Results of the 61st Opinion Survey on the General Public's Views andBehavior (March 2015 Survey)
This is an English translation of the Japanese original released on April 2, 2015. From the 58th round of
the survey, the boxed text summarizing each section has been omitted in the English translation.

April 9, 2015
Public Relations Department
Bank of Japan[Contents]
I. Introduction
II. Survey Outline
III. Summary
A. Economic Conditions
B. Household Circumstances
C. Price Levels
D. Future Land Prices
E. Growth Potential of the Japanese Economy
F. Recognition of the Bank's Monetary Policy

IV. Distribution of the Sample by Category
V. Complete Questionnaire and Results
I. Introduction
The Bank of Japan, through public relations activities conducted at its Head Office and branches,
has been seeking to determine the concerns of a broad cross-section of the general public relative
to its policy and operations. An example of such action is the Bank's Opinion Survey on the
General Public's Views and Behavior, conducted since 1993 with a nationwide sample of 4,000
individuals who are at least 20 years of age. This survey is essentially an opinion poll designed
to gain insight into the public's perceptions and actions, and therefore differs in character from theBank's Tankan (Short-Term Economic Survey of Enterprises in Japan), which is conducted
separately from this survey.

II.

Survey Outline

Survey period
Sample size
Population of the survey
Sampling method
Survey methodology

From February 6 to March 5, 2015.
4,000 people (2,223 people [i.e., 55.6 percent of the overall samplesize] 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 (mail survey method).

1

III.

Summary

A. Economic Conditions
1. Impression of economic conditions
Chart 1 Impression of Economic Conditions (Questions 1, 3, and 4)(1) Present Compared with One Year Ago
Sept. 2014

11.1
Dec. 14

5.9
Mar. 15

7.0
Have improved

31.5

56.9

38.8

54.7

31.6

61.0

(%)
Have remained the same

Have worsened(2) One Year from Now Compared with the Present

31.7

56.9

Sept. 2014

10.9

37.8

54.6

Dec. 14

7.3

27.1

61.1

Mar. 15

11.2(%)
Will improve

Will remain the same

2

Will worsen

(3) Developments in the Economic Conditions D.I.1,2,3,4,5
Percentage points
20
0
-20
-40
-60
Present compared with one year ago
Outlook for one year from now

-80
-100
1996

97

98

9 9 2000

01

02

03

04

05

06

07

08

09

10

11

12

13

1 4 15June 2012 Sept. 12 Dec. 12 Mar. 13 June 13 Sept. 13 Dec. 13 Mar. 14 June 14 Sept. 14 Dec. 14 Mar. 15
Present comparedwith one year ago
Changes from theprevious survey
Outlook for one
year from now
Changes from theprevious survey

-39.5

-43.1

-50.6

-22.6

-4.8

-8.3

-9.2

-6.4

-10.0

-20.4

-32.9

-24.6

+16.1

-3.6

-7.5

+28.0

+17.8

-3.5

-0.9

+2.8

-3.6

-10.4

-12.5

+8.3

-26.0

-36.1

-33.1

6.8

7.5

-9.6

-14.0

-16.5

-15.3

-20.8

-30.5

-15.9

+4.4

-10.1

+3.0

+39.9

+0.7

-17.1

-4.4

-2.5

+1.2

-5.5

-9.7

+14.6

Notes: 1. The current mail survey method was introduced with the survey conducted in September 2006, following its
preliminary use for the survey conducted in June 2006. This differs from the previous "in-home" survey
method, through which researchers visited sampled individuals, asked them to complete the questionnaire
within a prescribed period, and then collected the finished questionnaires upon subsequent visits.
2. In the current survey, the economic conditions D.I. is calculated as the proportion of respondents who
answered that economic conditions "have improved/will improve" minus the proportion of those who
answered that they "have worsened/will worsen." Up until the survey conducted in June 2006, this wascalculated as "improving/will improve" minus "worsening/will worsen."
3. The Opinion Survey was conducted annually through March 1998, semiannually from November 1998 to
March 2004, and quarterly from June 2004 onward. The survey was not conducted in September 2005.
4. In the past surveys, the economic conditions D.I. for the present compared with one year ago registered arecord high of 6.1 percentage points in March 2006, and a record low of minus 88.9 percentage points in
March 2009. Also for the period prior to this survey, the economic conditions D.I. for the outlook for
one year from now registered a record high of 7.5 percentage points in June 2013, and a record low ofminus 58.3 percentage points in June 2008.
5. Shaded areas indicate recession periods.

(4) Current Economic Conditions

40.0

Sept. 2014

0.8

35.4

Dec. 14

0.3

9.1

44.3

12.4

7.2
39.9

Mar. 15

0.5

37.8

12.0

39.8

9.9

9.7
(%)

Favorable

Somewhat favorable

Difficult to say

Somewhat unfavorable

Unfavorable

32. Basis for the impression of economic conditions and perception of the interest rate level
Chart 2 Basis for the Impression of Economic Conditions (Question 2)1
60.4
57.7
60.5

Income level for myself or other family members

32.1
31.4
35.0

Business performance of the company I work for,or of my own company

24.1
26.7
25.1
18.6
21.5
17.4

Bustle of shopping streets and amusement quarters

Media reports

9.1
11.0
9.0

Economic indicators and statistics

Sept. 2014
Dec. 14

4.5
3.8
4.5

Other

0%

10%

Note: 1. Up to two answers were allowed.

4Mar. 15

20%

30%

40%

50%

60%

70%

Chart 3 Perception of the Interest Rate Level (Question 5)
Note: This question has been asked since the September 2006 survey.

