BOULDER – Nearly three decades ago, as a visiting professor at Konan University in Kobe, Japan, I learned to live in a cash society. Rather than open a checking account – and maintain the required minimum balance of $1,000 – I did what Japanese did: carry large amounts of yen and pay for everything in cash. At the time, Japanese were very frugal, and low interest rates compelled many to hold their savings in cash in safe-deposit boxes. Recently, however, Japanese spending habits have changed significantly.
BOULDER – Nearly three decades ago, as a visiting professor at Konan University in Kobe, Japan, I learned to live in a cash society. Rather than open a checking account – and maintain the required minimum balance of $1,000 – I did what Japanese did: carry large amounts of yen and pay for everything in cash. At the time, Japanese were very frugal, and low interest rates compelled many to hold their savings in cash in safe-deposit boxes. Recently, however, Japanese spending habits have changed significantly.