Results of the 21st Opinion Survey on the General Public’s Mindset andBehavior*This is an English translation of the Japanese original released on January 11, 2005.

February 3, 2005
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. Future Development in Land Prices
E. Growth Potential of the Japanese Economy
F. Degree of Interest in, 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 December 1 to December 13, 2004.
4,000 people (2,938 people [i.e., 73.5 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“improving” decreased, while those who judged them to be “worsening” increased. As aresult, the diffusion index (D.I.) (“improving” minus “worsening”) deteriorated from theprevious survey.
The D.I. outlook for one year from now (“will improve” minus “will worsen”) also
deteriorated 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
0.7

March 2003

28.3

5.0

September 2003

70.9
49.4

9.5

56.5

34.0

June 2004

12.7

59.6

September 2004

14.1

61.4
59.9

0%

20%

Improving

40%

60%

36.7

68.6

20.3

69.5

March 2004

13.8

27.6

June 2004

15.1

69.6

15.0

24.5

September 2004

13.2

74.4

12.0

December 2004
(current survey)

9.4

29.9
80%

Remaining the same

59.8

September 2003 10.9

45.5

March 2004

December 2004
(current survey) 10.2

3.3

March 2003

71.7

0%

100%

20%

Will improve

Worsening

16.3

40%

18.9
60%

80%

Will remain the same

100%

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

0.2

-2.1

0.0

-10
-20

-20.6

-23.0

1.2

-10.4
-14.9

-30
-40

-9.5
-19.7

-36.4

-50
-60
-70

-77.8

-80
Mar.
96

Mar. Mar. Nov. Mar.
97
98
98
99

Sep.
99

Mar.
00

Sep.
00

Mar. Sep.
01
01

Present compared with one year ago

Present comparedwith one year ago

Mar.
02

Sep.
02

Mar. Sep.
03
03

Mar.
04

June
04

Sep.
04

Dec.
04

Outlook for one year from now

Mar.
96

Mar.
97

Mar.
98

Nov.
98

Mar.
99

Sep.
99

Mar.
00

Sep.
00

Mar.
01

Sep.
01

Mar.
02

Sep.
02

Mar.
03

Sep.
03

Mar.
04

June
04

Sep.
04

Dec.
04

-23.0

-30.2

-70.5

-77.8

-51.5

-35.9

-29.8

-20.6

-56.5

-71.6

-68.2

-53.2

-70.3

-40.5

-24.5

-14.9

-10.4

-19.7

(-7.2) (-40.3)(-7.3) (+26.3) (+15.6) (+6.1) (+9.2) (-35.9) (-15.1) (+3.4) (+15.0) (-17.1) (+29.8) (+16.0) (+9.6) (+4.5)(-9.3)

-24.8

-20.0

-9.5

Changes from theprevious survey
Outlook for one year
from now
Changes from theprevious survey

-70.3

-71.6

-2.1

-21.7

-1.3

(-22.7) (+3.1) (+1.7) (+18.7)

-1.4

0.2

-0.9

-20.1

-36.4

-20.9

-20.5

-33.4

-9.3

-2.5

0.0

1.2

(-0.1) (+1.6) (-1.1) (-19.2) (-16.3) (+15.5) (+0.4) (-12.9) (+24.1) (+6.8) (+2.5) (+1.2) (-10.7)

2

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, 50 percent of respondents stated that “it has negatively
affected my household by reducing interest income on deposits and others,” which marked
the highest percentage selected among the choices offered, as in the previous survey. Thiswas followed by “even at the current level, we cannot expect an economic recovery” and “I
hope it will stimulate business activity and thereby lead to an economic recovery. ” (Thesecond-highest percentage selected in the previous survey was “I hope it will stimulate
business activity and thereby lead to an economic recovery. ”)
Chart 2 Basis for Assessment and Interpretation of Economic Conditions (Question 2) 1
40.1
41.2
40.4

Income level for myself or other family
members.

Income level for myself or other family mem

35.1
34.3
34.4

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

Business performance of the company I workof my own company.

26.1
26.9
28.7
25.1
26.6
27.8

Bustle of shopping streets and amusement
quarters.
Media reports.
11.6
10.7
11.5
8.7
7.3
8.0

Economic indicators and statistics.
No reason in particular.
0%10%Bustle of shopping streets and amusement quMedia reports.

June 2004

Economic indicators and statistics.

September 2004
December 2004 (current survey)
No reason in particular.
20%

30%

40%

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.