(1) Perception of the Interest Rate Level
Sept. 2014

50.6

33.4

12.2

Dec. 14

50.1

34.2

12.2

Mar. 15

51.7

33.6

10.9
(%)

Too low

Appropriate

Too high(2) Developments in the Interest Rate Level D.I.1,2,3
Percentage points
0
-20

-37.9
-40

-38.4

-40.8

-60
-80
-100
Sept.2006 Mar.07 Sept.07 Mar.08

Sept.08 Mar.09

Sept.09 Mar.10

Sept.10 Mar.11

Sept.11 Mar.12 Sept.12 Mar.13 Sept.13

Mar.14 Sept.14 Mar.15

Notes: 1. The interest rate level D.I. is calculated as the proportion of respondents who answered that the interest
rate level was "too high" minus the proportion of those who answered that it was "too low."
2. In the past surveys, the interest rate level D.I. registered a record high of minus 27.9 percentage points
in March 2009, and a record low of minus 56.5 percentage points in September 2006.
3. Shaded areas indicate recession periods.

5

B. Household Circumstances
1. Impression of present household circumstances
Chart 4 Impression of Present Household Circumstances (Question 6)(1) Present Compared with One Year Ago

46.9

48.5

44.9

51.1

48.2

47.5

Sept. 2014

4.4
Dec. 14

3.9
Mar. 15

4.0(%)
Have become better off
Difficult to say
Have become worse off(2) Developments in the Household Circumstances D.I.1,2,3,4
20

Percentage points

0
-20
-40
-60
-80

The household circumstances D.I.
The present economic conditions D.I. compared with one year ago

-100
1996

97

98

9 9 2000

01

02

03

04

05

06

07

08

09

10

11

12

13

1 4 15June 2012 Sept. 12 Dec. 12 Mar. 13 June 13 Sept. 13 Dec. 13 Mar. 14 June 14 Sept. 14 Dec. 14 Mar. 15
The household
circumstances D.I.
Changes from theprevious survey
The present
economic conditions
D.I. compared with
one year ago
Changes from theprevious survey

-43.4

-45.2

-47.1

-40.7

-34.3

-36.9

-36.2

-33.5

-39.8

-44.1

-47.2

-43.5

+0.9

-1.8

-1.9

+6.4

+6.4

-2.6

+0.7

+2.7

-6.3

-4.3

-3.1

+3.7

-39.5

-43.1

-50.6

-22.6

-4.8

-8.3

-9.2

-6.4

-10.0

-20.4

-32.9

-24.6

+16.1

-3.6

-7.5 +28.0 +17.8

-3.5

-0.9

+2.8

-3.6

-10.4

-12.5

+8.3

Notes: 1. For details of the survey, see footnotes to Chart 1.
2. In the current survey, the household circumstances D.I. is calculated as the proportion of respondents
who answered that their household circumstances "have become better off" minus the proportion of
those who answered that they "have become worse off." Up until the survey conducted in June 2006,
this was calculated as "have become somewhat better off" minus "have become somewhat worse off."
For the calculation of the economic conditions D.I., see Footnote 2 to Chart 1.
3. In the past surveys, the household circumstances D.I. registered a record high of minus 33.5 percentage
points in March 2014, and a record low of minus 62.6 percentage points in September 2008. Also forthe period prior to this survey, the present economic conditions D.I. compared with one year ago
registered a record high of 6.1 percentage points in March 2006, and a record low of minus 88.9
percentage points in March 2009.
4. Shaded areas indicate recession periods.

6

2. Income and spending
Chart 5 Income (Questions 7 and 8)(1) Present Compared with One Year Ago
47.2

Sept. 2014

9.9

(2) One Year from Now Compared with the Present

42.4

Sept. 2014

53.9

39.0

51.4

41.5

54.5

36.5

6.7
49.8

Dec. 14

40.8

Dec. 14

9.2

6.6
51.3

Mar. 15

Mar. 15

38.3

10.2

8.7
(%)

Has increased
Has remained the sameHas decreased(%)

Will increase
Will remain the same
Will decrease(3) Developments in the Income D.I.1,2,3,4
Percentage points
0

-20

-40

-60
Present compared with one year ago
Outlook for one year from now-80
Sept.2006 Mar.07 Sept.07 Mar.08

Sept.08 Mar.09

Sept.09 Mar.10

Sept.10 Mar.11

Sept.11

Mar.12

Sept.12Mar.13

Sept.13 Mar.14 Sept.14 Mar.15

June 2012 Sept. 12 Dec. 12 Mar. 13 June 13 Sept. 13 Dec. 13 Mar. 14 June 14 Sept. 14 Dec. 14 Mar. 15
Present comparedwith one year ago
Changes from theprevious survey
Outlook for one
year from now
Changes from theprevious survey

-37.7

-43.0

-41.5

-38.4

-30.5

-30.7

-32.2

-29.8

-30.0

-32.5

-31.6

-28.1

+4.3

-5.3

+1.5

+3.1

+7.9

-0.2

-1.5

+2.4

-0.2

-2.5

+0.9

+3.5

-34.7

-40.5

-39.1

-27.5

-23.1

-27.7

-29.7

-29.4

-27.5

-32.3

-34.9

-27.8

+5.2

-5.8

+1.4 +11.6

+4.4

-4.6

-2.0

+0.3

+1.9

-4.8

-2.6

+7.1

Notes: 1. The results shown in the line chart are those of the surveys conducted in and after September 2006,
when the current mail survey method was introduced.
2. The income D.I. is calculated as the proportion of respondents who answered that their householdincome "has increased/will increase" minus the proportion of those who answered that it "hasdecreased/will decrease."
3. In the past surveys, the income D.I. for the present compared with one year ago registered a record
high of minus 29.8 percentage points in March 2014, and a record low of minus 57.3 percentage points
in September 2009. Also for the period prior to this survey, the income D.I. for the outlook for one
year from now registered a record high of minus 23.1 percentage points in June 2013, and a record lowof minus 44.3 percentage points in March 2009.
4. Shaded areas indicate recession periods.

