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Japan household assets hit record ¥1,948 tril

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The numbers are cumulative and are not representative of the 40% haken shain and paato shain of the workforce who earn peanuts and save nothing.

15 ( +16 / -1 )

Japanese are famous for saving money when times get tight. Until they see some sort of "light at the end of the tunnel" they will continue to hoard cash.

It's mind boggling really, as the banks here pay no interest on the money at all! But are using the money to make loans all over the place and make profits for their investors.

The people SHOULD be complaining, but as usual, they dont!

23 ( +24 / -1 )

I hoard cash and only buy computer hardware for my gaming PC and about it. I loave hoarding cash. its mine mine and well deserved mine. Going to work every getting a beating to survive at work to keep a roof over your head why would you want to spend that money on junk instead save that well earned money.

11 ( +13 / -2 )

In other words, people are acting in a completely rational way. This is why broad based stimulus is a bad idea. Instead, it should only go to those who truly need it.

7 ( +9 / -2 )

I think the pandemic has made lots of old foreigners in japan lose their obs and hit rock bottom on welfare due to being age over 45 or so. It also making it harder to find jobs for those who are searching for one.

6 ( +7 / -1 )

In other words, the day of Japan's demise and obliteration is nowhere in sight.

To the chagrin of many of JT "economics expert" as well as haters.

-3 ( +10 / -13 )

Easily enough to pay the public debt.

What's the point of doing that when nearly half of it is being held by the BOJ, a public institution, as this article says? Better the BOJ cancel those bonds or let them run to maturity. Presto: No more "debt."

Cash and deposits rose 4.8 percent...securities were up 0.7 percent

Too bad people didnt put a lot more into securities (like I did). They'd be a lot richer, and there'd be less need for more govt assistance.

1 ( +5 / -4 )

I think the pandemic has made lots of old foreigners in japan lose their obs and hit rock bottom on welfare due to being age over 45 or so.

All the foreigners I know who lost jobs or who had their wages cut back are in English teaching. Anyone aged over 30 teaching English in Japan is playing a very dangerous game if they think they can stick it out in the long run. I even know some guys who are the sole breadwinner in their family while working as an English teacher! There are a few truly good jobs, such as getting tenure at a university, but these are few and far between. After 30, eikaiwa companies and dispatch companies basically don't want you anymore, in favor of someone younger and fresh off the boat. Glad I was able to see the writing on the wall, thanks to seeing way too many 50 year old English teachers drinking heavily in the local "gaijin" bar night after night.

7 ( +9 / -2 )

This is actually BAD news for the retailors and small business owners. when people close their wallets businesses suffer.

4 ( +5 / -1 )

Yubaru

A quite lot of Japanese people owe heavy mortgage loans. Low interest rate is welcomed for them and they don't have any complaint.

8 ( +8 / -0 )

sorry

Quite a lot of

3 ( +3 / -0 )

I can tell you one thing, this bit below has NOTHING to do with this supposed increase:

The increase is partly due to the impact of the government's 100,000 yen cash handout scheme for all people in the country that was aimed at boosting economic and business activity through the promotion of private consumption.

4 ( +4 / -0 )

Is it only me, the line between reality and propaganda is getting blurrer and blurrer,

one day you read about something the next day it is an article contradicting the previous

day article.

6 ( +8 / -2 )

Fewer and fewer kids means more disposable income. It also means no future.

-1 ( +5 / -6 )

More disposable income means better joy life.

I heard children are smelly, selfish and expensive. But if my mother reads this, I will get the “wooden spoon”!

Govt wants us to spend more so they can raise sales tax to 20%.

-5 ( +4 / -9 )

so how do 'they' keep track of how much money people have in the bank? are the data anonymous?

besides that is the, I suspect, HUGE amount of cash that isn't in banks..... so the above figures might not be particularly salient.

2 ( +2 / -0 )

"suggesting many (companies AND individuals) were cautious about spending and preferred to (hoard: negatively loaded term) SACE cash amid coronavirus pandemic-driven UNCERTAINTY".

People and companies are reluctant to spend because of the less than hopeful outlook.

2 ( +2 / -0 )

Mr.Tom will be here any moment to tout his Nihon supremacy at any moment now.

In other words, the day of Japan's demise and obliteration is nowhere in sight.

To the chagrin of many of JT "economics expert" as well as haters.

Damn, I was too late.

Japanese are famous for saving money when times get tight. Until they see some sort of "light at the end of the tunnel" they will continue to hoard cash.

That's unfortunately a huge weakness. The lack of consumption increasingly drives down Japan's economic viability.

A quite lot of Japanese people owe heavy mortgage loans. Low interest rate is welcomed for them and they don't have any complaint.

Meanwhile, Japanese state tobashi practices will mask those unfavorable statistics. Recently, a subsidiary of Sharp was busted for inflating a 40% figure in profits through accounting frauds. In my experience in Japan, I have seen it too many times! Starting with door-to-door salespeople asked me to sign a purchase order (I don't need to buy), so these salespeople can fulfill their company quotas without actually selling anything!

We never truly know the size of Japanese households and private debts unless there must be an independent, external audit from foreign firms.

11 ( +11 / -0 )

That means , looking at my amount as part of it, also the numbers of zeros after the decimal point of the percentage are quickly rising. lol Nothing to open a good red vintage wine for, in contrary.