48.6
51.2
50.0

It has negatively affected my household by reinterest income on deposits and others

36.4
36.5

Even at the current level, we cannot expect
an economic recovery.

41.7
42.5
41.6
39.0

I hope it will stimulate business activity andthereby lead to an economic recovery.
Low interest rates are helpful in alleviating
the financial burden because I am planning
to apply for, or repay, a housing loan.
I don't have many complaints because stableprices secure principal of deposit eventhough interest income has decreased.
0%

10.0
10.6
10.6

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

June 2004
September 2004

I don't have many complaints because stable
December 2004 (current survey)
secure principal of deposit even though inte
income has decreased.

8.9
9.5
8.2
10%

Note: 1. Up to two answers were allowed.

3

20%

30%

40%

50%

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 better off” compared with one year ago decreased from the previous survey, while
those who answered “have become somewhat worse off” increased. As a result, the D.I.
(“have become somewhat better off” minus “have become somewhat worse off”) deteriorated
from the previous survey.
Chart 4 Present Household Circumstances (Question 20)(1) Present Household Circumstances
March 2003

3.8

41.8

54.4

September 2003

5.1

43.9

50.9

March 2004

5.2

43.6

50.7

June 2004

5.8

44.1

50.1

September 2004

6.1

45.4

48.4

December 2004
(current survey)

5.3

44.5

50.2

0%

20%

40%

Have become somewhat better off

60%

Difficult to say

80%

100%

Have become somewhat worse off(2) Changes in the Household Circumstances D.I.
Percentage points
0
-10
-20
-30

-42.3

-40

-50.5

-39.4

-50

-44.8

-44.4

-60
-70
-80
Mar. Nov. Mar.
98
98
99

Sep.
99

Mar.
00

Sep.
00

Mar.
01

Sep.
01

Mar.
02

Sep.
02

Mar.
03

Sep.
03

Mar.
04

June
04

Sep.
04

Dec.
04

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

The household
circumstances D.I.

Mar.
98

Nov.
98

Mar.
99

Sep.
99

Mar.
00

Sep.
00

Mar.
01

Sep.
01

Mar.
02

Sep.
02

Mar.
03

Sep.
03

Mar.
04

June
04

Sep.
04

Dec.
04

-42.5

-49.4

-42.3

-42.9

-41.1

-39.4

-42.6

-40.1

-45.2

-45.1

-50.5

-45.8

-45.5

-44.4

-42.3

-44.8

Changes from theprevious survey(-6.9) (+7.1) (-0.6) (+1.8) (+1.7) (-3.2) (+2.5) (-5.1) (+0.1) (-5.4) (+4.7) (+0.3) (+1.1) (+2.1) (-2.5)

The present economic
conditions D.I.
compared with one
year ago-70.5

Changes from theprevious survey(-40.3) (-7.3) (+26.3) (+15.6) (+6.1) (+9.2) (-35.9) (-15.1) (+3.4) (+15.0) (-17.1) (+29.8) (+16.0) (+9.6) (+4.5) (-9.3)

-77.8

-51.5

-35.9

-29.8

-20.6

-56.5

-71.6

4

-68.2

-53.2

-70.3

-40.5

-24.5

-14.9

-10.4

-19.7

2. Income and spending
With regard to the present income and spending level compared with one year ago, theproportion of responses has been almost the same since the survey conducted in June 2004.
With respect to the outlook for income and spending over a one-year period, the number of
respondents who answered “will decrease” rose slightly from the previous survey.
Chart 5 Income (Questions 6 and 7)(1) Present Income Level Compared with (2) Income Level One Year from Now
Compared with the Present
One Year Ago
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

6.8

45.2

47.9

September 2004

6.6

58.7

34.7

December 2004
(current survey)

6.2

47.7

45.9

December 2004
(current survey)

5.8

56.8

37.2

0%
Has increased

20%
40%
60%
Has remained the same

80%
100%
Has decreased

0%Will increase

20%
40%
60%
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
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

6.0

51.6

42.3

September 2004

1.4

59.0

39.3

December 2004
(current survey)

6.8

50.0

43.1

December 2004
(current survey)

1.8

56.6

41.3

0%

20%

40%

60%

80%

100%

0%

20%

40%

60%

80%

100%

Will increase
Will neither increase nor decrease
Will decrease

Have increased
Have neither increased nor decreased
Have decreased5

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.”
Chart 7 Reasons for Decreasing Spending (Question 8-(b))1
60.2
61.4
61.2

Because I fear future cuts in pension andsocial security payments.

