Society

Japanese households accumulate record financial assets as COVID curbs spending

Mar 17 (Japan Times) - Japanese households had accumulated a record Y2.023 quadrillion in financial assets as of December last year, roughly four times the size of its economy, as the COVID-19 pandemic kept consumers housebound, saving their money instead of spending it.

While the crisis in Ukraine clouds the outlook by pushing up fuel and living costs for households, the government’s decision to end pandemic curbs next week could give consumption a much-needed boost.

“Households may see their purchasing power sapped as prices of goods like flour and gasoline rise,” said Masato Koike, senior economist at Dai-ichi Life Research Institute. “But consumption is likely to recover as Japan pulls out from the pandemic.”

The financial assets households accumulated at the end of December was 4.5% higher than year-before levels, and topped the Y2 quadrillion mark for the first time, central bank data showed on Thursday.

Cash and deposits accounted for over half of the total assets, up 3.3% to Y1.092 trillion, the largest on record, reflecting consumers saving more than spending. Comparable data became available in 2005.

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