Households' net worths up, thanks to Abenomics, Latest Business News - The New Paper

Households' net worths up, thanks to Abenomics

This article is more than 12 months old

TOKYO: An improving job market driven by Japan's economic recovery and booming stock prices helped increase households' net worth this year, a survey showed, suggesting that the benefits of Prime Minister Shinzo Abe's reflationist "Abenomics" policies are broadening.

Households' average financial assets rose 6.8 per cent from a year ago to 11.5 million yen (S$138,000) this year thanks to a 25 per cent rise in Japanese stock prices, an annual survey by a body administered by the Bank of Japan showed yesterday.

But uncertainty over Japan's social welfare provisions being maintained among a rapidly ageing population prevented households from turning to riskier investments, underscoring the challenge the central bank faces in nudging the country's risk-shy population to invest rather than save cash in accounts.