Safes Sold Out in Japan: Customers Hoard Cash in Response to Negative Rates

Safes Sold Out in Japan: Customers Hoard Cash in Response to Negative Rates

In a surprise move, Japan joined the negative interest rate club on January 29th. The Bank of Japan expected the move would force consumers to spend some of their money. Instead, it has had the opposite effect.

The only surge in sales has been for safes, a place where the interest rate is always zero [not negative], no matter what the central bank does.

Wall Street Journal 22/2/16

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