Abenomics, the radical economic policies of Shinzo Abe the Japanese prime minster, is starting to show effect on the gold market in Japan in particular and the Japanese sales in general.
The Japanese consumption of gold increased dramatically this year according to reports. Jewelers and bullion retailers said sales this year were outstanding, and the 500 gram bar being the most popular. Japan imported 7,686 kilograms of gold from January to May this year, which is over double last year’s 2,994 kilograms.
Gold expos are becoming a common sight in Tokyo, not in only in Duabi. In April, “Gold Expo” gold exhibition displayed gold-made products worth $130 million. The most remarkable items in this expo were the 120 Kilogram gold bar ($6.5 million), 4.2 Kilogram gold flower ($1.7 million), Japanese gold pride robe ($560,000), gold cup and saucer set ($75,000) and golden sugar bowl and creamer set ($172,000).
This week, the Takashimaya department store in Tokyo is displaying a $10.15 million gold Christmas tree in another gold expo. The tree is decorated with a golden brandy cup ($34,500), golden playing card ($9,500), a candle holder ($335,500) and a coffee cup ($71,000). The store also displays two 80 kilograms gold Chinese lions ($9.6 million) and a 1.8 kilogram pure gold Chinese dragon ($27,500).
Apparently, Dubai isn’t the only city crazy about flashy gold events. Tokyo is joining the fray too! Thanks to the current Japanese economic policies, high-end items sales are starting to sell rapidly.