Results of the 20th Opinion Survey on the General Public’s Mindset andBehavior*This is an English translation of the Japanese original released on October 19, 2004.

November 8, 2004
Public Relations Department
Bank of Japan[Contents]
I. Introduction
II. Survey Outline
III. Summary
A. Impression of Economic Conditions
B. Household Circumstances and the General Public’s Mindset
C. Perception of the Price Levels
D. Recognition and Credibility of the Bank
IV. Complete Questionnaire and Results
I. Introduction
The Bank of Japan, through public relations activities conducted at its Head Office andbranches, has been seeking to determine the concerns of a broad cross-section of the generalpublic relative to its policy and operations. An example of such action is the Bank’s Opinion
Survey on the General Public’s Mindset and Behavior, conducted since 1993 with anationwide sample of 4,000 individuals who are at least 20 years of age. This survey isessentially an opinion poll designed to gain insight into the public’s perceptions and actions,and therefore differs in character from the Bank’s Tankan (Short-Term Economic Survey ofEnterprises in Japan), which is conducted separately from this survey.

II. Survey Outline
Survey period:
Sample size:
Survey sample participants:
Sampling method:
Survey methodology:

From August 27 to September 6, 2004.
4,000 people (2,969 people [i.e., 74.2 percent of the overall
sample size] provided valid responses to questions).
Individuals living in Japan who are at least 20 years of age.
Stratified two-stage random sampling method.
Questionnaire survey. (Researchers visit sample individuals,
ask them to complete the questionnaire within a prescribedperiod, and then collect the finished questionnaires upon
subsequent visits.)1III. Summary
A. Impression of Economic Conditions
1. Economic conditions
Compared with one year ago, the number of people who judged economic conditions to be“worsening” decreased, while those who judged them to be “improving” increased. As aresult, the diffusion index (D.I.) (“improving” minus “worsening”) continued to improvefrom the previous survey.
The D.I. outlook for one year from now (“will improve” minus “will worsen”) also continued
to improve marginally from the previous survey.
Chart 1 Economic Conditions (Questions 1 and 4)(1) Present Compared with One Year Ago(2) One Year from Now Compared with the
Present
September 2002

1.1

March 2003

0.7

44.7
28.3

5.3

March 2003

3.3

September 2003

10.9

68.6

20.3

34.0

March 2004

13.8

69.5

16.3

70.9
49.4

5.0

September 2003

September 2002

54.3

45.5

56.5

68.9

25.8

59.8

36.7

March 2004

9.5

June 2004

12.7

59.6

27.6

June 2004

15.1

69.6

15.0

September 2004
(Current survey)

14.1

61.4

24.5

September 2004
(Current survey)

13.2

74.4

12.0

0%

20%

Improving

40%

60%

Remaining the same

80%

0%

100%

Will improve

Worsening

20%

40%

60%

80%

Will remain the same(3) Changes in the Economic Conditions D.I.
Percentage points
10
0

0.2

-2.1

-10
-20

0.0
-20.6

-23.0

1.2

-10.4
-14.9

-30
-40

-36.4

-50
-60
-70
-80

-77.8

-71.6

-70.3

Mar. Mar. Mar. Nov. Mar. Sep. Mar. Sep. Mar. Sep. Mar. Sep. Mar. Sep. Mar. June Sep.
96 97 98 98 99
99 00 00 01 01 02 02 03 03 04 04 04
Present (compared with one year ago)

Outlook (for one year from now)

2

100%

Will worsen

2. Basis for assessment of economic conditions
When asked their basis for assessment of economic conditions, many answered “income
level for myself or other family members” and “business performance of the company I workfor, or of my own company.” These were followed by “bustle of shopping streets andamusement quarters” and “media reports.”
In terms of the interest rate level, roughly 50 percent of respondents, a number equivalent to
the previous survey, stated that “it has negatively affected my household by reducing interest
income on deposits and others.” The number of people who responded with “I hope it will
stimulate business activity and thereby lead to an economic recovery” and “even at thecurrent level, we cannot expect an economic recovery” still totaled about 40 percent and 35
percent, respectively.
Chart 2 Basis for Assessment and Interpretation of Economic Conditions (Question 2)1
43.2
40.1
41.2
36.0
35.1
34.3

Income level for myself or other family
members.
Business performance of the company I workfor, or of my own company.

Income level for myself or other family m

Business performance of the company I w

26.6
26.1
26.9
28.1
25.1
26.6

Bustle of shopping streets and amusement
quarters.
Media reports.

No reason in particular.
0%10%Media reports.
March 2004

11.6
11.6
10.7
6.4
8.7
7.3

Economic indicators and statistics.

Bustle of shopping streets and amusemen

Economic indicators and statistics.
June 2004
September 2004
(Current survey)

20%

30%

40%

No reason in particular.
50%

Note: 1. Up to two answers were allowed.

Chart 3 Perception of the Interest Rate Level (Question 5)1
It has negatively affected my household by
reducing interest income on deposits andothers.

48.7
48.6
51.2

It has negatively affected my household by rinterest income on deposits and other

42.2
42.5
41.6

I hope it will stimulate business activity andthereby lead to an economic recovery.

39.2
36.4
36.5

Even at the current level, we cannot expect an
economic recovery.
Low interest rates are helpful in alleviating
the financial burden because I am planning toapply for, or repay, a housing loan.

9.9
10.0
10.6

I don't have many complaints because stableprices secure principal of deposit even thoughinterest income has decreased.

9.0
8.9
9.5
0%

10%

Note: 1. Up to two answers were allowed.

3

Even at the current level, we cannot expect a

March 2004
June 2004
September 2004
(Current survey)

20%

30%

40%

50%

I don't have many complaints because stablesecure principal of deposit even though int

60%

B. Household Circumstances and the General Public’s Mindset
1. Present household circumstances
The number of people who responded that their household circumstances “have become
somewhat worse off” compared with one year ago decreased from the previous survey,
although the proportion continued to be about 50 percent. As a result, the D.I. (“have become
somewhat better off” minus “have become somewhat worse off”) continued to improvemarginally from the previous survey.
Chart 4 Present Household Circumstances (Question 20)(1) Present Household Circumstances
September 2002

4.8

March 2003

3.8

41.8

54.4

September 2003

5.1

43.9

50.9

March 2004

5.2

43.6

50.7

45.3

49.9

June 2004

5.8

44.1

50.1

September 2004
(Current survey)

6.1

45.4

48.4

0%

20%

Have become somewhat better off

40%
Difficult to say

60%

80%

100%

Have become somewhat worse off(2) Changes in the Household Circumstances D.I.
0

Percentage points

-10
-20
-30

-42.3

-40
-50

-50.5

-39.4

-44.4

-60
-70
-80
Mar. Nov. Mar. Sep. Mar. Sep. Mar. Sep. Mar. Sep. Mar. Sep. Mar. June Sep.
98
98
99
99
00
00
01
01
02
02
03
03
04
04
04
The household circumstances D.I.
The present economic conditions D.I. (compared with one year ago)4

