Japan postal savings fall for 3rd consecutive year

The outstanding balance of postal savings at the end of 2002 decreased 1.9% from a year earlier to 235,817.6 billion yen, marking the third consecutive year of contraction, the Postal Services Agency said Monday.

The balance began to decline in 2000 when the huge redemption of fixed-amount “teigaku” savings, contracted in the period of high interest rates a decade earlier, started.

But the balance of postal savings at the end of December increased 0.3% on a month-to-month basis because pension benefits and biannual bonuses were paid during the month.

Fresh deposits outpaced withdrawals in December for the first time in six months to the extent of 558.1 billion yen.

Ordinary postal savings posted a net inflow of 1,824 billion yen, while teigaku savings and time savings registered respective net outflows of 1,153.6 billion yen and 100.2 billion yen.