TOKYO -- People in Japan are hoarding the cash they accrued during the pandemic despite an easing of restrictions, with savings actually increasing to 62 trillion yen ($478 billion), or more than 10% of the country's gross national product.
Economy
Japan consumers cling to 'COVID savings' as anxiety grips country
Weak 'revenge consumption' compared with U.S. reflected in sluggish economy
For Japan, the focus will be whether consumers start using money saved during the height of the pandemic, as what happened in the U.S. © Reuters
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