Japan Banknotes in Year-End Circulation Hit Another Record High

Tokyo, Dec. 30 (Jiji Press)--The year-end balance of banknotes in circulation in Japan hit a record high for the 13th straight year, the Bank of Japan said Friday.

The balance grew to 125,068.3 billion yen at the end of 2022 from 121,963.8 billion yen a year before.

The balance has been increasing with many people keeping cash at hand amid low deposit rates reflecting the BOJ's prolonged massive monetary easing policy.

Although cashless payments are becoming popular in Japan, many people still prefer cash, contributing to growth in the balance of banknotes in circulation, analysts said.

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