2. Income and spending
The increase in the number of respondents who replied that their income and spending haveincreased compared with one year ago came to a halt to some extent, although it had been on
an uptrend in the previous survey.
With respect to the outlook for income and spending over a one-year period, the number of
respondents who answered “will remain the same” and “will neither increase nor decrease”
rose.
Chart 5 Income (Questions 6 and 7)(1) Present Income Level Compared with (2) Income Level One Year from Now
One Year Ago
Compared with the Present
September 2002

4.3

44.9

50.7

September 2002

4.5

54.0

41.3

March 2003

4.5

39.8

55.6

March 2003

4.3

47.6

48.0

September 2003

5.1

38.3

56.6

September 2003

4.8

52.8

42.3

March 2004

5.0

44.4

50.2

March 2004

5.5

54.3

40.0

June 2004

6.8

46.6

46.5

June 2004

7.1

57.6

35.2

September 2004
(Current survey)

6.8

45.2

47.9

September 2004
(Current survey)

6.6

58.7

34.7

0%
Has increased

20%
40%
60%
Has remained the same

80%
100%
Has decreased

0%
20%
40%
60%
Will increase
Will remain the same

80%
100%
Will decrease

Chart 6 Spending (Questions 8 and 10)(1) Present Spending Level Compared with (2) Spending Level One Year from Now
Compared with the Present
One Year Ago
September 2002

5.4

49.8

44.6

September 2002

1.5

56.8

41.7

March 2003

4.3

45.9

49.7

March 2003

1.3

52.6

45.9

September 2003

6.3

47.0

46.6

September 2003

2.0

56.9

41.0

March 2004

5.8

48.1

45.4

March 2004

1.6

56.2

41.7

June 2004

7.0

50.7

42.2

June 2004

2.0

57.8

39.9

September 2004
(Current survey)

6.0

51.6

42.3

September 2004
(Current survey)

1.4

59.0

39.3

0%

20%

40%
60%
80%
100%
Have increased
Have neither increased nor decreased
Have decreased

5

0%

20%

40%
60%
80%
100%
Will increase
Will neither increase nor decrease
Will decreaseWhen asked for reasons why they “have decreased” their spending compared with one year
ago, about 60 percent of the respondents answered “because I fear future cuts in pension andsocial security payments,” which marked the highest percentage selected among the choices
offered. This was followed by “because I fear a future job loss or decline in income” and“because I fear a tax increase or rise in social security burden in future.” (The third-highest
percentage selected in the previous survey was “because my income has not increased or has
been decreasing due to recession or restructuring.”)
Chart 7 Reasons for Decreasing Spending (Question 8-(b))1

62.2
60.2
61.4

Because I fear future cuts in pension andsocial security payments.

57.8
56.7
56.8

Because I fear a future job loss or
decline in income.

Because I fear a tax increase or rise insocial security burden in future.

45.0
39.6
43.4

Because my income has not increased or
has been decreasing due to recession or
restructuring.

42.5
40.1
39.3

Because I fear a

Because my inc

17.6
19.4
19.6

Because interest income has decreased
due to the low interest rates.

Because there are only few goods orservices I want to purchase.

6.8
7.8
6.8

Because of the asset value of purchased
real estate; for example a house, hasdecreased in value as I pay back housing
loans.

7.5
5.7
5.6

Because there happened to be no big
purchases during the past twelve months.

4.0
4.6
5.3

Because the value of purchased financial
assets such as stocks and bonds has
decreased.

4.4
3.6
3.8

Because there a

Because there hMarch 2004
June 2004
September 2004
(Current survey)

1.0
2.1
1.4

No reason in particular.

0%

10%

Note: 1. Multiple answers were allowed.

6

20%

30%

40%

50%

60%

70%

3. Employment conditions
About 80 percent of the respondents1 continued to feel “worried”2 about employment andworking arrangements, as in the previous survey.
12Workers who are company employees, civil servants, other types of employees, or part-timers.
“Worried” comprises “quite worried” and “slightly worried.”

Chart 8 Concern about Employment and Working Arrangements (Question 23 <respondents1>)

September 2002

29.7

53.6

14.2

2.7

March 2003

33.1

49.6

14.7

2.6

September 2003

31.5

50.4

14.7

3.4

March 2004

29.9

50.3

16.1

3.4

June 2004

27.5

51.5

16.9

4.0

September 2004
(Current survey)

27.8

51.9

16.7

3.4

0%

20%

40%

60%

80%

Quite worried
Slightly worried
Not particularly worriedHas no relevance to me or my family

7

100%

C. Perception of the Price Levels
The perception of prices1 compared with one year ago remained virtually unchanged from theprevious survey.
When asked to what extent the price levels have changed compared with one year ago, theaverage and the median of answers were 0.2 percent and 0.0 percent, respectively, whichwere almost unchanged from the previous survey.
1

Defined as “overall prices of goods and services the respondents purchase.”

Chart 9 Perception of the Price Levels (Questions 13 and 14)(1) Present Compared with One Year Ago
September 2002

4.8

33.8

50.4

9.7 1.4

March 2003

4.8

32.0

48.3

13.5

1.3

September 2003

3.2

54.6

14.9

1.8

60.7

12.9

1.6

25.4

2.4 22.2

March 2004

2.6

June 2004
September 2004
(Current survey)

19.4

55.8

20.3

1.7

1.9 20.7

56.2

19.6

1.3

0%

20%

40%

60%

80%

Have gone down
significantly
Have gone downslightly
Have remained
almost unchanged
Have gone up
slightly
Have gone up
significantly

100%(2) Change in the Price Levels Compared with One Year Ago

Mar. 2004
June 2004
Sep. 2004 (current survey)

Average1-0.3 %
0.2 %0.2 %Median2
0.0 %
0.0 %
0.0 %

Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, inorder to avoid extremes (the simple average is 0.2 percent). (The simple average of the last
survey in June 2004 was 0.2 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

(3) Distribution of Current Survey Answers1[5.1% and over]

5.2%[-5.1% and under]

4.2%(5.9%)(5.0%)[2.1% to 5.0%][-2.1% to -5.0%]

7.0%(7.3%)[0.1% to 2.0%]

7.8%

7.8%

[-0.1% to -2.0%]

5.3%(7.9%)(4.5%)(6.0%)

[0%]

62.8%

Note: 1. Figures in parentheses represent results ofthe previous survey (June 2004).

(63.4%)

8In terms of the outlook for one year from now, the number of respondents who expected thatprices “will go up”1 decreased, while those who replied that the prices “will remain almost
unchanged” increased.
When asked to what extent the price levels will change one year from now in a specificfigure, the average was 1.4 percent while the median was 0.0 percent.
1“Will go up” comprises “will go up significantly” and “will go up slightly.”

