Il Giappone risparmia poco

CAMBRIDGE – Il Giappone rischia di entrare in una fase di stallo a causa del basso livello di risparmio. La potenziale collisione futura tra gli elevati deficit di bilancio e il basso tasso di risparmio delle famiglie potrebbe avere forti ripercussioni sia sul Giappone sia sull’economia globale.

Ma partiamo dall’antefatto. Il Giappone si è fregiato per lungo tempo del titolo di nazione con il più alto tasso di risparmio tra i paesi industriali. All’inizio degli anni ‘80, le famiglie giapponesi risparmiavano circa il 15% del proprio reddito netto. Erano i tempi degli incredibili aumenti di stipendio, quando le famiglie giapponesi potevano dar fondo al proprio portafoglio pur alimentando i propri risparmi. Sebbene il tasso di risparmio registrasse una graduale diminuzione durante gli anni ‘80, nel 1990 si attestava ancora al 10%.

Ma gli anni ’90 furono un decennio di lenta crescita, mentre le famiglie destinavano una cospicua fetta dei propri redditi al mantenimento dei propri livelli di spesa. Pur avendo vissuto una forte contrazione dei prezzi azionari e del valore delle case, disponevano di tali somme di denaro liquido sui conti di risparmio postali e in banca da non sentire l’esigenza di incrementare i propri risparmi per ricostruire il patrimonio personale.

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