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Karl-Friedrich Israel, Tim Sepp and Nils Sonnenberg analyze the impact of monetary policy on household saving in Japan between 1993 and 2017. Using annual data from the Japan Panel Survey of Consumers they show that monetary expansion has contributed to a widening gap in households’ net saving through an adverse effect on the volume of saving of non-academic households. They document how inequality in terms of the ability to build up wealth has increased in Japan over the past decades.