56.7
56.8
54.6

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

Because I fear a futur

39.6
43.4

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

49.7

Because my income

40.1
39.3
36.4

Because my income has not increased or
has been decreasing due to recession or
restructuring.
19.4
19.6
19.4

Because interest income has decreased
due to the low interest rates.
Because there are only few goods orservices I want to purchase.

7.8
6.8
6.6

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

5.7
5.6
5.8

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

4.6
5.3
4.4

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

3.6
3.8
4.3

Because there are on

Because there happen

June 2004
September 2004
December 2004 (current survey)

2.1
1.4
1.7

No reason in particular.

0%

No reason in particul
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 >)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

27.8

51.9

16.7

3.4

December 2004
(current survey)

24.5

54.6

17.5

3.2

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 number of people who felt that prices1 compared with one year ago “have gone down”2decreased, while those who felt that prices “have gone up”3 increased.
When asked to what extent the price levels have changed compared with one year ago interms of a specific figure, the average was 1.3 percent while the median was 0.0 percent.
1

Defined as “overall prices of goods and services the respondents purchase.”“Have gone down” comprises “have gone down significantly” and “have gone down slightly.”
3“Have gone up” comprises “have gone up significantly” and “have gone up slightly.”2

Chart 9 Perception of the Price Levels (Questions 13 and 14)(1) Present Compared with One Year Ago
32.0

March 2003

48.3

4.8

54.6

14.9

1.8

22.2

60.7

12.9

1.6

3.2
2.4
June 2004

1.3

25.4

September 2003
March 2004

13.5

19.4

55.8

20.3

1.7

20.7

56.2

19.6

1.3

2.6
September 2004

1.9
December 2004
(current survey)

54.7

15.2

25.6

2.5

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

1.7
0%

20%

40%

60%

80%

100%

(2) Changes in the Price Levels Compared with One Year Ago

March 2004
June 2004
September 2004
December 2004 (current survey)

Average1-0.3 %
0.2 %
0.2 %
1.3 %

Median2
0.0 %
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 1.4 percent). (The simple average of the last
survey in September 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 under]

4.0%[5.1% and over](4.2%)

10.7%[2.1% to 5.0%](5.2%)[-2.1% to -5.0%]

5.6%(7.0%)[-0.1% to -2.0%]

3.6%(5.3%)

12.5%(7.8%)

6.9%(7.8%)[0.1% to 2.0%]

[0%]

56.7%

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

(62.8%)

8In terms of the outlook for one year from now, more than 50 percent of respondents expectedthat prices “will remain almost unchanged,” while over 35 percent of respondents replied thatthe prices “will go up.”1
When asked to what extent the price levels will change one year from now in terms of a
specific figure, the average was 1.8 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

9.9

March 2003

23.5

64.4

1.4

0.7
6.2

September 2003

0.3
March 2004

0.6

9.1

0.6
September 2004

28.9

59.4

5.7

June 2004

25.2

66.6

38.5

51.9

1.5
1.3
1.5

5.6

55.6

35.4

1.7

6.1

53.5

35.8

2.0

0.2
December 2004
(current survey)

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

0.1
0%

20%

40%

60%

80%

100%

(2) Changes in the Price Levels One Year from Now

March 2004
June 2004
September 2004
December 2004 (current survey)

Average1
1.2 %
1.6 %
1.4 %
1.8 %

Median2
0.0 %
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 1.9 percent). (The simple average of the last
survey in September 2004 was 1.5 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%]

1.1%(0.8%)[5.1% and over]

2.4%[-0.1% to -2.0%](2.2%)

2.0%(2.3%)

10.0%(7.1%)[2.1% to 5.0%]

16.8%(15.4%)[0%][0.1% to 2.0%]

55.3%

12.4%

(57.7%)(14.5%)

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

9

Regarding the outlook for the next five years, the share of respondents who answered that theprices “will go up”1 was about 60 percent, almost unchanged from the previous survey.
When asked about the specific amount of price change per year over the next five years, theaverage was 2.1 percent while the median was 1.0 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

47.9

32.2

10.3

6.6

0.9
June 2004

0.9
September 2004

6.4

28.7

53.9

7.7

7.0

31.1

52.0

7.7

6.9

28.5

53.6

8.6

0.5
December 2004
(current survey)

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

0.3
0%

20%

40%

60%

80%

100%

(2) Changes in the Price Levels per Year over the Next Five Years
Average1
1.7 %
1.9 %
1.6 %
2.1 %

