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Research Outline

Prepared for Tomonari S. | Delivered June 3, 2020

Japan Remittance

Goals

Determine the percentage of remittance into Japan below 1,000,000 yen and the percentage of remittance into Japan above 1,000,000 yen, for each year from 2014-2019.

Early Findings

  • In 2017, $4,578,000,000 was sent from other countries in remittance to Japan.
  • The US sent the most to Japan; $1,593,000,000 was sent from the US.
  • Information on the yearly amount sent to Japan can be found here.  
  • No information on the breakdown of remittance amount into those over 1,000,000 yen and those below 1,000,000 yen was available.
  • The Bank of Japan monitors "all overseas transfers of more than JPY 2,000,000 (USD 18,777)."
  • For any remittance exceeding JPY 30,000,000 (USD 280,200), "a report to the Minister of Finance is required."
  • Additionally, it was found that "remittance services typically have a top limit between 500 000 yen (USD 4,600) and 1 million yen (USD 9,200) per transaction, banks usually set limit per day not per transaction, and its from 1 million yen will 10 million yen (USD 92,800)."