7

Chart 6 Spending (Questions 9 and 11)(1) Present Compared with One Year Ago
Sept. 2014
Dec. 14(2) One Year from Now Compared with the Present

43.6

35.7

19.9

Sept. 2014

47.1

32.8

18.8

Dec. 14

42.9

50.3

42.0

52.3

41.2

53.1

6.3
4.8

43.7

Mar. 15

35.0

20.3

Has increased
Has neither increased nor decreased
Has decreased

Mar. 15

5.0(%)

Will increase
Will neither increase nor decrease
Will decrease(%)(3) Developments in the Spending D.I.1,2,3,4
40

Percentage points

20
0
-20

Present compared with one year ago
Outlook for one year from now

-40
-60
-80
Sept.2006 Mar.07

Sept.07 Mar.08

Sept.08 Mar.09

Sept.09 Mar.10

Sept.10 Mar.11

Sept.11

Mar.12 Sept.12 Mar.13

Sept.13Mar.14 Sept.14 Mar.15

June 2012 Sept. 12 Dec. 12 Mar. 13 June 13 Sept. 13 Dec. 13 Mar. 14 June 14 Sept. 14 Dec. 14 Mar. 15
Present comparedwith one year ago
Changes from theprevious survey
Outlook for one
year from now
Changes from theprevious survey

10.5

6.4

8.4

10.7

17.1

19.9

19.0

18.1

25.1

23.7

28.3

23.4

+2.8

-4.1

+2.0

+2.3

+6.4

+2.8

-0.9

-0.9

+7.0

-1.4

+4.6

-4.9

-48.9

-52.2

-49.8

-43.9

-38.2

-41.7

-40.6

-43.3

-43.7

-44.0

-47.5

-48.1

+1.7

-3.3

+2.4

+5.9

+5.7

-3.5

+1.1

-2.7

-0.4

-0.3

-3.5

-0.6

Notes: 1. The results shown in the line chart are those of the surveys conducted in and after September 2006,
when the current mail survey method was introduced.
2. The spending D.I. is calculated as the proportion of respondents who answered that their household"has increased/will increase" its spending minus the proportion of those who answered that it "hasdecreased/will decrease" its spending.
3. In the past surveys, the spending D.I. for the present compared with one year ago registered a record
high of 28.3 percentage points in December 2014, and a record low of minus 2.7 percentage points in
December 2009. Also for the period prior to this survey, the spending D.I. for the outlook for one
year from now registered a record high of minus 38.2 percentage points in June 2013, and a record lowof minus 63.4 percentage points in March 2009.
4. Shaded areas indicate recession periods.

8

Chart 7 Major Factor(s) to Be Considered When Making Spending Decisions
for the Next Twelve Months (Question 22)1,2
72.9

64.4
63.7

An increase or decrease in my household's income
37.2
Future developments in prices

43.9
46.6

17.7
18.9
19.2

Whether there are appealing goods and services

10.8
12.2
18.3
18.1
13.8
17.9
19.5
15.1
17.2

An increase or decrease in leisure time and holidays
Progress in loan repayments
An increase or decrease in the value of my household's assets
such as savings, stocks, and real estateMar. 2013
Mar. 14Mar. 15

4.6
2.5
4.0

Other
0%

10%

20%

30%

40%

50%

60%

70%

80%

Chart 8 Major Factor(s) in the Choice of Goods and Services on Which to Spend(Question 23)2,3
43.9

SafetyLow price
Reliability

39.1
40.3
38.2

Durability

36.9
37.8
37.2

Functionality

37.4
37.6

48.3
51.0
52.8
48.9
50.8

32.0
18.0
19.6
16.9

After-sales service

14.0
11.9
13.5

Wholesomeness
Design

8.7
8.7
7.9

Environmental and social friendliness

8.2
6.9
5.9
5.4
4.1
3.6

Curiosity
Brand reputation

2.5
3.0
2.6

Originality/Innovation

2.0
1.9
1.4

Trend

1.0
0.7
0.4

Other

0.6
0.6
0.3

0%

Mar. 2013
Mar. 14Mar. 15

10%

20%

30%

40%

50%

60%

70%

Notes: 1. Multiple answers were allowed.
2. This is a special question for the 53rd round of the survey (March 2013), the 57th round of the survey(March 2014), and this round of the survey.
3. Up to three answers were allowed.

980%

3. Employment and working conditions
Chart 9 Employment and Working Conditions (Question 20)(1) Workers' Concerns regarding Employment and Working Conditions One Year from Now
Sept. 2014

17.8

47.2

34.7

Dec. 14

16.7

50.3

32.9

Mar. 15

16.5

48.7

34.9
(%)

Not particularly

Slightly

Quite(2) Developments in the Employment and Working Conditions D.I.1,2,3,4
20

Percentage points

0
-16.2
-20

-16.9

-18.4

-40
-60
-80
Sept.2006 Mar.07 Sept.07

Mar.08

Sept.08 Mar.09

Sept.09 Mar.10

Sept.10 Mar.11

Sept.11

Mar.12 Sept.12

Mar.13

Sept.13Mar.14

Sept.14Mar.15

Notes: 1. The results shown in the line chart are those of the surveys conducted in and after September 2006,
when the current mail survey method was introduced.
2. The employment and working conditions D.I. is calculated as the proportion of respondents who
answered that they were "not particularly" worried minus the proportion of those who answered thatthey were "quite" worried.
3. In the past surveys, the employment and working conditions D.I. registered a record high of minus 11.2
percentage points in December 2013, and a record low of minus 34.7 percentage points in March 2009.
4. Shaded areas indicate recession periods.

10

4.

Effects of the consumption tax hike

Chart 10

The Way in Which Households Changed Their Overall Spending after theConsumption Tax Hike (Question 21)1

0.3

14.8

39.6

Has decreased its spending
Has slightly decreased its spending

45.0

Has not changed its spending
Other

Chart 11 Reasons Why Households Decreased Their Spending after the Consumption Tax Hike
(Question 21-(a))1
82.1

Because the costs of goods and services have risen

36.4

Because my household's income has decreased

13.4

Because I had brought forward purchases prior to the consumption tax hike
Other

4.1
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Chart 12 Periods Until Households Decreased Their Spending after the Consumption Tax Hike
(Question 21-(d))1

0.8

9.3
8.8
Only temporarily, right after the hike
Until around summer to autumn 2014

75.3

Up until now (winter 2014/2015)
Other

Note: 1. This is a special question for this round of the survey.

