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To: Defrocked who wrote (3749)	12/11/1997 10:01:00 PM
From: Jack Kunkle	Read Replies (1) \| Respond to of 10921

Yes but the Monetary Base consisting of currency in circulation and reserve requirements has been growing at a compound annual rate of 7.8%. The Japanese Money Stock (M1) consisting of cash, currency in circulation and deposit money has been growing at an annualized rate of 10%. Long term interest rates in Japan (30 year bonds) as of the 2nd quarter 1997 are 2.42% Short term interest rates in Japan (3 month CD's) as of the first quarter 1997 was 1/2 of 1%. The URL you referred to did their analysis using M3 which includes a Broad Money measurement (M2 +CDs) this is a much broader interpretation of money supply. Milton Freedman (my hero) mostly studied M1. Regards, Jack Kunkle