Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. "Japanese households have a thousand trillion in yen deposits. As of June, households had 1,102 trillion yen ($7.7 trillion) in cash and deposits, while private non-financial companies had 325 trillion yen. "There is a risk of what I call capital flight by Japanese households," said Tohru Sasaki, head of Japan markets research at J.P. Morgan Securities in Tokyo. In January 2006, when spreads between U.S. and Japan were at their widest at roughly 440 bps, Japanese households had 1,631 trillion yen of assets.

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