March 2004
June 2004
September 2004
December 2004 (current survey)

Median2
0.2 %
1.0 %
0.5 %
1.0 %

Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, inorder to avoid extremes (the simple average is 2.2 percent). (The simple average of the last
survey in September 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%]

0.4%[5.1% and over](0.6%)

2.5%[-0.1% to -2.0%](2.0%)

3.5%(4.0%)

8.8%(6.2%)[2.1% to 5.0%]

22.0%

[0%]

33.6%

(19.0%)(36.8%)[0.1% to 2.0%]

29.1%(31.4%)

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

10Among the respondents who answered that prices compared with one year ago “have gone
down,”1 those who commented that the price decline was “rather favorable ” increased
gradually.
Among the respondents who answered that prices compared with one year ago “have goneup,”2 more than 75 percent commented that the price 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))
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

50.7

34.8

14.3

December 2004
(current survey)

53.5

31.7

14.4

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

4.2
December 2004
(current survey)

20.3

75.0

19.9

75.6

17.2

78.6

3.4
0%
Rather favorable

20%

40%

60%

Neither favorable nor unfavorable

11

80%

100%

Rather unfavorable

D. Future Development in Land Prices
When asked about the future developme nt in land prices, the number of people who answeredthat land prices “will rise in the near future because the current level is very low” continued toincrease marginally from the previous survey. As a result, the D.I. (“will rise in the near
future ” minus “will continue to drop”) improved slightly, as in the previous survey.
Chart 14 Perception of the Future Development in Land Prices (Question 19) 1

8.3

45.3

15.9

30.3

September 2003

11.6

43.2

13.6

31.4

March 2004

13.8

40.9

15.4

29.2

June 2004

15.2

42.5

14.5

27.8

September 2004

16.5

42.4

13.9

26.5

December 2004
(current survey)

16.8

42.4

13.8

26.6

March 2003

0%

20%

40%

60%

80%

100%

Will rise in the near future because the current level is very low
Will remain at about the current level for some time, as this is an appropriate level
Will continue to drop because the current level is still too highDon't know

Changes in the Land Prices D.I.
5

Percentage points

0.7

2.6
3.1

0

-2.0

-10

-1.6

-6.3

-5

-7.6

-11.1
-12.2
-14.7

-14.2

-12.6

-15

-16.5
-20

-18.7

-19.0

-19.2

-25
Mar.
97

Nov.
98

Mar.
99

Sep.
99

Mar.
00

Sep.
00

Mar.
01

Sep.
01

Mar.
02

Sep.
02

Mar.
03

Sep.
03

Mar.
04

June
04

Sep.
04

Note: 1. This question was not included in the sixth round of the survey, conducted in March 1998.

12

Dec.
04

E. Growth Potential of the Japanese Economy
Almost 55 percent of respondents replied that the Japanese economy was “unlikely to grow inthe long run,” as in the previous survey. The number of respondents who answered that theJapanese economy “has potential to grow in the long run, though there may be a temporary
slowdown” was on a slightly decreasing trend.
Chart 15 Perception of the Japanese Economy’s Growth Potential (Question 21)
March 2003

13.6

September 2003

18.2

31.6

50.2

March 2004

19.0

27.3

53.3

June 2004

20.8

26.2

52.7

September 2004

19.5

28.4

51.8

December 2004
(current survey)

17.7

27.7

54.2

0%

28.2

20%

58.2

40%

60%

80%

100%

Has potential to grow in the long run, though there may be a temporary slowdown
Cannot say
Unlikely to grow in the long run

13

F. Degree of Interest in, Recognition, and Credibility of the Bank
About 25 percent of respondents answered that they “have great interest” and “have slightinterest” in the Bank’s policy and operations.
Among the respondents who answered “have interest”1 in the Bank’s policy and operations,many specified interests in “monetary policy” and “the role of the Bank in the Japanese
economy.”1“Have interest” comprises “have great interest” and “have slight interest.”

Chart 16 Degree of Interest in the Bank’s Policy and Operations (Question 28)1
[Have great interest]

3.4%(3.5%)[Have almost no interest]

25.2%[Have slight interest]

22.1%(24.0%)(18.8%)[Somewhat uninterested][No opinion]

22.6%

26.7%

(22.7%)(30.6%)

Note: 1. Figures in parentheses represent results of the 19th round of the survey because Question 28 was
not included in the previous survey.

