More than Y82 tril in banknotes kept at households, businesses →
japantoday.com/category/busi … businesses
TOKYO — 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.
That is what happens when you get 20 years of deflation. It reminds me of the story of the pensioner who withdrew his life savings from the bank, wrapped the cash up on plastic and buried it in the garden. Someone got wind of this, broke into his garden one night and dug the place up and ran off with the lot.
Story is here -
theaustralian.com.au/news/th … 1118743120
timesonline.co.uk/tol/news/w … 469706.ece
A likely bloody story. “Honestly, I didn’t know my elderly miser mother kept all her money under the matress, I just wanted to do something nice for her.”
A likely bloody story.
What do you make of this one;
A FARMER lost pounds 25,400 ((32,250) off the back of his bike as he was going to a bank to have his savings changed from punts to euro.
The man was cycling to the bank in Carrickmacross, Co Monaghan, to change pounds 50,000 ((63,500) on the last day the punt was legal tender.
He had the cash in a plastic bag strapped to the carrier of his bicycle but three miles outside of Carrickmacross he fell off. He got up and rode on, not knowing that the bag had ripped and the money was blowing out behind him.
thefreelibrary.com/Lost+poun … a082727228