0 ( +0 / -0 )

Crow all you like; it’s a smoke and mirrors accounting trick obfuscating the reality that fewer and fewer people are confiscating more and more of the wealth. That, and the old Weimar trick of artificially goosing the balance sheet with central bank created money.

Meanwhile, in the real world, income accruing to a now 40% casualised workforce (up from 20%) has been static or declining in real terms. You can instantly tell the story’s a truth avoiding crock when it lauds Abe’s mealy mouthed 十万円のプレゼント instead of lampooning it as a farcically insufficient finger in the dike that contrasted extremely unfavorably with the more genuine assistance packages provided elsewhere.

6 ( +6 / -0 )

Tobashi scheme. Olympus. Daiwa securities. YamachiCredit Suisse thing. In here, we like to present certain numbers, but real numbers mostly don't look so great. Debts, hidden payments, mortages, inflations. Most Japanese people don't know about such things and don't care, because 面倒臭い.

When I opened my first account in Japan in early 1990s and asked what was the credit card interest (they didn't offer debit cards back then, or not for most banks), they didn't know what I was talking about. No one in the branch knew what is that, couldn't get any information. They said everything is free. Sure it wasn't.. I was presented only nice looking numbers like how many percent i'll get IF i put certain ammount of money, how much that'll make in years.. I asked about things like inflation or deflation, etc. Yeah I am sure I was the causing-problems foreigner back then.

2 ( +2 / -0 )

It's mind boggling really, as the banks here pay no interest on the money at all! But are using the money to make loans all over the place and make profits for their investors.

The people SHOULD be complaining, but as usual, they dont!

The Japanese system of capitalism has ways of making people NOT talk. While the fat cats skim the cream and have their cake and eat it, the rest can just cry into their noodles and slurp.

6 ( +6 / -0 )

Wow! Easily enough to pay the public debt.

That’s right, so as soon as anyone with financial assets has half of it taken from them via coercive means or Japanese nationalism, then the debt accumulated can be yesterday’s news.

I won’t be participating in that voluntarily myself, but I’m sure everyone else will be all in.

One problem though. The government keeps spending approximately 40 trillion yen more than tax revenues each year, so having paid the debt off once by confiscating half of everyone’s assets (except nine thanks), the government will be accumulating a brand new debt mountain.

yay!

The out of control government spending is the problem, more so than the accumulated debt even.

-1 ( +2 / -3 )

I also like to hoard money.

4 ( +4 / -0 )

Burning Bush: Your (technically, the grannies) bank deposits

It’s even worse than that. The money in your accounts, legally, doesn’t even belong to you. In exchange for relinquishing ownership and control of your money, you relegate yourself to creditor status and receive a pittance in interest.

-1 ( +0 / -1 )

"We never truly know the size of Japanese households and private debts unless there must be an independent, external audit from foreign firms."

You should be suggesting exactly that but to China.

China's voodoo accounting and inflated GDP figures have been going on for decades.

Everyone seems to be aware of that.

Well, except you.

-2 ( +0 / -2 )

@Bernard Marx

I totally agree with your take on getting older and not being able to find work in Japan.

I, myself, lived and worked in Japan from 1978 until 1998.

I was 18 years old when I moved to Japan from the United States. I attended a four year university, Sophia University, graduated and then went to work for several Japanese companies in Tokyo.

My college years were spent living with a Japanese family, mastering the language and immersing myself in the culture.

I realized quickly how "image conscious" Japan was. Restaurants, department stores, convenience stores, fast food outlets and office workers were all young and vibrant individuals.

Furthermore, job posting, I noticed, had age limits. Having come to Japan at such a young age, I accepted this as the norm. Little did I know that this was actually age discrimination, or moreover, age regulation.

One of my last jobs in Japan was bartending at a huge nightclub in Roppongi. When I was hired for the position, I was already 34 years old. That's already considered too old in Japan to be working in nightclubs. The manager, however never inquired about my age during the interview. I've always looked younger than I really am anyway.

The nightclub was closing down in 1997. I was then 37 years old. I had a long discussion with my best friend at the time, a Japanese guy whom I'd known for years. I told him I was leaving Japan and moving to Honolulu where I would still have another 30 years in the work force. He couldn't really fathom my working another 30 years. After all, Japanese people usually peter out after their forties. Men drink too much and they don't take care of themselves.

True to my word, I'm 61 and still working 56 hours a week and working out at the gym three times a week. I'm in great shape and have lots of energy, and I still don't look my age. Everyone thinks I'm in my late forties.

My point is, if you're in Japan after having reached 45 years old and attempting to make a living, like you stated, it's basically a waste of your time. Japanese are highly judgemental people and they will judge you not on your performance, but on your looks. And your bar diving every night and wallowing in your sorrows will only contribute to your aging even faster.

I consider myself having made the right move when deciding to leave at the right time.

I went on to work in the hotel industry here in Hawaii as a linguist for 12 years and now work for a highly reputable security company with good pay. I'll reach my full retirement age in 6 years and still retain the youthfulness and vitality that is so important to any of us who reach this important milestone in life.

1 ( +2 / -1 )

 After all, Japanese people usually peter out after their forties.

Usually ? Rubbish.

My point is, if you're in Japan after having reached 45 years old and attempting to make a living, like you stated, it's basically a waste of your time.

Depends on what you do to make a living.

Japanese are highly judgemental people and they will judge you not on your performance, but on your looks.

Poppycock.

Unless you’re in a job that depends on looks more than skill and experience.

-1 ( +0 / -1 )

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