Hiroshi Nakaso: Development finance in the economy facing double trilemmas Article by Mr Hiroshi Nakaso, Deputy Governor of the Bank of Japan, contributed to the Joint IMF-Bank Indonesia Conference “Future of Asia’s Finance: Financing for Development 2015”, 2 September 2015.
As in previous months, annual growth in M3 was mainly supported by its most liquid components, with the narrow monetary aggregate M1 expanding at an annual rate of 9.1% in July 2017, down from 9.7% in June. The recovery in the growth of loans to the private sector observed since the beginning of 2014 is proceeding.