Chart 10 Outlook for the Price Levels One Year from Now (Questions 15 and 16)(1) One Year from Now Compared with the Present

10.5

September 2002

70.2

17.0

1.2

1.0
9.9

March 2003

0.7
September 2003

0.3

6.2

0.6

23.5

66.6

9.1

March 2004
June 2004

64.4

25.2

59.4

28.9

1.4
1.5
1.3

5.7

51.9

38.5

1.5

5.6

55.6

35.4

1.7

0.6
September 2004
(Current survey)

Will go down
significantly
Will go downslightlyWill remain almost
unchanged
Will go up
slightlyWill go up
significantly

0.2
0%

20%

40%

60%

80%

100%

(2) Change in the Price Levels One Year from Now
Average1
1.2 %
1.6 %
1.4 %

Mar. 2004
June 2004
Sep. 2004 (current survey)

Median2
0.0 %
0.0 %
0.0 %

Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, inorder to avoid extremes (the simple average is 1.5 percent). (The simple average of the last
survey in June 2004 was 1.7 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

(3) Distribution of Current Survey Answers1[-5.1% and under][-2.1% to -5.0%]

2.2%

0.8%
(1.5%)[5.1% and over][-0.1% to -2.0%](1.9%)

2.3%(2.2%)

7.1%(7.9%)[2.1% to 5.0%]

15.4%(18.2%)[0.1% to 2.0%]

[0%]

14.5%

57.7%

(12.9%)(55.5%)

Note: 1. Figures in parentheses represent results ofthe previous survey (June 2004).

9

Regarding the outlook for the next five years, the share of the respondents who continued toanswer that the prices “will go up”1 was about 60 percent, almost unchanged from theprevious survey.
When asked about the specific amount of price change per year over the next five years, theaverage was 1.6 percent while the median was 0.5 percent.
1“Will go up” comprises “will go up significantly” and “will go up slightly.”

Chart 11 Outlook for Price Levels over the Next Five Years (Questions 17 and 18)(1) Outlook for the Next Five Years
March 2004

32.2

10.3

47.9

6.6

0.9
June 2004

6.4

28.7

53.9

7.7

7.0

31.1

52.0

7.7

0.9

September 2004
(Current survey)

0.5

0%

20%

40%

60%

80%

100%

Will go down
significantly
Will go downslightlyWill remain
almost unchanged
Will go up
slightlyWill go up
significantly(2) Change in the Price Levels per Year over the Next Five Years
Average1
1.7 %
1.9 %
1.6 %

Mar. 2004
June 2004
Sep. 2004 (current survey)

Median2
0.2 %
1.0 %
0.5 %

Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, inorder to avoid extremes (the simple average is 1.7 percent). (The simple average of the last
survey in June 2004 was 2.0 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

(3) Distribution of Current Survey Answers1[-5.1% and under]

0.6%[5.1% and over](0.9%)[-2.1% to -5.0%]

2.0%[-0.1% to -2.0%](2.1%)

4.0%(3.5%)

6.2%(7.4%)[2.1% to 5.0%]

19.0%(21.0%)

[0%]

36.8%
(34.9%)[0.1% to 2.0%]

31.4%(30.2%)

Note: 1. Figures in parentheses represent results ofthe previous survey (June 2004).

10Among the respondents who answered that prices compared with one year ago “have gone
down,”1 a little more than 50 percent commented that the price decline was “rather
favorable.”Among the respondents who answered that prices compared with one year ago “have goneup,”2 about 75 percent, almost the same share as the previous survey, commented that theprice rise was “rather unfavorable.”
1
2“Have gone down” comprises “have gone down significantly” and “have gone down slightly.”“Have gone up” comprises “have gone up significantly” and “have gone up slightly.”

Chart 12 Comments on the Price Decline (Question 13-(a))
September 2002

38.8

38.3

22.9

March 2003

39.4

39.0

21.6

September 2003

40.9

39.9

18.7

March 2004

43.8

36.1

18.7

June 2004

49.7

31.4

18.8

September 2004
(Current survey)

50.7

34.8

14.3

0%

20%

Rather favorable

40%

60%

Neither favorable nor unfavorable

80%

100%

Rather unfavorable

Chart 13 Comments on the Price Rise (Question 13-(b))
June 2004

4.1
September 2004
(Current survey)

20.3

75.0

19.9

75.6

4.2
0%
Rather favorable

20%

40%

60%

Neither favorable nor unfavorable

11

80%

100%

Rather unfavorable

D. Recognition and Credibility of the Bank
Around 60–80 percent of respondents “know”1 that the Bank issues banknotes, including its
introduction of a new series of banknotes this year, while about 40 percent “know” that itprovides Japanese government securities (JGSs) related services, accepts deposits fromcommercial financial institutions, and has branches across Japan. Meanwhile, 10–30 percent
replied that they “know” of the Bank’s remaining listed operations or roles.
1“Know” comprises “know very well” and “familiar with.”

Chart 14 Recognition of the Operations and Roles of the Bank (Question 27)
Know very well
Familiar with
Have heard of it but do not have detailed knowledge
Have never heard of it(1) The Bank issues Bank of Japan notes (banknotes) such as
10,000 yen notes.

60.2(2) The Bank will introduce a new series of banknotes in
November 2004.

21.8

39.3

(3) The current series of banknotes (old banknotes) will remain
valid even after the new banknotes are issued.

28.6

50.7

(4) The Bank accepts deposits from commercial financial
institutions in its current accounts.

19.9(5) Commercial financial institutions settle fund transfers among
themselves using current accounts at the Bank.
(6) The Bank operates a computer network called the Bank ofJapan Financial Network System (BOJ-NET) to ensure safeand efficient settlement of funds and Japanese government
securities (JGSs).

13.7(7) The Bank provides settlement services for treasury funds suchas taxes and pension.

11.8(8) The Bank provides services related to JGSs.

15.8(9) The Bank, in implementing monetary policy, has set thequantity of money (the outstanding balance of the current
accounts at the Bank) as its operational target, rather than theinterest rate level.
(10) The Bank purchases asset-backed securities (ABSs) to promotesmooth corporate financing for small and medium-sizedenterprises.

8.8 15.8

3.0
0%

12

35.7

51.6

31.1

34.7

26.2

6.6
20%

30.8

37.7

31.7

26.4

14.6

27.1

32.0

21.9

4.6

13.1 9.7

31.3

18.2

10.5

6.3

17.3

26.1

21.1

13.1

19.7

42.8

63.2
40%

60%

80%

100%

Know very well
Familiar with
Have heard of it but do not have detailed knowledge
Have never heard of it(11) The Bank no longer uses the official discount rate as its major
tool of monetary policy.

5.0(12) The Bank either keeps close contact with each individual
financial institution or conducts on-site examinations to obtain
information on their management.

14.0

8.5 17.2(13) The Bank may act as the lender of last resort and provide funds
to financial institutions in order to maintain financial stability.

