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Ordinary bank deposits fall in FY 2007

Thursday 10th April, 09:55 AM JST

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  • GrouchyGaijin at 04:51 PM JST - 10th April

    Well, at 0.05% interest to preferred customers what do they expect? Even low yield short and medium time deposits available online are yielding 3%+, so why would anyone wait with bated breath for their JPY23 in interest, watch it get taxed, and jump for joy at the remaining pittance? Heck, playing the currency markets online gets more, without significant risk. About last October or so, the Japan Times or IHT reported that the equivalent 27% of annual GDP in cash was moved offshore in the third quarter "by individuals" (not companies or banks) to higher yield financial instruments. If that trend continued, just think, more than 100% of GDP would leave as cash in one year! Wow, that's why we have a cash flow crunch.....it's emigrated!

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