi" money and CDs.

Japan's money supply or money stock, refers to the total amount of money available in the nation's economy at a particular point in time and is usually defined as currency in circulation and demand deposits (depositors' easily-accessed assets on the books of financial institutions).

Leading economists are quick to note that there is a direct relation in Japan between long-term price inflation and money- supply growth, at least for rapid increases in the amount of money in the economy.