Economy

Every day, we use products that are built using “rare earths”—a group of 17 elements that are, as the name suggests, very rare. They’re used to make everyday items such as rechargeable batteries, LED lights and display panels, as well as larger products such as wind turbines.

Now, it turns out, Japan has an estimated 16 million tons of the stuff on its turf. Researchers claim the trove might be enough to supply the world with metals such as yttrium and europium on a “semi-infinite basis.”

This is good news for Japan’s industrial sector. The world’s biggest source of rare earths is by far China, which has in the past halted exports to Japan when the two countries have been at odds.

A number of Japanese banks are set to launch a new national digital currency in a bid to wean citizens off cash, the Financial Times reports.

The FT says that a consortium led by Mizuho Financial Group and Japan Post Bank plan to launch the new digital currency in time for the Tokyo 2020 Olympics.

The new project, which has the support of Japan's central bank and regulators, aims to develop technology to allow Japanese people to pay for goods and services with their smartphone.

Cash currently represents 70% of all transactions by value in Japan but such a heavy cash dependency incurs costs for banks and governments. Banks must pay to handle, transport, and audit large amounts of cash, while governments risk losing tax revenue to undocumented cash-in-hand work or black market transactions.

Faced with slack consumption and soul-searching over Japan’s notoriously poor work-life balance, the government is asking companies to allow their workers to leave at 3pm on the last Friday of the month.

The hope is that they will use those extra hours of freedom to shop, make an early start to their Friday libations or go on a weekend break.