6/20/2009 03:24:00 PM

No More Cash in Japan?

Evidently some members of the Japanese government are considering getting rid of cash in order to achieve negative nominal interest rates.

"In theory, many Japanese could easily make the leap into a cashless world. The country has six main competing cashless payment systems, many of them embedded into mobile phones. Including Oyster-type cards issued by public transport companies, industry sources estimate that there are about 120 million cashless payment chips sitting in Japan’s wallets and handbags, waiting to be swiped."