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Japan plans to raid dormant bank accounts to raise new revenue

Julian Ryall
South China Morning Post [1]
January 22, 2014

Infamously saddled with a public debt that is running at an eye-watering 214 per cent of GDP, the Japanese government is planning to raid dormant private bank accounts to boost its bottom line.

The ruling Liberal Democratic Party and its main ally in government, New Komeito, are planning to submit a bill to allow the government to access bank accounts that have not been touched for 10 years or more. The funds would be used for welfare and education projects.

Accounts holding some 85 billion yen (HK$6.3 billion) are classified as dormant each year, with depositors who are notified of the situation reclaiming about 35 billion yen.The new legislation would therefore free up about 50 billion yen each year.

That however is dwarfed by the debt, which exceeded 1,000 trillion yen last year – that’s a million billion.

Full story here. [1]