Chart 17 Information about the Bank in which Respondents Have Much Interest(Question 28)1
69.8

Monetary policy.

57.7

Role of the Bank in the Japanese economy.

27.2

Financial and economic information closely related to our daily lives.

26.0

Operations related to foreign exchange intervention.

24.7

Function as the bank of the government.

22.4

Operations that contribute to financial system stability; for example,
on-site examination.

21.4

The Bank's organization and its role.

21.0

Function as the bank of banks.

21.0

Banknotes (Bank of Japan notes).

17.4

The Bank's legal position and its independence.

9.7

Function as the bank issuing banknotes.

6.8

Operations of the Bank's branches.

6.3

History and buildings of the Bank.

4.3

History of finance.

0.8
80%

60%

40%

20%

Other.

0%Note: 1. This question was not included in the previous survey.
2. Multiple answers were allowed.

14

When asked about terms and events related to the Bank, more than 55 percent of respondents
indicated that they “have knowledge of” the “Governor.” This was followed by a little morethan 45 percent for “official discount rate ,” with about 30 percent for “monetary policy” and“foreign exchange intervention,” respectively. Responses to all remaining terms and eventswere below 20 percent.
Chart 18 Recognition of the Bank’s Terms and Events (Question 30)
30.3(1) Monetary policy

56.0

12.8

(2) Quantitative easing policy

10.8

34.6

53.2

(3) Money market operations

10.5

41.4

46.1

45.6

(4) Official discount rate

42.0

11.6

(5) Reserve requirement system

10.9

39.0

48.9

(6) The Policy Board

8.8

42.1

47.6

(7) Monetary Policy Meetings

6.1

30.1
56.3

34.6

37.2

53.5

34.3

58.6

29.6

57.7

(8) Governor(9) Members of the Policy Board

7.8

(10)

Meetings with business leaders (held throughout
5.8Japan)(11)

Meetings of General Managers of the Bank’s
branches

11.7
16.4

(12) Financial system(13) On-site examination(14)

Special loans for the maintenance of financial
system stability provided by the Bank

62.3

54.7

27.7

5.0

23.6

70.3

5.4

21.2

72.0

26.5

(15) Foreign exchange intervention(16) Tankan

15.9(17) Corporate goods price index

17.8(18) Money stock

12.9(19) Currency Museum

12.5

36.9

35.6

22.7

59.9
45.1

35.6

45.2

40.4

35.1

51.1

(20)

Bank of Japan Otaru Museum (former Bank ofJapan Otaru branch building)

6.6

25.3

66.6

(21)

In-house tours of the underground vault in the
Old Building at the Bank’s Head Office

9.3

18.6

70.9

(22)

Illumination of the Old Building at the Bank’s
Head Office

7.6

16.9

74.1

0%

20%

8.3

40%

60%

80%

100%

Have knowledge of it
Have heard of it but do not have detailed knowledge
Have never heard of it

15

When asked about recognition of the Bank, somewhat more than 60 percent of respondents
stated that they “know almost nothing about the Bank’s policy and operations.”1
A little more than 55 percent of respondents thought that “the Bank is related to our lives,”2with a little over 35 percent replying that “the Bank is contributing to our lives.”
Just over 50 percent of respondents felt that “the Bank’s explanations to the public are notclear enough.”3 When asked for reasons why the Bank’s explanations are unclear, many
answered “lack of basic knowledge about the Bank,” as in the previous survey.
A little over 25 percent of respondents answered that they “have confidence in the Bank,”4
while about 15 percent of respondents answered 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, as in the previous survey, followed by “because I
support the Bank’s policy” and “because of the sincere and solid impression of the Bank.” In
terms of reasons for not having confidence in the Bank, answers such as “because the Bank is
distant and unfamiliar” and “because I cannot understand the content and intention of theBank’s policy” were frequently mentioned, as in the previous survey.
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 19 Comprehensive Recognition and Evaluation of the Bank (Question 31)1
A
(1)
(2)
(3)

I know very well about the
Bank's policy and operations.

Close to A

Neither A nor B

23.0

13.6

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

62.7(15.2)(63.7)The Bank is related to ourlives.

55.5

25.3

18.4

(51.4)The Bank is contributing to ourlives.

(19.9)

37.4

43.7(19.5)

44.7

2.6

The Bank's explanations to the
public are not clear enough.

52.0

(4.1)

(58.5)

26.2(5) I have confidence in the Bank.