11.0(14) The Bank researches and analyzes economic and financial
developments; for example, through surveys such as the
Tankan (Short-Term Economic Survey of Enterprises inJapan).

44.4

35.6

39.7

33.7

35.4

21.7

11.9 16.8

31.0

42.1

28.6

(15) The Bank studies theoretical aspects of monetary and economic
issues.

8.7 13.6(16) The Bank compiles and releases statistics on monetary
aggregates and prices.

10.7 19.3

33.2

36.2

(17) The Bank intervenes in the foreign exchange market as anagent of the Minister of Finance.

12.2 16.7

29.2

41.2

8.3 16.7

31.7

42.4

(18) The Bank transfers most of its profits to the national treasury.

(19) The Bank is an organization independent from the government.

12.0(20) The Bank’s important decisions are made by the Policy Board.

6.1(21) The Bank’s missions are to maintain “price stability” and“financial system stability.”(22) The Bank has branches across Japan.

7.6
0%

13

20.5

45.8

37.4

29.4

57.2

26.6

9.2

10.8

(23) The Bank contributed its escorted railway car exclusively used
for banknote transportation (the so-called Manisha ) to the
Otaru Museum, and began in-house tours of the Bank’s
underground vault in the Old Building at its Head Office.

31.1

21.7

19.4

21.3

9.9

17.6

20%

32.8

34.2

20.4

38.3

64.2

40%

60%

80%

100%

When asked about recognition of the Bank, somewhat more than 60 percent of the
respondents stated that they “know almost nothing about the Bank’s policy and operations.”1
Slightly over 50 percent of respondents thought that “the Bank is related to our lives,”2 with alittle over 35 percent replying that “the Bank is contributing to our lives.”
Over 55 percent of respondents felt that “the Bank’s explanations to the public are not clear
enough.”3 When asked for reasons why the Bank’s explanations are unclear, many answered“lack of basic knowledge about the Bank.”
A little less than 30 percent of respondents answered that they “have confidence in the
Bank,”4 while about 10 percent of respondents answered that they “do not have confidence in
the Bank.”
When asked the reasons for having confidence in the Bank, “because the Bank is a neutral
organization” was frequently mentioned, followed by “because of the sincere and solid
impression of the Bank” and “because I support the Bank’s policy.” In terms of reasons for
not having confidence in the Bank, answers such as “because the Bank is distant andunfamiliar” and “because I cannot understand the content and intention of the Bank’s policy”
were frequently mentioned.
1“Know almost nothing about the Bank’s policy and operations” comprises “know almost nothing”
and “do not know very much.”
2“The Bank is related to our lives” comprises “the Bank is related to our lives” and “the Bank issomewhat related to our lives.”
3“The Bank’s explanations to the public are not clear enough” comprises “the Bank’s explanations to
the public are not clear enough” and “the Bank’s explanations to the public are somewhat unclear.”4“Have confidence in the Bank” comprises “have confidence in the Bank” and “have confidence in
the Bank to some extent.”

Chart 15 Comprehensive Recognition and Evaluation of the Bank (Question 28)1A

Close to A

I know very well about

15.2(1) the Bank's policy andoperations.

(2)

(3)

20.3

I know almost nothing
about the Bank's policy
and operations.

(70.6)The Bank is related to ourlives.

51.4

27.9

19.9
(20.0)(51.9)The Bank is contributing
to our lives.

37.0

42.8

19.5
(17.9)(31.6)The Bank gives clear
public.
I have confidence in theBank.

4.1 36.9

58.5

(2.3)

(57.1)

27.5

58.8

20%

(13.3)
40%

60%

80%

The Bank has nothing to
do with our lives.

The Bank is notcontributing to our lives.
The Bank's explanations
to the public are not clear
enough.

12.9(22.4)
0%

B

Close to B

63.7

(8.5)

(4) explanations to the(5)

Neither A nor B

I do not have confidence
in the Bank.

100%

Note: 1. Figures in parentheses represent results of the previous survey (June 2004).

14

Chart 16 Reasons Why the Bank’s Explanations Are Unclear (Question 28-(a))1
52.2
55.5

Lack of basic knowledge about the Bank.

40.8

Have never had the opportunity to read or hear the Bank's
explanations.

41.2
36.0

Have difficulty understanding the mechanism of the financial
system and the economy rather than the Bank itself.

53.6

24.8
24.9

Terms used in the Bank's explanations are too technical anddifficult.

0.7
0.6
1.3
1.7

June 2004
Sept. 2004 (Current survey)

60%

50%

40%

30%

20%

10%

The Bank's web site is inconvenient.
Other.

0%Note: 1. Up to two answers were allowed.

Chart 17 Reasons for Having Confidence in the Bank (Question 28-(b))1
42.4

Because the Bank is a neutral organization.

49.7
39.7

Because of the sincere and solid impression of the Bank.

33.1
30.7
32.3

Because I support the Bank's policy.

7.1

Because the Bank is active.

12.0
6.3
7.5
2.2
1.7

June 2004
Sept. 2004 (Current survey)

60%

50%

40%

30%

Because I understand the content and intention of the Bank's
policy well.
Because the Bank's staff members are kind and pleasant.

9.4
7.5
20%

Other.

10%0%Note: 1. Up to two answers were allowed.

Chart 18 Reasons for Not Having Confidence in the Bank (Question 28-(c))1
63.4
70.2
59.2
64.5

Because the Bank is distant and unfamiliar.
Because I cannot understand the content and intention of theBank's policy.

7.3
8.4
7.6
6.5
3.9
2.9
2.6
2.9
5.5
6.5

June 2004
Sept. 2004 (Current survey)

80%

60%

40%

20%

Because the Bank is not active.
Because the Bank seems to be undependable.
Because I am against the Bank's policy.
Because the Bank's staff members are inhospitable andunpleasant.
Other.

0%Note: 1. Up to two answers were allowed.

15

IV. Complete Questionnaire and Results
Bold numbers refer to the rate of responses for each menu of choices against total respondents
for each question (percent; the second decimal place is rounded off1,2).
1

Because of rounding, response ratios do not necessarily add up to 100 percent even for questions thatallow for only one choice.
2
Figures in parentheses represent results of the previous survey (June 2004).

Question 1
In your opinion, has the Japanese economy been improving or worsening compared with one year
ago? (Choose one answer.)(a) Improving.
14.1 ( 12.7 )(b) Remaining the same.
61.4 ( 59.6 )(c) Worsening.
24.5 ( 27.6 )Question 2
What makes you think so? (Choose up to two answers.)(a) Media reports.
(b) Economic indicators and statistics.
(c) Business performance of the company I work for, or of myown company.
(d) Income level for myself or other family members.
(e) Bustle of shopping streets and amusement quarters.
(f) No reason in particular.
(g) Other.