11Chart 13 Goods and Services on Which Households Have Decreased Their Spending after theConsumption Tax Hike (Question 21-(b))1,2
Clothing and footwear

76.2

Eating out

76.0

Travel60.7

Foodstuffs

59.3
44.0

Electrical appliances
Education and entertainment, such as tutoring schools,
recreational lessons, amusement parks, and movies

37.0

Daily necessities, such as detergents and general merchandise

36.7
28.6

Books, newspapers, and magazines
Jewelry

24.5

Automobiles, excluding gasoline and other maintenance costs

22.9

Furniture

22.6

Communication services, such as telephone(including the costs for handsets) and Internet services

19.4
8.5

Health and medical care services

6.4

Housing
Other

2.9

0%

10%

20%

30%

40%

50%

60%

70%

80%

Chart 14 Goods and Services on Which Households Have Either Increased or Not Changed Their
Spending after the Consumption Tax Hike (Question 21-(c))1,2
34.9

Health and medical care services

32.0

Foodstuffs
Communication services, such as telephone(including the costs for handsets) and Internet services

27.7

Daily necessities, such as detergents and general merchandise

27.4

Books, newspapers, and magazines

17.6

Automobiles, excluding gasoline and other maintenance costs

16.8

Housing

14.5

Electrical appliances

13.1

Eating out

11.4

Clothing and footwear

11.0

Education and entertainment, such as tutoring schools,
recreational lessons, amusement parks, and movies

11.0

Travel

10.2

Furniture

6.2

Jewelry

2.5

Other

2.3

0%

10%

Notes: 1. This is a special question for this round of the survey.
2. Multiple answers were allowed.

12

20%

30%

40%

50%

60%

70%

80%

C. Price Levels
1. Perception of the present price levels
Chart 15 Perception of the Present Price Levels (Questions 12 and 13)(1) Present Compared with One Year Ago

Sept. 2014

19.3

61.1

16.9

Dec. 14

18.9

60.6

16.8

Mar. 15

21.1

62.9

13.1
(%)

Have gone up significantly
Have gone up slightly
Have remained almost unchanged
Have gone down slightly
Have gone down significantly(2) Changes in Price Levels Compared withOne Year Ago

Sept. 2014
Dec. 14Mar. 15

Average1
+4.8%
+5.3%
+5.6%

0.7
1.1
0.7
1.6
0.5
2.0

(3) Distribution of Current Survey Answers1,2,3
0.2
(0.5)

7.1

Median2
+5.0%
+5.0%
+5.0%

0.6

(0.2)

(6.2)

0.4

(0.4)

13.2
(15.1)

24.2
Notes: 1. Calculated by excluding 0.5 percent of the (22.3)
highest and lowest figures, respectively, inorder to avoid extremes. (The simple
average of this survey is plus 5.7 percent,and that of the previous survey inDecember 2014 was plus 5.5 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

16.1(16.1)-5.1% and under-2.1% to -5.0%-0.1% to -2.0%0%

38.0(39.1)

0.1% to 2.0%
2.1% to 5.0%
5.1% to 10.0%
10.1% and overNotes: 1. Percent.
2. Figures in parentheses represent results of theprevious survey (December 2014).
3. Clockwise from the vertical line, in order ofthe lowest to highest percentage range.

13

2. Outlook for price levels one year from now
Chart 16 Outlook for Price Levels One Year from Now (Questions 14 and 15)(1) One Year from Now Compared with the Present
Sept. 2014

16.3

66.2

15.7

Dec. 14

15.4

65.4

16.4

Mar. 15

14.6

67.0

15.9
(%)

0.2
0.9
0.3
2.0
0.2
1.7

Will go up significantly
Will go up slightly
Will remain almost unchanged
Will go down slightly
Will go down significantly(2) Changes in Price Levels One Year from Now

Sept. 2014
Dec. 14Mar. 15

Average1
+4.8%
+4.8%
+4.8%

Median2
+3.0%
+3.0%
+3.0%

(3) Distribution of Current Survey Answers1,2,3
0.4
(0.5)
0.4
6.1
(0.6)
(7.1)
0.7
(0.6)
17.5
(16.1)
15.8(16.7)

Notes: 1. Calculated by excluding 0.5 percent of thehighest and lowest figures, respectively, inorder to avoid extremes. (The simple
average of this survey is plus 4.9 percent,and that of the previous survey inDecember 2014 was plus 4.9 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

-5.1% and under-2.1% to -5.0%

21.6(21.3)-0.1% to -2.0%
0%

37.5

0.1% to 2.0%

(37.1)

2.1% to 5.0%
5.1% to 10.0%
10.1% and overNotes: 1. Percent.
2. Figures in parentheses represent results of theprevious survey (December 2014).
3. Clockwise from the vertical line, in order ofthe lowest to highest percentage range.

14

3. Outlook for price levels over the next five years
Chart 17 Outlook for Price Levels over the Next Five Years (Questions 16 and 17)(1) Outlook for the Next Five Years

Sept. 2014

30.3

55.6

10.7

Dec. 14

30.8

53.5

11.1

Mar. 15

28.1

55.8

11.4
(%)

Will go up significantly
Will go up slightly
Will remain almost unchanged
Will go down slightly
Will go down significantly(2) Changes in Price Levels per Year on
Average over the Next Five Years

0.1
2.1
0.6
2.9
0.6
2.4

(3) Distribution of Current Survey Answers1,2,3
0.4

Sept. 2014
Dec. 14Mar. 15

Average1
+3.8%
+4.0%
+4.0%

5.7

Median2
+2.0%
+2.0%
+2.5%

(0.4)

0.8

(0.8)

(5.8)

1.1

11.5
(11.5)

10.4

(1.4)

(10.7)-5.1% and under

Notes: 1. Calculated by excluding 0.5 percent of thehighest and lowest figures, respectively, inorder to avoid extremes. (The simple
average of this survey is plus 4.1 percent,and that of the previous survey inDecember 2014 was plus 4.2 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

-2.1% to -5.0%-0.1% to -2.0%

32.8

0%

(32.1)

0.1% to 2.0%

37.2

2.1% to 5.0%

(37.3)

5.1% to 10.0%
10.1% and overNotes: 1. Percent.
2. Figures in parentheses represent results of theprevious survey (December 2014).
3. Clockwise from the vertical line, in order ofthe lowest to highest percentage range.