58.0

14.9

(27.5)
0%

The Bank is not related to ourlives.
The Bank is not contributing to
our lives.

18.0(37.0)The Bank gives clear(4)
explanations to the public.

B

Close to B

20%

I do not have confidence in theBank.

(12.9)
40%

60%

80%

100%

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

16

Chart 20 Reasons Why the Bank’s Explanations A re Unclear (Question 31-(a))1
52.2
55.5
52.5

Lack of basic knowledge about the Bank.
41.2

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

36.0
39.5
40.8

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

53.6
38.3
24.8
24.9

32.4

Terms used in the Bank's explanations are too technical anddifficult.
0.7
0.6
1.0
1.3
1.7
1.0

June 2004
September 2004
December 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 21 Reasons for Having Confidence in the Bank (Question 31-(b))1
49.7
50.8

42.4

Because the Bank is a neutral organization.
30.7
32.3
34.9

39.7

Because I support the Bank's policy.
Because of the sincere and solid impression of the Bank.

33.1
30.1
7.1
12.0
9.9
6.3
7.5
6.2

June 2004
September 2004
December 2004 (current survey)
60%

50%

40%

30%

20%

Because the Bank is active.
Because I understand the content and intention of the Bank's
policy well.
2.2
1.7
1.3

Because the Bank's staff members are kind and pleasant.

9.4
7.5
6.8

10%

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

Chart 22 Reasons for Not Having Confidence in the Bank (Question 31-(c))1
63.4
70.2
66.1
59.2
64.5
56.9

Because the Bank is distant and unfamiliar.
Because I cannot understand the content and intention of theBank's policy.
7.3
8.4
8.5
7.6
6.5
6.0
2.6
2.9
3.2

60%

40%

Because the Bank seems to be undependable.
Because the Bank's staff members are inhospitable andunpleasant.

3.9
2.9
2.5
5.5
6.5
9.4

June 2004
September 2004
December 2004 (current survey)

80%

Because the Bank is not active.

20%

Because I am against the Bank's policy.
Other.
0%Note: 1. Up to two answers were allowed.

17

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 (September 2004).

Question 1
In your opinion, has the Japanese economy been improving or worsening compared with one year
ago? (Choose one answer.)(a) Improving.
10.2 ( 14.1 )(b) Remaining the same.
59.9 ( 61.4 )(c) Worsening.
29.9 ( 24.5 )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.

27.8 ( 26.6 )11.5 ( 10.7 )34.4 ( 34.3 )
40.4
28.7
8.0
2.4

( 41.2 )( 26.9 )( 7.3 )
( 3.2 )

If you chose (c) in 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
17.9 ( 17.6 )efforts.
(b) The conditions must be endured in order to reform the14.8 ( 15.0 )economy and social structure.
(c) My own living concerns are not seriously affected.
27.1 ( 23.2 )(d) This is the most serious recession ever experienced and it
53.0 ( 54.6 )seems that individual firms’ efforts are not enough toovercome the problem.
(e) Other.
12.6 ( 12.0 )(For all respondents.)
Question 4
How do you foresee economic conditions one year from now? (Choose one answer.)(a) Will improve.
9.4 ( 13.2 )(b) Will remain the same.
71.7 ( 74.4 )(c) Will worsen.
18.9 ( 12.0 )18

Question 5
What do you think about the current interest rate level? (Choose up to two answers.)(a) I hope it will stimulate business activit y and thereby lead to an
39.0 ( 41.6 )economic recovery.
(b) Even at the current level, we cannot expect an economic
41.7 ( 36.5 )recovery.
(c) It has negatively affected my household by reducing interest
50.0 ( 51.2 )income on deposits and others.
(d) I don’t have many complaints because stable prices secure
8.2 ( 9.5 )principal of deposit even though interest income has
decreased.
(e) Low interest rates are helpful in alleviating the financial
10.6 ( 10.6 )burden because I am planning to apply for, or repay, a housing
loan.
(f) Other.
2.9 ( 3.7 )Question 6
How has your income (or other family members’ income) changed from one year ago? (Choose
one answer.)(a) Has increased.
6.2 ( 6.8 )(b) Has remained the same.
47.7 ( 45.2 )(c) Has decreased.
45.9 ( 47.9 )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.
5.8 ( 6.6 )(b) Will remain the same.
56.8 ( 58.7 )(c) Will decrease.
37.2 ( 34.7 )Question 8
How have you (or other family members) changed spending patterns compared with one year
ago? (Choose one answer.)(a) Have increased.
6.8 ( 6.0 )(b) Have neither increased nor decreased.
50.0 ( 51.6 )(c) Have decreased.
43.1 ( 42.3 )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.

