A gold rush is on in Japanese shops. The Government has lifted restrictions on importing?
A gold rush is on in Japanese shops. The Government has lifted restrictions on importing gold as on way of fighting the country's inflation.
Japanese shops are certainly cashing in on the costly goods the are now able to sell. On major Tokyo store with a direct link to Tiffany's of new York held a "golden sales" day to mark the removal of the import ban.
The shops are widely advertising the fact that the present troubles on the world money market make it good sense to change one's money into reliable gold.
The rings, watches, cuff links brooches, ear rings and bracelets mostly come from Canada, Europe and the United States.
The Japanese Finance Ministry estimates that over 50 million U.S. dollars (20 million pounds sterling) worth of goods will enter the country within the year.
Prime Minister Kakuei Tanaka's government hopes the stability of the gold imports will be one of the measures successful in combatting the rapid rise in Japanese living costs.