Savings by Japan's households rise by $400 bil. during pandemic

Savings by Japan's households have been growing throughout the coronavirus pandemic.

A government estimate shows that the amount increased by hundreds of billions of dollars between 2020 and last year.

The Cabinet Office calculation indicates that households put away an additional 52.6 trillion yen, or about 400 billion dollars. That's almost 10 percent of Japan's gross domestic product in yen terms.

The Office says consumers used less money as they spent more time at home to avoid getting infected. Many also received cash assistance from the government.

It is a similar story with consumers in the United States and Europe. Data shows that US households saw a rise in savings of 2.6 trillion dollars. That is equivalent to about 11 percent of the country's GDP.

The figure in the eurozone was 800 billion dollars.
That's nearly 7 percent of the single-currency bloc's total economic output as of the end of 2021.