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TOKYO (Reuters) – Japan’s currency in circulation and bank deposits rose at a record annual pace in August as companies and households continued to pile up cash to guard against the coronavirus- driven income slump, central bank data showed on Wednesday.

The data underlines the difficulty of prodding companies and households to start spending again, even as the economy gradually re-opens after lockdown measures were lifted in May.

Japan’s M3 money stock – or currency in circulation and deposits at financial institutions – rose 7.1% in August from a year earlier, marking the biggest increase since comparable data became available in 2004, Bank of Japan data showed. The rise topped a 6.5% gain in July.

Bank deposits surged a record 15.3% in August from a year earlier, as the hit to sales from COVID-19 prompted companies to continue to hoard cash as a precaution.

Cash in circulation rose 5.5% in

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Made in Door County Owner Kylie Beenken poses with items for sale on the new website alongside goods from several area businesses. (Photo: Courtesy of Kylie Beenken)

FISH CREEK – Many tourists couldn’t visit Door County this spring and summer to snag their favorite local products, and those businesses missed out both on seeing seasonal customers and some revenue. 

Made in Door County, a new website, hopes to bridge that gap between Door County lovers and the small businesses that make up the soul of the area in the age of social distancing. 

Local businesses can partner with the site to sell their goods on the platform. Made in Door County aims to be a one-stop shop for Door County merchandise — buyers can order chocolate-covered cherries and baseball hats from two different retailers on one webpage, and they arrive on doorsteps in one nice package. 

Made in Door

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