Balance of current account deposits breaches ¥100t

The Bank of Japan (BOJ) said Thursday that the outstanding balance of current account deposits held by private financial institutions at the central bank exceeded 100 trillion yen (1 trillion US dollars) for the first time ever. According to a preliminary report, the balance of current account deposits reached 101.24 trillion yen (about 1 trillion dollars) as of Thursday, the BOJ said. The record high level was attributed to the ultra-easy monetary policy introduced by the BOJ in April to counter decades-old deflation by injecting huge amount of money into the financial system. The balance of current account deposits is expected to reach 107 trillion yen (1.08 trillion dollars) at the end of this year and 175 trillion yen (1.77 trillion dollars) at the end of 2014.