More than 20 percent of Japan’s households have no savings, the highest level in 40 years, while those that are saving have put aside more than ever, according to the results of an annual survey released Monday by the Bank of Japan.

The percentage of such households rose 5.5 percentage points from a year earlier to 21.8 percent, the highest since 22.2 percent in 1963, the BOJ said, citing the results of the survey conducted by the Central Council for Financial Services Information.

Meanwhile, the amount of savings for households that reported squirreling some money away was a record high 14.6 million yen, up 380,000 yen from last year for the first increase in three years.

The BOJ serves as secretariat of the central council, which is comprised of members in the private sector and government. The group’s main purpose is to provide the public with basic financial and economic knowledge.

The survey was conducted between June 27 and July 7 on 6,000 households that have two or more members, of which 4,158, or 69.3 percent, responded.

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