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Japanese Stop Banking, Hoard Over $368 Billion At Home
Japan’s finance ministry announced they will print more money as people lose trust in the country’s official financial architecture.
On Thursday, the Japanese Finance Ministry announced plans to increase the number of ¥10,000 bills in circulation amid signs that mounting numbers of people are hoarding cash.
Financial analysts believe that some Japanese are keeping cash at home, rather than depositing funds in banks, because interest rates on deposits have fallen to zero after the Bank of Japan introduced its negative interest rate in February.
Hideo Kumano, chief economist at Dai-ichi Life Research Institute, estimates that Japanese citizens are presently stashing some ¥40 trillion ($368 billion) at home. Kumano has an altogether different theory for the trend, suggesting that people do not want their wealth to be known following the introduction of a new tax and social security regime.
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