15

4. Comments on the rise and decline in prices
Chart 18 Comments on the Price Rise (Question 12-(a))
Sept. 2014

15.7

78.8

4.0
Dec. 14

12.5

83.8

12.8

83.7

2.9
Mar. 15

2.8(%)
Rather favorable
Difficult to say
Rather unfavorable

Chart 19 Comments on the Price Decline (Question 12-(b))
Sept. 2014

22.5

20.0

57.5

Dec. 14

20.8

24.5

54.7

Mar. 15

33.9

19.6
Rather favorable
Difficult to say
Rather unfavorable

16

39.3
(%)

D. Future Land Prices
Note: This question has been asked since the September 2006 survey.

Chart 20 Outlook for Land Prices (Question 18)(1) Outlook for Land Prices
Sept. 2014

30.7

Dec. 14

26.9

40.3

31.1

Mar. 15

26.4

40.4

31.9

Will go up

39.9

27.5

Will remain the same

Will go down(%)

(2) Developments in the Land Prices D.I.1,2,3
40

Percentage points

20

3.2
0

-5.5
-4.2

-20
-40
-60
Sept.2006 Mar.07 Sept.07

Mar.08

Sept.08 Mar.09

Sept.09 Mar.10

Sept.10 Mar.11

Sept.11

Mar.12

Sept.12Mar.13

Sept.13Mar.14

Sept.14Mar.15

Notes: 1. The land prices D.I. is calculated as the proportion of respondents who answered that land prices "willgo up" minus the proportion of those who answered that they "will go down."
2. In the past surveys, the land prices D.I. registered a record high of 31.9 percentage points in September
2006, and a record low of minus 37.5 percentage points in December 2011.
3. Shaded areas indicate recession periods.

17

E. Growth Potential of the Japanese Economy
Note: This question has been asked since the September 2006 survey.

Chart 21 Perception of the Japanese Economy's Growth Potential (Question 19)(1) Perception of the Japanese Economy's Growth Potential

46.2

49.2

42.7

53.4

46.0

50.4

Sept. 2014

3.1
Dec. 14

2.9
Mar. 15

2.7(%)
Has greater potential to grow compared to the current level of growth
Has potential to grow at about the current level of growth
Has less potential to grow compared to the current level of growth(2) Developments in the Japanese Economy's Growth Potential D.I.1,2,3
Percentage points
0
-20

-46.1

-40

-47.7

-50.5

-60
-80
-100
Sept.2006 Mar.07 Sept.07 Mar.08

Sept.08 Mar.09

Sept.09 Mar.10

Sept.10 Mar.11

Sept.11 Mar.12

Sept.12 Mar.13 Sept.13 Mar.14 Sept.14

Mar.15

Notes: 1. The Japanese economy's growth potential D.I. is calculated as the proportion of respondents who
answered that the Japanese economy "has greater potential to grow compared to the current level ofgrowth" minus the proportion of those who answered that it "has less potential to grow compared tothe current level of growth."
2. In the past surveys, the Japanese economy's growth potential D.I. registered a record high of minus
26.7 percentage points in June 2013, and a record low of minus 68.3 percentage points in March 2012.
3. Shaded areas indicate recession periods.

18

F. Recognition of the Bank's Monetary Policy
Chart 22 The Bank Has Set the "Price Stability Target" at 2 Percent in Terms of theYear-on-Year Rate of Change in the CPI (Question 24)
Sept. 2014

26.7

42.3

Dec. 14

27.4

33.2

Mar. 15

26.8

39.4

30.4

Know about it
Have read or heard of it, but do not knowmuch about it

39.1

Have never heard of it

33.1
(%)

Chart 23 The Bank Has Been Pursuing Unprecedented Monetary Easing Both in Terms of
Quantity and Quality (Referred to as "Quantitative and Qualitative Monetary Easing")(Question 25)
Sept. 2014
Dec. 14Mar. 15

24.8
34.6
25.3

40.2

34.1

36.3

Know about it
Have read or heard of it, but do not knowmuch about it
Have never heard of it

28.9

38.2

35.6
(%)

19

IV.

Distribution of the Sample by Category

By sexMale
FemaleBy age
20–29
30–39
40–49
50–59
60–69
70 or older
By region
Hokkaido
Tohoku
Kanto
Hokuriku
Chubu
Kinki
Chugoku
Shikoku
KyushuValid responses in
the 61st roundof the survey(March 2015)1

Populationof the survey1,2Difference between(A) and (B)3

(A)

(B)

(A) - (B)Sampledpopulation(reference)1

47.5

48.3

-0.8

49.5

52.5

51.7

0.8

50.5

9.7

12.4

-2.7

11.7

16.0

16.0

0.0

17.2

18.8

17.4

1.4

19.1

18.2

14.7

3.5

15.8

19.3

17.4

1.9

16.6

18.1

22.0

-3.9

19.7

4.4

4.4

0.0

4.1

8.3

7.3

1.0

7.5

32.4

33.4

-1.0

33.7

4.0

4.3

-0.3

4.1

15.4

14.0

1.4

14.3

16.3

16.2

0.1

16.1

6.1

5.9

0.2

5.6

2.9

3.2

-0.3

3.0

10.2

11.4

-1.2

11.6

Notes: 1. Percent.
2. Based on the population of municipalities recorded in the Basic Resident Registers as of January 1, 2014.
3. Percentage points.

20

V.

