September 22, 2003

THERE GOES THEIR ONE CLAIM TO FAME:

22% of households struggling to save (The Japan Times, Sept. 23, 2003)

More than 20 percent of Japan's households have no savings, the highest level in 40 years, while those that are saving have put aside more than ever, according to the results of an annual survey released Monday by the Bank of Japan.

The percentage of such households rose 5.5 percentage points from a year earlier to 21.8 percent, the highest since 22.2 percent in 1963, the BOJ said, citing the results of the survey conducted by the Central Council for Financial Services Information.

Posted by Orrin Judd at September 22, 2003 7:25 PM
Comments

What's your point? It says the savers are saving more, odd behavior in a collapsing economy, you'd think.

Maybe it isn't collapsing as fast as you imagine.

Posted by: Harry Eagar at September 22, 2003 10:04 PM

In a country with a future they'd be buying houses or putting money in 401k's, not in passbook savings accounts paying 0%.

Posted by: oj at September 22, 2003 10:07 PM

Perhaps they are waiting to invest in soon-to-be available peninsula real estate.

Posted by: jim hamlen at September 22, 2003 11:35 PM

What peninsula?

Posted by: oj at September 23, 2003 9:03 AM

Where does it say they're putting it in 0% passbooks? They are heavily into US government bonds.

You're right that they have gummed up their economy so that expansion is difficult, but that eventually will unstick.

Meantime, they are living well on less than their income, and how many societies can say that?

Posted by: Harry Eagar at September 23, 2003 3:19 PM

Our interest rate is 1% too.

Other than having the highest deficits in the developed world they are.

Posted by: oj at September 23, 2003 3:27 PM
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