Expansion of Japanese broad money supply

LETTER - In a letter published in Thursday's Financial Times a chief economist explains how the Japanese money supply is increasing through commercial banks buying of government debt as a result of low demand for loans.

Sir, In discussing ways to fight Japanese deflation, Martin Wolf argues that one "simple" way to expand the broad money supply is to bypass the Bank of Japan and have the government borrow direct from commercial banks ("How to avert a ratings disaster", March 27).

Perhaps Mr Wolf

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