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Japan: More than Y82 tril in banknotes kept at households, businesses

The Bank of Japan said Thursday that 82.31 trillion yen worth of banknotes were being kept in household or corporate coffers without being deposited at financial institutions by the end of this year, up 1.7% from a year earlier to a record high.

People are tending to keep their money under the mattress given the prolonged ultra-low interest rate policy by the central bank, while companies have secured extra cash reserves, boosting the amount of banknotes that are not deposited. The central bank has kept its key interest rate steady in a range of around zero to 0.1%, which is part of the easing policy the BOJ adopted in October in addition to the launch of a 5 trillion yen asset buying program.

Updated: December 31, 2010 — 3:42 am


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