26.6 ( 25.1 )10.7 ( 11.6 )34.3 ( 35.1 )
41.2
26.9
7.3
3.2

( 40.1 )( 26.1 )( 8.7 )
( 3.0 )

If you chose (c) for Question 1, please answer Question 3. Otherwise, please skip Question 3
and go on to Question 4.

Question 3
With regard to current economic conditions, which of the following best represents yourimpressions? (Choose all applicable answers.)(a) The economy will eventually recover through firms’ own
17.6 ( 14.2 )efforts.
(b) The conditions must be endured in order to reform the15.0 ( 15.9 )economy and social structure.
(c) My own living concerns are not seriously affected.
23.2 ( 21.4 )(d) This is the most serious recession ever experienced and it
54.6 ( 54.8 )seems that individual firms’ efforts are not enough toovercome the problem.
(e) Other.
12.0 ( 12.7 )(For all respondents.)
Question 4
How do you foresee economic conditions one year from now? (Choose one answer.)(a) Will improve.
13.2 ( 15.1 )(b) Will remain the same.
74.4 ( 69.6 )(c) Will worsen.
12.0 ( 15.0 )16

Question 5
What do you think about the current interest rate level? (Choose up to two answers.)(a) I hope it will stimulate business activity and thereby lead to an
41.6 ( 42.5 )economic recovery.
(b) Even at the current level, we cannot expect an economic
36.5 ( 36.4 )recovery.
(c) It has negatively affected my household by reducing interest
51.2 ( 48.6 )income on deposits and others.
(d) I don’t have many complaints because stable prices secure
9.5 ( 8.9 )principal of deposit even though interest income has
decreased.
(e) Low interest rates are helpful in alleviating the financial
10.6 ( 10.0 )burden because I am planning to apply for, or repay, a housing
loan.
(f) Other.
3.7 ( 3.7 )Question 6
How has your income (or other family members’ income) changed from one year ago? (Choose
one answer.)(a) Has increased.
6.8 ( 6.8 )(b) Has remained the same.
45.2 ( 46.6 )(c) Has decreased.
47.9 ( 46.5 )Question 7
What do you expect your income (or other family members’ income) will be one year from now?
(Choose one answer.)(a) Will increase.
6.6 ( 7.1 )(b) Will remain the same.
58.7 ( 57.6 )(c) Will decrease.
34.7 ( 35.2 )Question 8
How have you (or other family members) changed spending patterns compared with one year
ago? (Choose one answer.)(a) Have increased.
6.0 ( 7.0 )(b) Have neither increased nor decreased.
51.6 ( 50.7 )(c) Have decreased.
42.3 ( 42.2 )If you chose (a) in Question 8, please answer Question 8-(a). If you chose (c), please answer
Question 8-(b). Otherwise, please skip questions 8-(a) and 8-(b) and go on to Question 9.

17

Question 8-(a)Why have you increased your (or other family members’) spending? (Choose all applicableanswers.)(a) Because my income has increased.
21.3 ( 12.9 )(b) Because my income is likely to increase in future.
3.9 ( 3.5 )(c) Because tax cuts and other factors have lessened the household
1.7 ( 1.5 )budget burden.
(d) Because pension and social security payments are expected to
3.9 ( 1.0 )increase.
(e) Because of the asset value of real estate purchased; for
0.6 ( 0.5 )example a house, has increased in value.
(f) Because the value of purchased financial assets such as stocks
2.2 ( 3.0 )and bonds has increased.
(g) Because loan payment amounts have decreased due to low
1.1 ( 0.5 )interest rates.
(h) Because I decided not to buy a house (or else postponed plans).
1.7 ( 0.5 )(i)Because there are goods and services I want to purchase.
26.4 ( 34.7 )(j)Because I made a big purchase in the past twelve months.
56.7 ( 55.9 )(k) No reason in particular.
8.4 ( 10.4 )Question 8-(b)Why have you decreased your (or other family members’) spending? (Choose all applicableanswers.)(a) Because my income has not increased or has been decreasing
39.3 ( 40.1 )due to recession or restructuring.
(b) Because I fear a future job loss or decline in income.
56.8 ( 56.7 )(c) Because I fear future cuts in pension and social security
61.4 ( 60.2 )payments.
(d) Because I fear a tax increase or rise in social security burden in
43.4 ( 39.6 )future.
(e) Because of the asset value of real estate purchased; for
5.6 ( 5.7 )example a house, has decreased in value as I pay back housing
loans.
(f)
Because the value of purchased financial assets such as stocks
3.8 ( 3.6 )and bonds has decreased.
(g) Because interest income has decreased due to low interest
19.6 ( 19.4 )rates.
(h) Because there are only few goods or services I want to
6.8 ( 7.8 )purchase.
(I)
Because there happened to be no big purchases during the past
5.3 ( 4.6 )twelve months.
(j)No reason in particular.
1.4 ( 2.1 )18

(For all respondents.)

Question 9
Spending is divided into two categories, as shown below. Please select the best description ofyour spending attitude from (a) to (e) for each category of spending. (Choose one answer foreach category.)
Category 1. Everyday spending such as on living and educational expenses
Category 2. Selective spending such as on hobby and leisure activities (spending other thancategory 1)
Category 1
(a)
(b)
(c)
(d)
(e)

Have decreased spending.
Have unintentionally decreased spending.
Unchanged.
Have unwillingly increased spending.
Have increased spending.

24.0
27.1
35.3
12.4
0.7

( 23.4 )( 28.0 )( 34.4 )( 13.0 )( 0.8 )

Category 2

31.0
31.6
28.9
4.7
2.6

( 31.2 )( 33.4 )( 28.1 )( 4.3 )
( 2.1 )

Question 10
Do you plan to increase or decrease your spending within the next twelve months? (Choose one
answer.)(a) Will increase.
1.4 ( 2.0 )(b) Will neither increase nor decrease.
59.0 ( 57.8 )(c) Will decrease.
39.3 ( 39.9 )Question 11
What will be your incentive to spend? (Choose all applicable answers.)(a) Income tax cut.
(b) Consumption tax cut.
(c) Tax incentive measures for those with housing or educationloans.
(d) Dispelled fears of unemployment or an income decline.
(e) Dispelled fear of financial system uncertainty.
(f)Presentation of pension system and fiscal policy reform plansthat clarify future public burden.
(g) Dispelled life-after-retirement concerns through expansion of
the nursing care system; for example, creation of a publicly
financed nursing program.
(h) Rise in interest rates on deposits.
(i)Dispelled fear of deflation.
(j)
Other.
(k) I do not plan to increase spending.

