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Cao, D., Wang, D., Liao, Y., & Liu, Q. (2022). Does “Lottery Culture” Affect Household Financial Decisions? Evidence from China. PLOS ONE, 17, e0275717.
https://doi.org/10.1371/journal.pone.0275717

has been cited by the following article:

• TITLE: The Anomaly of Household Financial Asset Holdings in Japan: A Comparison with the USA and Europe

  AUTHORS: Chikashi Tsuji

  KEYWORDS: Anomaly, Europe, Household Financial Asset Holding, Japan, USA

  JOURNAL NAME: Modern Economy, Vol.16 No.4, April 18, 2025

  ABSTRACT: This paper examines household financial asset holdings in Japan and compares them with those in the USA and Europe. We uncover the unique characteristics of Japan’s household assets and consider the reasons behind their anomalous nature. Our study reveals that Japanese households have a strong preference for low-risk assets, such as cash and deposits, while US and European households tend to prefer medium- or high-risk investments. Furthermore, our study derives significant implications from our findings and provides valuable insights into the factors driving this anomaly. Additionally, we will discuss future policy prescriptions and present some prospects.