• Kyodo

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Assets held by households in Japan hit a record ¥1,901 trillion ($18 trillion) at the end of September, up 2.7% from a year earlier, as the COVID-19 pandemic weakened consumption and left people with more cash and deposits, the Bank of Japan said Monday.

The expansion followed a cash handout program in which the government gave ¥100,000 to each person to help cushion the economic impact from the pandemic. The result suggests that rather than splash out, consumers instead added to savings.

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