Complete Questionnaire and Results<Notes>1. Only one choice is allowed, except where otherwise noted.
2. Figures refer to the ratio of responses for each menu of choices against total respondents foreach question (percent).
3. The second decimal place is rounded off, and response ratios consequently do not necessarily
add up to 100 percent even for questions that allow for only one choice.
4. Figures in parentheses represent results of the previous survey (December 2014), except
where otherwise noted.
Question 1
How do you think economic conditions have changed compared with one year ago?
(a) Have improved.
7.0 ( 5.9 )(b) Have remained the same.
61.0 ( 54.7 )(c) Have worsened.
31.6 ( 38.8 )Question 2
With regard to Question 1, what makes you think so? (Choose up to two answers.)(a) Media reports.
17.4 ( 21.5 )(b) Economic indicators and statistics.
9.0 ( 11.0 )(c) Business performance of the company I work for, or of my own
35.0 ( 31.4 )company.
(d) Income level for myself or other family members.
60.5 ( 57.7 )(e) Bustle of shopping streets and amusement quarters.
25.1 ( 26.7 )(f) Other.
4.5 ( 3.8 )Question 3
How would you describe the current economic conditions?
(a) Favorable.
(b) Somewhat favorable.
(c) Difficult to say.
(d) Somewhat unfavorable.
(e) Unfavorable.

0.5
9.9
39.9
39.8
9.7

Question 4
What is your outlook for economic conditions one year from now?
(a) Will improve.
(b) Will remain the same.
(c) Will worsen.

11.2 (
61.1 (
27.1 (( 0.3 )
( 7.2 )
( 35.4 )( 44.3 )( 12.4 )7.3 )54.6 )
37.8 )

Question 5
Considering the current economic conditions, what do you think of the current interest ratelevel?
(a) Too low.
51.7 ( 50.1 )(b) Appropriate.
33.6 ( 34.2 )(c) Too high.
10.9 ( 12.2 )21

Question 6
What do you think of your household circumstances compared with one year ago?
(a) Have become better off.
4.0 ( 3.9 )(b) Difficult to say.
48.2 ( 44.9 )(c) Have become worse off.
47.5 ( 51.1 )If you chose (a) in Question 6, please answer Question 6-(a). If you chose (c), please answer
Question 6-(b). If you chose (b), please go on to Question 7.
Question 6-(a): this question is for those who chose (a) in Question 6.
Why do you think your household circumstances have become better off?
(Choose all applicable answers.)(a) Because my salary and business income have increased.
55.6(b) Because my interest income and dividend payments have
7.8
increased.
(c) Because I gained special income from sales of real estate.
2.2(d) Because prices have declined.
2.2(e) Because the value of my household's assets such as real estate
13.3
and stocks has increased.
(f) Because the number of dependents in my household has
20.0
decreased.
(g) Other.
18.9
Question 6-(b): this question is for those who chose (c) in Question 6.
Why do you think your household circumstances have become worse off?
(Choose all applicable answers.)(a) Because my salary and business income have decreased.
48.7(b) Because my interest income and dividend payments have
9.6
decreased.
(c) Because I purchased real estate.
3.7(d) Because prices have risen.
67.8(e) Because the value of my household's assets such as real estate
1.5
and stocks has declined.
(f) Because the number of dependents in my household has
8.5
increased.
(g) Other.
19.8( 67.0 )( 10.2 )
(
(
(

2.3 )
2.3 )
18.2 )(

12.5 )(

15.9 )( 50.4 )( 10.1 )
(
(
(

3.1 )
71.1 )
2.9 )

(

8.0 )

(

16.6 )

Question 7
How has your household income changed compared with one year ago?
(a) Has increased.
10.2 ((b) Has remained the same.
51.3 ((c) Has decreased.
38.3 (

9.2 )
49.8 )
40.8 )

Question 8
What is your outlook for household income one year from now?
(a) Will increase.
(b) Will remain the same.
(c) Will decrease.

6.6 )51.4 )
41.5 )

22

8.7 (54.5 (
36.5 (

Question 9
How has your household changed its spending compared with one year ago?
(a) Has increased.
43.7 ( 47.1 )(b) Has neither increased nor decreased.
35.0 ( 32.8 )(c) Has decreased.
20.3 ( 18.8 )If you chose (a) in Question 9, please answer Question 9-(a). If you chose (c), please answer
Question 9-(b). If you chose (b), please go on to Question 10-1.
Question 9-(a): this question is for those who chose (a) in Question 9.
Why has your household increased its spending? (Choose all applicable answers.)(a) Because my income has increased.
5.5 ( 5.3 )(b) Because my income is likely to increase in the future.
1.3 ( 1.1 )(c) Because the value of my household's non-financial assets such
1.0 ( 1.3 )as real estate has increased.
(d) Because the value of my household's financial assets such as
0.9 ( 1.5 )stocks and bonds has increased.
(e) Because I purchased real estate such as a house.
4.9 ( 5.0 )(f) Because I purchased consumer durable goods such as a car.
16.3 ( 15.3 )(g) Because my spending has risen due to an increased number of
20.4 ( 18.7 )dependents in my household.
(h) Because the costs of consumer goods and services have risen.
72.4 ( 74.1 )(i) Other.
18.0 ( 18.6 )Question 9-(b): this question is for those who chose (c) in Question 9.
Why has your household decreased its spending? (Choose all applicable answers.)(a) Because my income has decreased.
75.6 ( 74.3 )(b) Because my income is not likely to increase in the future.
45.0 ( 51.4 )(c) Because the value of my household's non-financial assets such
2.0 ( 3.3 )as real estate has decreased.
(d) Because the value of my household's financial assets such as
3.3 )
1.8 (
stocks and bonds has decreased.
(e) Because my spending has fallen due to a decreased number of
7.7 )
8.2 (
dependents in my household.
(f) Other.
10.0 ( 7.9 )Question 10-1
How has your household changed its everyday spending such as on living and educational
expenses compared with one year ago?
(a) Has increased.
12.4 ( 11.4 )(b) Has neither increased nor decreased.
51.9 ( 51.1 )(c) Has decreased.
34.6 ( 35.8 )Question 10-2
How has your household changed its selective spending, such as on hobby and leisureactivities (spending other than asked in Question 10-1), compared with one year ago?
(a) Has increased.
4.5 ( 4.7 )(b) Has neither increased nor decreased.
38.7 ( 36.6 )(c) Has decreased.
55.9 ( 57.7 )23

Question 11
How does your household plan to change its spending within the next twelve months?
(a) Will increase.
5.0 ( 4.8 )(b) Will neither increase nor decrease.
41.2 ( 42.0 )(c) Will decrease.
53.1 ( 52.3 )Question 12
How do you think prices1 have changed compared with one year ago?
(a) Have gone up significantly.
(b) Have gone up slightly.
(c) Have remained almost unchanged.
(d) Have gone down slightly.
(e) Have gone down significantly.