19

34.7 ( 32.8 )31.4 ( 30.2 )13.7 ( 13.0 )41.5 ( 42.1 )12.4 ( 12.2 )42.1 ( 38.9 )35.6 ( 33.0 )
32.3
9.9
2.3
9.7

( 31.7 )( 9.7 )
( 2.3 )
( 11.9 )Question 12
Which of the following best describes your spending attitude? (Choose up to two answers.)(a) Basically, I spend more if my income increases.
61.6 ( 64.9 )(b) It depends more on whether there is greater uncertainty over
42.7 ( 41.2 )the future income level rather than the current level.
(c) It depends on the forecast for developments in prices of goods
9.7 ( 10.7 )and costs of services.
(d) It depends on real estate price developments because I own a
4.2 ( 3.5 )house and/or other real estate.
(e) It depends on stock price developments because I have stocks
3.1 ( 2.8 )and/or investment trusts.
(f) It is affected by tax and social insurance premiums because
36.0 ( 32.7 )they decrease/increase my actual income.
(g) It depends on whether there are goods and services I want to11.4 ( 12.5 )purchase.
(h) It depends on whether new and similar products are introduced
3.3 ( 3.3 )to the market over a short cycle and prices change in a shortperiod.

Question 13
How do you think prices1 have changed compared with one year ago? (Choose one answer.)(a) Have gone down significantly.
1.9 ( 2.6 )(b) Have gone down slightly.
20.7 ( 19.4 )(c) Have remained almost unchanged.
56.2 ( 55.8 )(d) Have gone up slightly.
19.6 ( 20.3 )(e) Have gone up significantly.
1.3 ( 1.7 )Note: 1. They are defined as overall prices of goods and services you purchase (hereafter the same).

If you chose (a) or (b) in Question 13, please answer Question 13-(a). If you chose (d) or (e)in Question 13, please answer Question 13-(b). For remaining respondents, please skip
Questions 13-(a) and 13-(b) and go on to Question 14.

Question 13-(a)What is your opinion of the price declines? (Choose one answer.)(a) Rather favorable.
(b) Rather unfavorable.
(c) Neither favorable nor unfavorable.

50.7 ( 49.7 )14.3 ( 18.8 )34.8 ( 31.4 )Question 13-(b)What is your opinion of the price rise? (Choose one answer.)
(a)
(b)
(c)

Rather favorable.
Rather unfavorable.
Neither favorable nor unfavorable.

4.2 ( 4.1 )75.6 ( 75.0 )19.9 ( 20.3 )20(For all respondents.)
Question 14
By what percent do you think the prices have gone up or down compared with one year ago?
Please fill in the appropriate box below with a specific figure. If you think that they havebeen unchanged, please put a “0” in either box.
gone up about

percent.

gone down about

percent.

Compared with one year ago, the prices have
Average1: 0.2 ( 0.2) percent
Median2: 0.0 ( 0.0) percent
Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, in order toavoid extremes (the simple average is 0.2 percent). (The simple average of the last survey was
0.2 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

Question 15
In which direction do you think prices will move one year from now? (Choose one answer.)(a) Will go down significantly.
0.2 ( 0.6 )(b) Will go down slightly.
5.6 ( 5.7 )(c) Will remain almost unchanged.
55.6 ( 51.9 )(d) Will go up slightly.
35.4 ( 38.5 )(e) Will go up significantly.
1.7 ( 1.5 )Question 16
By what percent do you think the prices will go up or down one year from now? Please fill in
the appropriate box below with a specific figure. If you think that they will be unchanged,
please put a “0” in either box.
go up

percent

go down

percent

The prices one year from now willcompared with the present.

Average1: 1.4 (1.6) percent
Median2: 0.0 (0.0) percent
Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, in order toavoid extremes (the simple average is 1.5 percent). (The simple average of the last survey was
1.7 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

Question 17
In which direction do you think the prices will move over the next five years? (Choose one
answer.)(a) Will go down significantly.
0.5 ( 0.9 )(b) Will go down slightly.
7.0 ( 6.4 )(c) Will remain almost unchanged.
31.1 ( 28.7 )(d) Will go up slightly.
52.0 ( 53.9 )(e) Will go up significantly.
7.7 ( 7.7 )21

Question 18
By what percent do you think the prices will go up or down per year on average over the next
five years? Please fill in the appropriate box below with a specific figure. If you think thatthey will be unchanged, please put a “0” in either box.
go up

percent

go down

percent

The prices will

per year on average over the next five years.

Average1: 1.6 (1.9) percent
Median2: 0.5 (1.0) percent
Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, in order toavoid extremes (the simple average is 1.7 percent). (The simple average of the last survey was
2.0 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

Question 19
What do you foresee as the future development in land prices? (Choose one answer.)(a) Will rise in the near future because the current level is very
16.5 ( 15.2 )low.
(b) Will remain at about the current level for some time, as this is42.4 ( 42.5 )an appropriate level.
(c) Will continue to drop because the current level is still too high.
13.9 ( 14.5 )(d) Don’t know.
26.5 ( 27.8 )Question 20
What do you think about your household circumstances compared with one year ago? (Choose
one answer.)(a) Have become somewhat better off.
6.1 ( 5.8 )(b) Have become somewhat worse off.
48.4 ( 50.1 )(c) Difficult to say.
45.4 ( 44.1 )If you chose (a) in Question 20, please answer Question 20-(a). If you chose (b) in Question
20, please answer Question 20-(b). For remaining respondents, please skip questions 20-(a)and 20-(b) and go on to Question 21.

Question 20-(a)Why do you think your household circumstances have become better off? (Choose all applicableanswers.)(a) Regular income; for example, salary, has increased.
48.3 ( 47.9 )(b) Other income such as interest income has increased.
2.2 ( 2.4 )(c) Gained special income from sales of real estate such as land
0.6 ( 1.2 )and houses.
(d) Abandoned or postponed plans of purchasing a house.
1.1 ( 1.2 )(e) Prices have declined or remained stable.
27.2 ( 18.0 )(f) The value of assets held such as stocks and real estate has
4.4 ( 3.6 )increased.
(g) The number of dependents in my family has decreased.
27.8 ( 22.2 )(h) Other.
20.0 ( 18.6 )22

Question 20-(b)Why do you think your household circumstances have become worse off? (Choose all applicableanswers.)(a) Regular income; for example, salary, has decreased.
72.5 ( 71.1 )(b) Other income such as interest income has decreased.
18.6 ( 17.5 )(c) Purchased or plan to purchase real estate such as land and5.8 ( 7.0 )houses.
(d) Prices have increased.
18.3 ( 17.5 )(e) The value of assets held such as stocks and real estate has
6.1 ( 4.3 )declined.
(f) The number of dependents in my family has increased.
11.2 ( 9.8 )(g) Other.
20.9 ( 21.2 )(For all respondents.)

Question 21
What do you believe is the Japanese economy’s growth potential? (Choose one answer.)(a) Has potential to grow more in the long run, though there may
19.5 ( 20.8 )be a temporary slowdown.
(b) Cannot expect significant growth in the long run.
51.8 ( 52.7 )(c) Cannot say.
28.4 ( 26.2 )Question 22
In the past year, has the company you (or other family members) work for taken or planned totake restructuring measures related to salary payments and employment? (Choose one
answer.)(a) Yes.
32.5 ( 32.8 )(b) No, but it has been planning to do so in future.
8.6 ( 9.0 )(c) No, and it seems there is no plan to do so.
26.9 ( 25.4 )(d) Don’t know.
31.5 ( 32.2 )If you chose (a) or (b) in Question 22, please answer Question 22-(a). Otherwise, please skip
Question 22-(a) and go on to Question 23.

