Japan’s Gold Sales Jump Thanks to Abenomics Worries

Japan’s Gold Sales Jump Thanks to Abenomics Worries

Updated on 

  • Gold sales rise 60% in June from May at Tanaka Holdings
  • Investors ‘seeking to protect their assets’: adviser Toshima

Tetsushi Kudo, a 50-year-old office worker, bought a one-ounce gold coin this month for the first time. With stocks slumping and zero percent interest on savings, he says it won’t be the last.

“I want to buy gold every year as a birthday present for my daughter,” Kudo said at a store in Tokyo’s posh Ginza district where he made the 162,000 yen ($1,600) purchase. “She will thank me for the gift when she grows up because gold will have value wherever she goes.”

QuickTake Gold’s Ups and Downs

Individual investors like Kudo drove a 60 percent jump in sales of the precious metal in June from May at Tanaka Holdings Co., the operator of Japan’s largest bullion retailer, as the yen’s rebound against the dollar made it more affordable. While Prime Minister Shinzo Abe’s ruling party scored a convincing victory in July 10 upper house elections, confidence in his economic policies is flagging. A July 2-3 Asahi newspaper poll showed 55 percent of those surveyed support a new direction versus 28 percent for maintaining course.

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Post source : http://www.bloomberg.com/news/articles/2016-07-11/abenomics-skeptics-sell-yen-to-buy-unprintable-currency-gold

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