In March of 2004 some 3.81 million people in Japan had more than 10 million yen in savings in the Japan Post. The total amount was about 7.15 trillion yen!
Depending on the yen rate, those nearly 4 million people had an average of $150,000 over the limit of abt. $90,000 = $250,000. 4 million people with a quarter of a million dollars in the Japan Post. Nobody knows how much they have in their bank accounts.
There is a law in Japan that says if savings in the Japan post exceed 10 million, the Japan Post can convert the excess to government bonds.
It seems Japan Post has been acting on that law. Still, as of July of this year, abt. 788,000 people had 883.8 billion yen = abt $8 billion in excess savings.
Excess savings!? They have too much money in the bank. Oh, how miserable a situation that would be!
Japan Post will go private in 2007, to be called the Yucho Ginko. It appears it wants to clean up its act now before that change takes place.
I wish someone would tell me I have too much money to save in their bank.
How about you?
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