21.1
62.9
13.1
2.0
0.5

( 18.9 )( 60.6 )( 16.8 )( 1.6 )
( 0.7 )

Note: 1. Defined as overall prices of goods and services you purchase.

If you chose (a) or (b) in Question 12, please answer Question 12-(a). If you chose (d) or (e),please answer Question 12-(b). If you chose (c), please go on to Question 13.
Question 12-(a): this question is for those who chose (a) or (b) in Question 12.
How would you describe your opinion of the price rise?
(a) Rather favorable.
2.8 ((b) Rather unfavorable.
83.7 ((c) Difficult to say.
12.8 (

2.9 )
83.8 )
12.5 )

Question 12-(b): this question is for those who chose (d) or (e) in Question 12.
How would you describe your opinion of the price decline?
(a) Rather favorable.
33.9 ( 20.8 )(b) Rather unfavorable.
39.3 ( 54.7 )(c) Difficult to say.
19.6 ( 24.5 )Question 13
By what percent do you think prices have changed compared with one year ago? Pleasechoose "up" or "down" and fill in the box below with a specific figure, disregarding theeffects of the consumption tax hike. If you think that they have been unchanged, please put
a "0."
up
Prices have gone

about

percent compared with one year ago.

down
Average1
Median2: plus 5.6 (plus 5.3) percent: plus 5.0 (plus 5.0) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and lowest figures, respectively, in order toavoid extremes. (The simple average of this survey is plus 5.7 percent, and that of theprevious survey was plus 5.5 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

24

Question 14
What is your outlook for prices one year from now?
(a) Will go up significantly.
(b) Will go up slightly.
(c) Will remain almost unchanged.
(d) Will go down slightly.
(e) Will go down significantly.

14.6
67.0
15.9
1.7
0.2

( 15.4 )( 65.4 )( 16.4 )( 2.0 )
( 0.3 )

Question 15
By what percent do you think prices will change one year from now? Please choose "up"or "down" and fill in the box below with a specific figure. If you think that they will beunchanged, please put a "0."up
Prices will go

about

percent one year from now.

down
Average1
Median2: plus 4.8 (plus 4.8) percent: plus 3.0 (plus 3.0) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and lowest figures, respectively, in order toavoid extremes. (The simple average of this survey is plus 4.9 percent, and that of theprevious survey was plus 4.9 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

Question 16
What is your outlook for prices over the next five years? Please disregard the effects of thescheduled consumption tax hike when answering this question.
(a) Will go up significantly.
28.1 ( 30.8 )(b) Will go up slightly.
55.8 ( 53.5 )(c) Will remain almost unchanged.
11.4 ( 11.1 )(d) Will go down slightly.
2.4 ( 2.9 )(e) Will go down significantly.
0.6 ( 0.6 )Question 17
By what percent do you think prices will change per year on average over the next five
years? Please choose "up" or "down" and fill in the box below with a specific figure,disregarding the effects of the scheduled consumption tax hike. If you think that they will
be unchanged, please put a "0."up
Prices will go

about

percent per year on average over the next five years.

down
Average1
Median2: plus 4.0 (plus 4.0) percent: plus 2.5 (plus 2.0) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and lowest figures, respectively, in order toavoid extremes. (The simple average of this survey is plus 4.1 percent, and that of theprevious survey was plus 4.2 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

25

Question 18
What is your outlook for land prices?
(a) Will go up.
(b) Will remain the same.
(c) Will go down.

26.4 ( 26.9 )40.4 ( 40.3 )31.9 ( 31.1 )Question 19
How do you view the Japanese economy's growth potential in the long term?
(a) Has greater potential to grow compared to the current level of
2.7 (growth.
(b) Has potential to grow at about the current level of growth.
46.0 ((c) Has less potential to grow compared to the current level of
50.4 (
growth.

2.9 )42.7 )
53.4 )

Question 20
In consideration of the presumed situation one year from now, are you (or other family
members) worried about employment and working conditions such as pay, job position, andbenefits for the worker(s)1 in your family at their current workplace(s)?
All respondents
Of which: workers(a) Not particularly.
17.0 ( 15.3 )16.5 ( 16.7 )(b) Slightly.
49.9 ( 48.9 )48.7 ( 50.3 )(c) Quite.
31.3 ( 33.5 )34.9 ( 32.9 )Note: 1. Company employees, executives, civil servants, and part-timers.

Questions 21 through 23 ask about the consumption behavior of households.1
1

Figures in parentheses represent results of the 57th round of the survey, conducted in March 2014.

Question 21
The government raised the consumption tax rate from 5 percent to 8 percent in April 2014.
How has your household changed its overall spending compared with the period prior to theconsumption tax hike? Choose the most applicable answer.
(a) Has decreased its spending.
14.8(b) Has slightly decreased its spending.
45.0(c) Has not changed its spending.
39.6(d) Other.
0.3
If you chose (a) or (b) in Question 21, please answer Questions 21-(a) through 21-(d). If you
chose (c) or (d), please go on to Question 22.
Question 21-(a)Why has your household decreased its spending? (Choose all applicable answers.)(a) Because I had brought forward purchases prior to the consumption tax
13.4
hike.
(b) Because the costs of goods and services have risen.
82.1(c) Because my household's income has decreased.
36.4(d) Other.
4.1

