Japan’s bank deposits rise at record pace

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    TOKYO- Japanese bank deposits rose in February at the fastest annual pace of record, data showed, as a renewed wave of coronavirus infections prodded households to save rather than spend.

    The data underscores the pain consumers are feeling from the prolonged battle with the pandemic, which is hitting wage growth and could delay Japan’s already fragile economic recovery.

    Total deposits held by Japanese banks stood at 805.6 trillion yen ($7.4 trillion) in February, up a record 10.0 percent from a year ago following a 9.8 percent gain in January, Bank of Japan data showed.