19

Question 8-(a)Why have you increased your (or other family members’) spending? (Choose all applicableanswers.)(a) Because my income has increased.
13.4 ( 21.3 )(b) Because my income is likely to increase in future.
5.0 ( 3.9 )(c) Because tax cuts and other factors have lessened the household
0.5 ( 1.7 )budget burden.
(d) Because pension and social security payments are expected to
2.5 ( 3.9 )increase.
(e) Because of the asset value of real estate purchased; for
0.5 ( 0.6 )example a house, has increased in value.
(f) Because the value of purchased financial assets such as stocks
1.0 ( 2.2 )and bonds has increased.
(g) Because loan payment amounts have decreased due to low
2.0 ( 1.1 )interest rates.
(h) Because I decided not to buy a house (or else postponed plans).
1.0 ( 1.7 )(i)Because there are goods and services I want to purchase.
29.9 ( 26.4 )(j)Because I made a big purchase in the past twelve months.
62.2 ( 56.7 )(k) No reason in particular.
8.0 ( 8.4 )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
36.4 ( 39.3 )due to recession or restructuring.
(b) Because I fear a future job loss or decline in income.
54.6 ( 56.8 )(c) Because I fear future cuts in pension and social security
61.2 ( 61.4 )payments.
(d) Because I fear a tax increase or rise in social security burden in49.7 ( 43.4 )future.
(e) Because of the asset value of real estate purchased; for
5.8 ( 5.6 )example a house, has decreased in value as I pay back housing
loans.
(f) Because the value of purchased financial assets such as stocks
4.3 ( 3.8 )and bonds has decreased.
(g) Because interest income has decreased due to low interest
19.4 ( 19.6 )rates.
(h) Because there are only few goods or services I want to
6.6 ( 6.8 )purchase.
(i)
Because there happened to be no big purchases during the past
4.4 ( 5.3 )twelve months.
(j)No reason in particular.
1.7 ( 1.4 )20

(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 for eachcategory.)
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.

22.9
29.1
34.0
12.8
0.9

( 24.0 )( 27.1 )( 35.3 )( 12.4 )( 0.7 )

Category 2

34.0
32.2
26.6
4.5
2.0

( 31.0 )( 31.6 )( 28.9 )( 4.7 )
( 2.6 )

Question 10
Do you plan to increase or decrease your spending within the next twelve months? (Choose one
answer.)(a) Will increase.
1.8 ( 1.4 )(b) Will neither increase nor decrease.
56.6 ( 59.0 )(c) Will decrease.
41.3 ( 39.3 )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)Overcoming deflation.
(j)
Other.
(k) I do not plan to increase spending.

21

36.2 ( 34.7 )33.9 ( 31.4 )14.0 ( 13.7 )40.4 ( 41.5 )14.3 ( 12.4 )41.0 ( 42.1 )34.7 ( 35.6 )
32.4
9.4
2.4
9.7

( 32.3 )( 9.9 )
( 2.3 )
( 9.7 )

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.
63.1 ( 61.6 )(b) It depends more on whether there is greater uncertainty over
42.5 ( 42.7 )the future income level rather than the current level.
(c) It depends on the forecast for developments in prices of goods
9.7 ( 9.7 )and costs of services.
(d) It depends on real estate price developments because I own a
3.8 ( 4.2 )house and/or other real estate.
(e) It depends on stock price developments because I have stocks
3.7 ( 3.1 )and/or investment trusts.
(f) It is affected by tax and social insurance premiums because
37.8 ( 36.0 )they decrease/increase my actual income.
(g) It depends on whether there are goods and services I want to11.3 ( 11.4 )purchase.
(h) It depends on whether new and similar products are introduced
3.5 ( 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.
1.7 ( 1.9 )(b) Have gone down slightly.
15.2 ( 20.7 )(c) Have remained almost unchanged.
54.7 ( 56.2 )(d) Have gone up slightly.
25.6 ( 19.6 )(e) Have gone up significantly.
2.5 ( 1.3 )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),please answer Question 13-(b). For remaining respondents, please skip questions 13-(a) and13-(b) and go on to Question 14.

