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Economy

Japan's balance of stashed cash surging

Anxiety about the future prompts well-to-do Japanese to sock away more money

It is expensive to store cash in Japan.

TOKYO -- More Japanese are socking away their money in the form of cash, due to falling deposit interest rates resulting from the Bank of Japan's negative interest-rate policy, as well as concerns about future tax increases and tightened monitoring.

The Dai-ichi Life Research Institute said that as of the end of February, the balance of stashed cash had jumped 8%, or 3 trillion yen, on the year to 43 trillion yen ($386.1 billion). The increased amount is equivalent to 0.6% of gross domestic product.

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