Question 22-(a)Specifically, what kind of restructuring measures were taken or are to be taken by thecompany for whom you (or other family members) work? (Choose all applicable answers.)(a) Cut in overtime work.
36.9 ( 35.8 )(b) Cut in salary and review of the wage system.
67.8 ( 66.2 )(c) Restrained recruiting of new graduates.
21.0 ( 23.7 )(d) Reduction in personnel through dispatching them to other34.0 ( 35.9 )
(e)
(f)
(g)
(h)
(i)

companies and encouraging early retirement.
Reduction in job positions, as well as organizational reform.
Review of personnel or qualification system.
Introduction of worksharing.
Other.
Restructuring is planned but don’t know the details.

23

20.9
18.6
4.4
6.5
2.2

( 21.6 )( 16.4 )( 4.1 )
( 6.4 )
( 2.9 )

(For all respondents.)

Question 23
Are you worried about your (or other family members’) employment or work arrangements(pay, job position, and benefits) at the current workplace? (Choose one answer.)
All respondents
(a)
(b)
(c)
(d)

Not particularly worried.
Slightly worried.
Quite worried.
Has no relevance to me or my family.

14.7
45.3
24.4
15.3

( 14.7 )( 45.0 )( 24.1 )( 15.5 )Workers1

16.7
51.9
27.8
3.4

( 16.9 )( 51.5 )( 27.5 )( 4.0 )

Note: 1. Workers who are company employees, civil servants, other types of employees, or part-timers.

Question 24
Are you (or other family members) thinking of looking for a new job or otherwise re-entering theworkforce? (Choose one answer.)(a) Yes.
35.6 ( 34.1 )(b) No.
64.2 ( 65.7 )If you chose (a) in Question 24, please answer Question 24-(a). Otherwise, please skip
Question 24-(a) and go on to Question 25.

Question 24-(a)Are you (or other family members) worried about looking for a new job or re-entering theworkforce? (Choose one answer.)(a) Not particularly worried.
6.2 ( 5.5 )(b) Slightly worried.
41.7 ( 39.7 )(c) Quite worried.
52.2 ( 54.8 )(For all respondents.)

Question 25
Do you have any concrete plans to purchase a house, or sell your current house and buy another?
(Choose one answer.)(a) No such plans at present.
92.7 ( 92.8 )(b) Plan to purchase a house for the first time.
3.1 ( 3.0 )(c) Plan to sell a house and buy another.
3.1 ( 2.9 )(d) Plan to buy a second house.
0.6 ( 0.9 )Question 26
Are you repaying loans such as a housing or consumer loan? (Choose one answer.)(a) Yes.
32.6 ( 32.5 )(b) No.
67.2 ( 67.1 )24

Questions 27 to 29 ask about your knowledge of the Bank of Japan (hereafter “the Bank”).

Question 27
The following 23 descriptions are of facts about the Bank including its policy and operations.
Please choose the most applicable level of your knowledge relative to these facts. (Choose
one answer for each description.)
Figures in parentheses represent results of the 18th round of the survey because Question 27
was not included in the previous survey.
(a) Know very well.
(b) Familiar with.
(c) Have heard of it but do not have detailed knowledge.
(d) Have never heard of it.
(a)

(b)

(c)

(d)

(1)

The Bank issues Bank of Japan notes (banknotes)
such as 10,000 yen notes.

60.2(56.0)

21.8(22.8)

13.1(14.2)

4.6( 6.0)(2)

The Bank will introduce a new series of banknotes in
November 2004.

39.3(23.4)

28.6(23.6)

17.3(20.2)

14.6(32.0)(3)

The current series of banknotes (old banknotes) willremain valid even after the new banknotes areissued.1

50.7

26.1

13.1

9.7

(4)

The Bank accepts deposits from commercial
financial institutions in its current accounts.

19.9(16.2)

21.1(22.7)

31.3(29.8)

27.1(30.1)

13.7(11.5)

18.2(19.1)

32.0(32.7)

35.7(35.4)

6.3( 4.8)

10.5( 9.9)

31.1(31.0)

51.6(53.1)(5)(6)

Commercial financial institutions settle fundtransfers among themselves using current accounts
at the Bank.
The Bank operates a computer network called the
Bank of Japan Financial Network System(BOJ-NET) to ensure safe and efficient settlement offunds and Japanese government securities (JGSs).

(7)

The Bank provides settlement services for treasury
funds such as taxes and pension.

11.8(10.3)

21.9(20.2)

34.7(33.9)

30.8(34.2)(8)

The Bank provides services related to JGSs.

15.8(14.5)

26.2(24.2)

37.7(38.2)

19.7(21.8)(9)

The Bank, in implementing monetary policy, has set
the quantity of money (the outstanding balance of thecurrent accounts at the Bank) as its operationaltarget, rather than the interest rate level.

8.8( 9.6)

15.8(16.6)

31.7(31.6)

42.8(41.1)(10)

The Bank purchases asset-backed securities (ABSs)
to promote smooth corporate financing for small andmedium-sized enterprises.

3.0( 2.2)

6.6( 5.8)

26.4(26.9)

63.2(63.8)

25

(11)[Continued from the previous page]

(a)

(b)

(c)

(d)

The Bank no longer uses the official discount rate asits major tool of monetary policy.

5.0( 5.0)

14.0(15.2)

35.6(34.8)

44.4(43.8)The Bank either keeps close contact with eachindividual financial institution or conducts on-siteexaminations to obtain information on their
management.
The Bank may act as the lender of last resort andprovide funds to financial institutions in order tomaintain financial stability.
The Bank researches and analyzes economic andfinancial developments; for example, throughsurveys such as the Tankan (Short-Term Economic
Survey of Enterprises in Japan).

8.5( 8.3)

17.2(18.4)

33.7(32.6)

39.7(39.4)

11.0(10.6)

21.7(21.6)

35.4(35.2)

31.0(31.2)

11.9(12.9)

16.8(18.0)

28.6(28.8)

42.1(38.6)(15)

The Bank studies theoretical aspects of monetary andeconomic issues.

8.7( 8.3)

13.6(15.1)

31.1(29.5)

45.8(45.9)(16)

The Bank compiles and releases statistics onmonetary aggregates and prices.

10.7(10.5)

19.3(17.8)

33.2(32.7)

36.2(37.8)(17)

The Bank intervenes in the foreign exchange market
as an agent of the Minister of Finance.

12.2(13.0)

16.7(17.4)

29.2(29.7)

41.2(38.8)(18)

The Bank transfers most of its profits to the nationaltreasury.