26

Question 21-(b)On which of the following goods and services has your household decreased its spending?
(Choose all applicable answers.)(a) Housing.
6.4(b) Furniture.
22.6(c) Electrical appliances.
44.0(d) Automobiles, excluding gasoline and other maintenance costs.
22.9(e) Jewelry.
24.5(f) Clothing and footwear.
76.2(g) Books, newspapers, and magazines.
28.6(h) Foodstuffs.
59.3(i) Daily necessities, such as detergents and general merchandise.
36.7(j) Eating out.
76.0(k) Health and medical care services.
8.5(l) Communication services, such as telephone (including the costs for
19.4
handsets) and Internet services.
(m) Travel.
60.7(n) Education and entertainment, such as tutoring schools, recreational
37.0
lessons, amusement parks, and movies.
(o) Other.
2.9

Question 21-(c)On which of the following goods and services, if any, has your household either increased or
not changed its spending despite decreasing its overall spending? (Choose all applicableanswers.)(a) Housing.
14.5(b) Furniture.
6.2(c) Electrical appliances.
13.1(d) Automobiles, excluding gasoline and other maintenance costs.
16.8(e) Jewelry.
2.5(f) Clothing and footwear.
11.0(g) Books, newspapers, and magazines.
17.6(h) Foodstuffs.
32.0(i) Daily necessities, such as detergents and general merchandise.
27.4(j) Eating out.
11.4(k) Health and medical care services.
34.9(l) Communication services, such as telephone (including the costs for
27.7
handsets) and Internet services.
(m) Travel.
10.2(n) Education and entertainment, such as tutoring schools, recreational
11.0
lessons, amusement parks, and movies.
(o) Other.
2.3

Question 21-(d)Until when did your household decrease its spending after the consumption tax hike in April
2014? Choose the most applicable answer.
(a) Only temporarily, right after the hike.
9.3(b) Until around summer to autumn 2014.
8.8(c) Up until now (winter 2014/2015).
75.3(d) Other.
0.8
27

Question 22
With regard to Question 11, which asks about your plans for spending within the next twelve
months, which of the following is/are the major factor(s) that your household will consider
when making spending decisions for the next twelve months?
(Choose all applicable answers.)(a) An increase or decrease in my household's income.
63.7 ( 64.4 )(b) An increase or decrease in the value of my household's assets such as
17.2 ( 15.1 )savings, stocks, and real estate.
(c) Progress in loan repayments.
17.9 ( 13.8 )(d) Future developments in prices.
46.6 ( 43.9 )(e) An increase or decrease in leisure time and holidays.
18.3 ( 12.2 )(f) Whether there are appealing goods and services.
19.2 ( 18.9 )(g) Other.
4.0 ( 2.5 )Question 23
Which of the following is/are the major factor(s) in your household's choice of goods andservices on which to spend? (Choose up to three answers.)(a) Low price.
50.8 ( 48.9 )(b) Safety.
51.0 ( 48.3 )(c) Reliability.
38.2 ( 40.3 )(d) Functionality.
32.0 ( 37.6 )(e) Durability.
37.2 ( 37.8 )(f) Environmental and social friendliness.
5.9 ( 6.9 )(g) Design.
7.9 ( 8.7 )(h) Trend.
0.4 ( 0.7 )(i) Originality/Innovation.
1.4 ( 1.9 )(j) After-sales service.
16.9 ( 19.6 )(k) Curiosity.
3.6 ( 4.1 )(l) Wholesomeness.
13.5 ( 11.9 )(m) Brand reputation.
2.6 ( 3.0 )(n) Other.
0.3 ( 0.6 )Questions 24 and 25 ask about the Bank of Japan's monetary policy.

Question 24
Do you know that the Bank has set the "price stability target" at 2 percent in terms of theyear-on-year rate of change in the consumer price index (CPI)?
(a) Know about it.
26.8 ( 27.4 )(b) Have read or heard of it, but do not know much about it.
39.4 ( 33.2 )(c) Have never heard of it.
33.1 ( 39.1 )Question 25
Do you know that the Bank has been pursuing unprecedented monetary easing both interms of quantity and quality (referred to as "quantitative and qualitative monetaryeasing")?
(a) Know about it.
25.3 ( 34.6 )(b) Have read or heard of it, but do not know much about it.
38.2 ( 36.3 )(c) Have never heard of it.
35.6 ( 28.9 )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.
Question 26
Are you male or female?
(a) Male.
(b) Female.

47.5 (
52.5 (

48.3 )
51.7 )

Question 27
What age group are you in?
(a) 20–29.
(b) 30–39.
(c) 40–49.
(d) 50–59.
(e) 60–69.
(f) 70 or older.

9.7
16.0
18.8
18.2
19.3
18.1

(
(
(
(
(
(

9.4 )
15.0 )
18.4 )
16.4 )
20.4 )
20.5 )

2.0 (9.2 (37.7 (

3.0 )8.7 )36.8 )

Question 28
How would you describe your current employment situation?
(a) Person working in agriculture, forestry, or fisheries.
(b) Self-employed, working for a family business, or professional worker.
(c) Regular employee (company employee, executive, or civil
servant).
(d) Non-regular employee (part-timer).
(e) Other (e.g., full-time homemaker, student, pensioner, or
unemployed).

16.1 ( 16.4 )34.8 ( 34.7 )Question 29
How much income did you and your spouse earn last year? (Annual income before
deducting taxes; excludes temporary income such as retirement allowance and income fromland sales, but includes pensions.)(a) Less than 3 million yen.
38.2 ( 39.0 )(b) 3 million or more but less than 5 million yen.
29.1 ( 28.8 )(c) 5 million or more but less than 10 million yen.
23.3 ( 23.0 )(d) 10 million yen or greater.
5.8 ( 5.4 )(e) No income.
2.7 ( 3.3 )Question 30
Which of the following describes the composition of your household?
(a) Single-person household (live by myself).
(b) Married-couple household (myself and my spouse).
(c) Two-generation household (nuclear family).
(d) Three-generation household (extended family).
(e) Other (e.g., household consisting only of siblings, friends, or
grandparents and grandchildren).

11.3
26.9
49.8
9.5
2.4

(
(
(
(
(

9.2 )
28.3 )
50.2 )
10.1 )
1.8 )Please freely give us your comments or express wishes relative to the Bank's policy and/or
operations.
(a) Offered comments.
16.8 ( 19.9 )(b) Offered no comments.
83.2 ( 80.1 )29