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Japan's private financial assets hit record 3 quadrillion yen

40% sitting in banks and 1 quadrillion yen invested abroad

Japanese households keep 51% of their assets in cash and deposits.   © Reuters

TOKYO -- While private-sector financial assets reached a record 3 quadrillion yen ($26.4 trillion) or so as of the end of September, a large portion of the wealth has not been tapped to help boost economic growth, a report released Wednesday by the Bank of Japan shows.

Households' financial assets climbed 4.7% on the year to 1.84 quadrillion yen, according to the Bank of Japan's preliminary flow-of-funds data for the July-September quarter. The data also shows that nonfinancial companies' assets increased 15.3% to 1.2 quadrillion yen. Both amounts are the highest on record.

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