So once again, we see that when one experiments with policies that fly in the face of logic (like charging people to hold their money), there are very often unintended consqeuences and when you combine sluggish demand with NIRP in a monetary regime that still has physical banknotes, you get a run on cash. And on safes to store it in.
One Japanese lawmaker brought up the soaring safe sales in parliament on Monday. "It suggests a vague sense of unease among the public," Katsumasa Suzuki remarked.
We're not sure "vague sense of unease" quite covers it. People are rushing to buy safes to hoard their money in because the head of the central bank has lost his mind...