The Bank of Japan reported the supply of money stock in circulation increased 6% in June following the receipt of economic relief payments.
Investors in Japan increased their crypto holdings during the early stages of the pandemic before the government issued economic relief payments.
According to a July 13 report from Japanese news outlet Nikkei, the Bank of Japan revealed that the supply of M3 in the country — a measure of various money stock in circulation — increased 5.9% in June to $13.5 trillion.
The amount of liquid assets available to residents of Japan has increased following the government issuing 100,000 yen — roughly $936 — stimulus payments to individuals, 300,000 yen to some households, and other payments to companies in response to the coronavirus outbreak.
The Nikkei reported that such payments have made the cash flow in Japan “abundant” with fewer increasing their spending habits.