8.3( 7.2)

16.7(14.2)

31.7(30.0)

42.4(47.0)(19)

The Bank is an organization independent from thegovernment.

12.0(12.9)

20.5(17.4)

29.4(27.0)

37.4(41.5)(20)

The Bank’s important decisions are made by the
Policy Board.

6.1( 5.8)

9.2( 8.6)

26.6(26.4)

57.2(57.9)(21)

The Bank’s missions are to maintain “price stability”
and “financial system stability.”

10.8(10.8)

21.7(22.0)

32.8(30.9)

34.2(35.0)(22)

The Bank has branches across Japan.

19.4(18.7)

21.3(19.5)

20.4(20.1)

38.3(40.7)(23)

The Bank contributed its escorted railway car
exclusively used for banknote transportation (theso-called Manisha) to the Otaru Museum, and began
in-house tours of the Bank’s underground vault in the
Old Building at its Head Office.1

7.6

9.9

17.6

64.2

(12)

(13)

(14)

Note: 1. This question is new to the survey.

26

Question 28
The following table indicates five pairs of contrasting views on the Bank. Toward which end,
A or B, is your view closer? (Choose one answer for each pair.)(a) Close to A.
(b) Somewhat closer to A.
(c) Neither A nor B.
(d) Somewhat closer to B.
(e) Close to B.
A

(a)

(b)

(c)

(d)

(e)

B

I know very wellabout the Bank’s
policy and operations.

2.3( 1.2)

12.9( 7.3)

20.3
28.1(20.1) (28.1)

35.6(42.5)

I know almost nothing
about the Bank’s
policy and operations.

The Bank is related to
our lives.
The Bank iscontributing to ourlives.

17.4(19.9)
11.0( 8.9)

34.0
27.9
11.8
(32.0) (27.0) (10.8)
26.0
42.8
11.2
(22.7) (49.2) (10.0)

8.1( 9.2)
8.3( 7.9)(4)

The Bank gives clear
explanations to the
public.

0.8( 0.6)

3.3( 1.7)

33.6(31.0)(5)

I have confidence in
the Bank.

9.8( 6.3)

17.7
58.8(16.1) (63.1)

The Bank has nothing
to do with our lives.
The Bank is notcontributing to ourlives.
The Bank’s
explanations to the
public are not clear
enough.
I do not haveconfidence in the
Bank.

(1)
(2)
(3)

36.9
24.9
(39.7) (26.1)
7.5( 7.9)

5.4( 5.4)

If you chose (d) or (e) in Question 28-(4), please answer Question 28-(a). If you chose (a) or(b) in Question 28-(5), please answer Question 28-(b), but if you chose (d) or (e), pleaseanswer Question 28-(c). Otherwise, please skip questions 28-(a), 28-(b), and 28-(c) and go
on to Question 29.

Question 28-(a)Why do you think the Bank’s explanations are unclear? (Choose up to two answers.)(a) Terms used in the Bank’s explanations are too technical and24.9 ( 24.8 )
difficult.
(b) Lack of basic knowledge about the Bank.
55.5 ( 52.2 )(c) Have difficulty understanding the mechanism of the financial
36.0 ( 41.2 )system and the economy rather than the Bank itself.
(d) Have never had the opportunity to read or hear the Bank’s
53.6 ( 40.8 )explanations.
(e) The Bank’s web site is inconvenient.
0.6 ( 0.7 )(f)Other ().
1.7 ( 1.3 )27

Question 28-(b)Why do you have confidence in the Bank? (Choose up to two answers.)(a) Because I support the Bank’s policy.
(b) Because the Bank is active.
(c) Because I understand the content and intention of the Bank’s
policy well.
(d) Because the Bank is a neutral organization.
(e) Because the Bank’s staff members are kind and pleasant.
(f)Because of the sincere and solid impression of the Bank.
(g) Other ().

32.3 ( 30.7 )12.0 ( 7.1 )
7.5 ( 6.3 )
49.7
1.7
33.1
7.5

( 42.4 )( 2.2 )
( 39.7 )( 9.4 )

Question 28-(c)Why do you not have confidence in the Bank? (Choose up to two answers.)(a) Because I am against the Bank’s policy.
2.9 ( 3.9 )(b) Because the Bank is not active.
8.4 ( 7.3 )(c) Because I cannot understand the content and intention of the
64.5 ( 59.2 )
(d)
(e)
(f)
(g)

Bank’s policy.
Because the Bank is distant and unfamiliar.
Because the Bank’s staff members are inhospitable andunpleasant.
Because the Bank seems to be undependable.
Other ().

70.2 ( 63.4 )
2.9 ( 2.6 )
6.5 ( 7.6 )
6.5 ( 5.5 )Question 29
Please freely give us your comments or express wishes relative to the Bank’s policy and/or
operations.
(a) Offered comments.
13.9 ( 16.3 )(b) Offered no comments.
86.1 ( 83.7 )28

This last set of questions asks about you and your household. Although these include
questions of a personal nature, they are only used for analyzing the survey results and wewould be very grateful for your responses.
(For all respondents.)

Q1
Are you male or female?
(a) Male.
(b) Female.

48.7 ( 48.9 )51.3 ( 51.1 )Q2What age group are you in?
(a) 20–29.
(b) 30–39.
(c) 40–49.
(d) 50–59.
(e) 60–69.
(f)
70–.

11.8
15.4
17.8
21.2
19.8
13.9

( 11.5 )( 16.1 )( 18.8 )( 22.2 )( 19.1 )( 12.4 )Q3What is your field of occupation? (Choose one answer.)
Self-employed or working for a family business(a) Agriculture, forestry, and fisheries.
(b) Self-employed, working for a family business, or professional
worker.
All other workers(c) Company employee, civil servant, or other type of employee.
(d) Part-timer.
Unemployed(e) Full-time homemaker.
(f)Student.
(g) Pensioner.
(h) Other.

2.9 ( 2.9 )11.0 ( 11.5 )35.9 ( 36.6 )12.0 ( 14.3 )
15.8
1.9
15.2
4.9

( 14.6 )( 1.6 )
( 12.4 )( 5.5 )

Q4
How much income did you (and your partner) earn last year? (Annual income before deducting
taxes; excludes temporary income such as retirement allowance and income from land sales, but
includes pensions.) (Choose one answer.)(a) No income.
4.1 ( 5.1 )(b) Less than 3 million yen.
38.8 ( 36.9 )(c) 3million or more but less than 5 million yen.
25.3 ( 25.3 )(d) 5million or more but less than 10 million yen.
21.9 ( 21.0 )(e) 10 million yen or greater.
4.8 ( 4.5 )Q5How large is your family? (Choose one answer.)(a) I am single.
(b) Myself and my partner.
(c) Myself, my partner, and an unmarried child (unmarried
children) who is (are) financially dependent.
(d) Other.

29

7.0 ( 5.6 )21.0 ( 20.1 )33.5 ( 35.0 )38.4 ( 38.6 )