Now that Japan has lifted its latest state of emergency over the virus, the economy could get a major boost if shoppers splash out with the extra ¥20 trillion ($180 billion) they saved while they were cooped up.
In places like the United States and the United Kingdom, pent-up consumer demand has helped fuel strong recoveries, but whether the floodgates will open quite as wide in Japan is an open question.
Japanese households are known for socking their money away and the country’s older people, in particular, tend to be ultra-careful about spending because they worry about outliving their savings. Still, people like 80-year-old Akira Yamada are itching to get out after more than 18 months in quasi-confinement.