Author(s)

Chikashi Tsuji

Graduate School of Economics, Chuo University, Tokyo, Japan.

This paper examines household financial asset holdings in Japan and compares them with those in the USA and Europe. We uncover the unique characteristics of Japan’s household assets and consider the reasons behind their anomalous nature. Our study reveals that Japanese households have a strong preference for low-risk assets, such as cash and deposits, while US and European households tend to prefer medium- or high-risk investments. Furthermore, our study derives significant implications from our findings and provides valuable insights into the factors driving this anomaly. Additionally, we will discuss future policy prescriptions and present some prospects.

Anomaly, Europe, Household Financial Asset Holding, Japan, USA

Tsuji, C. (2025) The Anomaly of Household Financial Asset Holdings in Japan: A Comparison with the USA and Europe. Modern Economy, 16, 647-654. doi: 10.4236/me.2025.164030.