The monetary base in Japan was down 3.8 percent on year in January, the Bank of Japan said on Thursday - coming in at 637.693 trillion yen.
That follows the 6.1 percent contraction in December.
Banknotes in circulation fell 2.7 percent, while coins in circulation dropped 4.0 percent.
Current account balances sank an annual 5.2 percent, including a 6.6 percent decline in reserve balances.
The adjusted monetary base surged 43.8 percent on year to 643.161 trillion yen.
