Japan estimate of the day

At current second-hand market prices, says a new report, Japan’s “hidden asset” in terms of national reserves of things — defined as potentially resellable household objects that have lain unused for over a year — is worth around $580bn.

The dust-gathering contents of Japan’s cupboards, attics and garages, by that estimate, are worth roughly the same as the combined market capitalisation of the country’s most globally known corporate names: Toyota, Sony and SoftBank.

That’s an impressive stash, equivalent to roughly $4,600 for every person in Japan…

Over the past few years, Japan has become a uniquely attractive global magnet for buyers of second-hand goods — from Hermès bags, Rolexes and limited edition Nike Airs to Pokémon trading cards, vintage video games, golf clubs, fishing rods and rare Licca dolls. An increasingly powerful appeal for the tens of millions of visitors the country now draws annually is not just the traditional shopping, but the vibrant, over-the-counter trade in used items.

The aging of Japan, the fastidiousness of many Japanese, and the cheap yen are two factors behind these developments.  Here is more from Leo Lewis at the FT.