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Japan's Postal Savings Accounts
 | 1980-1994: Nomura Research, personal
savings rate averaged 23.9% of incomes.
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| 1994: Japanese household
survey, 42 million Japanese workers saved $29,370 each and added another $1,233 Billion to savings.
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| 1995: Testimony of Martin A.
Armstrong before US Congressional House Way & Means Committee, $10 Trillion in Postal Savings.
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| 1996: Edward W. Desmond, Japan's
total personal savings are $13 Trillion.
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| 1996: Japan Statistical
Yearbook, 1998, page 462, added an additional 213 trillion yen ($1.9 Trillion) to Postal
Savings.
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| 1997: United Nations
"Statistical Summary" reports the balance in Japan's Postal Savings Account is
$22 Trillion.
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| 1997: Family Income and Expenditure Survey, $10,814 per household in monthly income, $6,966 in
personal savings.
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| 1998: of the world's top 50 commercial banks, 15 were Japanese with assets exceeding $5.2
trillion.
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| 1998: World
Bank Group estimates that Japan's GNP per capita is almost 50% higher than ours.
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| 1999: Asiaweek's column Bottom Line reports savings averaged 31-34% of
GDP.
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| 1999: Nomura Research, savings rate
was 25% in Japan,
negative 1% in the U.S.
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| 1999: Family Income and Expenditure Survey, $9,819 per household in monthly income, $5,040 in
personal savings.
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| 2000: Yoshihiko Miyauchi,
personal savings are $11.8 trillion of which $2.4 trillion are in
Postal Savings.*
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| 2001: Mizuho becomes world's
largest bank, a quarter of a trillion larger than our largest bank, Citigroup, as Sumitomo
Bank doubles to $1 trillion.
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| 2003: Family Income and Expenditure
Survey, average household saved $3,275 per month,
indicating that an additional $1.8 trillion will be added to personal savings this year.
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| 2003: Gross savings are 49% of GDP.
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| 2003: Monetary base exceeds $94 trillion, up from $71 trillion one year ago.
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| 1960-2003: Cumulative personal savings estimated to exceed $40 trillion.
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*In just one decade, 1990 to 1999,
Japan added more than $15 trillion to personal savings, so how could their total personal
savings be only $11.8 trillion?
The following statement from http://www.boj.or.jp/en/stat/boj/mbt0310_f.htm
answer the question of whether or not Japan's Postal Savings Accounts [called Japan Post
on the above page] are included in the monetary base reported on the page at
http://www.stat.go.jp/english/19.htm .
"Since the Japan Post is not subject to the reserve requirement system, the
deposit of the Japan Post will not be included in Reserves. But it will be
included in Current Account Balances excluding Reserve Balances."
What this says is that the monetary base does include the PSAs, whereas the page posted at
http://www.boj.or.jp/en/stat/boj/mbt0310_f.htm
does not.
This means that total assets in Japan's PSAs are:
| 10,361 trillion yen = total monetary base
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| less 105 trillion yen = monetary base excluding PSAs
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| equals 10,256 trillion yen = total amount in PSAs =
$93.2 trillion
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Cumulative savings in the PSAs must be in that range, but this $93.2 trillion is 2-3 times
higher than has been previously estimated
ERRATA
| The December 1997 Family Income and Expenditure
Survey now archived
states in the body of the page that "average monthly income per household stood at
1,189,572", for personal savings of $6,028 per month, but the graph attached to the
page reports income to be only 471,868 yen, or $6,525 less.
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| The December 1999 Family Income and Expenditure
Survey, removed from http://www.stat.go.jp/156.htm
is now archived
at www.archive.org and reports "average monthly
income per household stood at 1,080,114 yen", or $9,819 per month (and savings per
household that month of $5,040).
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| The November 2001 Family Income and Expenditure
Survey which was posted on the Japanese government web site reported "average monthly
income per household stood at 458,478 yen", but the graph attached to the page on the
archive
shows it to be 638,857, or 180,379 yen or $1,640 higher.
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