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

53.5 ( 50.7 )14.4 ( 14.3 )31.7 ( 34.8 )Question 13-(b)What is your opinion of the price rise? (Choose one answer.)(a) Rather favorable.
(b) Rather unfavorable.
(c) Neither favorable nor unfavorable .

22

3.4 ( 4.2 )78.6 ( 75.6 )17.2 ( 19.9 )(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 have beenunchanged, please put a “0” in either box.
gone up about
percent.
Compared with one year ago, the prices havegone down about
percent.
Average1 : 1.3 ( 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 1.4 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.
0.1 ( 0.2 )(b) Will go down slightly.
6.1 ( 5.6 )(c) Will remain almost unchanged.
53.5 ( 55.6 )(d) Will go up slightly.
35.8 ( 35.4 )(e) Will go up significantly.
2.0 ( 1.7 )Question 16
By what percent do you think the prices will go up or down one year from now? Please fill in theappropriate box below with a specific figure. If you think that they will be unchanged, please put
a “0” in either box.
go up

percent

The prices one year from now willcompared with the present.
go down

percent

Average1 : 1.8 (1.4) 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 1.9 percent). (The simple average of the last survey was
1.5 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.
0.3 ( 0.5 )(b) Will go down slightly.
6.9 ( 7.0 )(c) Will remain almost unchanged.
28.5 ( 31.1 )(d) Will go up slightly.
53.6 ( 52.0 )(e) Will go up significantly.
8.6 ( 7.7 )23

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 that they 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 : 2.1 (1.6) percent
Median2 : 1.0 (0.5) 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 2.2 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 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
16.8 ( 16.5 )low.
(b) Will remain at about the current level for some time, as this is42.4 ( 42.4 )an appropriate level.
(c) Will continue to drop because the current level is still too high.
13.8 ( 13.9 )(d) Don’t know.
26.6 ( 26.5 )Question 20
What do you think about your household circumstances compared with one year ago? (Choose
one answer.)(a) Have become somewhat better off.
5.3 ( 6.1 )(b) Have become somewhat worse off.
50.2 ( 48.4 )(c) Difficult to say.
44.5 ( 45.4 )If you chose (a) in Question 20, please answer Question 20-(a). If you chose (b), pleaseanswer 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.
51.6 ( 48.3 )(b) Other income such as interest income has increased.
3.2 ( 2.2 )(c) Gained special income from sales of real estate such as land
3.8 ( 0.6 )and houses.
(d) Abandoned or postponed plans of purchasing a house.
1.3 ( 1.1 )(e) Prices have declined or remained stable.
15.3 ( 27.2 )(f) The value of assets held such as stocks and real estate has
5.7 ( 4.4 )increased.
(g) The number of dependents in my family has decreased.
30.6 ( 27.8 )(h) Other.
15.3 ( 20.0 )24

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.
70.8 ( 72.5 )(b) Other income such as interest income has decreased.
18.7 ( 18.6 )(c) Purchased or plan to purchase real estate such as land and5.4 ( 5.8 )houses.
(d) Prices have increased.
22.5 ( 18.3 )(e) The value of assets held such as stocks and real estate has
5.7 ( 6.1 )declined.
(f) The number of dependents in my family has increased.
10.9 ( 11.2 )(g) Other.
19.8 ( 20.9 )(For all respondents.)

Question 21
What do you believe is the Japanese economy’s growth potential? (Choose one answer.)(a) Has potential to grow in the long run, though there may be a
17.7 ( 19.5 )temporary slowdown.
(b) Unlikely to grow in the long run.
54.2 ( 51.8 )(c) Cannot say.
27.7 ( 28.4 )Question 22
In the past year, has the company you (or other family members) work for taken or planned to takerestructuring measures related to salary payments and employment? (Choose one answer.)(a) Yes.
28.7 ( 32.5 )(b) No, but it has been planning to do so in future.
10.8 ( 8.6 )(c) No, and it seems there is no plan to do so.
27.9 ( 26.9 )(d) Don’t know.
32.2 ( 31.5 )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 the company
for whom you (or other family members) work? (Choose all applicable answers.)(a) Cut in overtime work.
32.0 ( 36.9 )(b) Cut in salary and review of the wage system.
61.8 ( 67.8 )(c) Restrained recruiting of new graduates.
22.3 ( 21.0 )(d) Reduction in personnel through dispatching them to other33.8 ( 34.0 )companies and encouraging early retirement.
(e) Reduction in job positions, as well as organizational reform.
20.0 ( 20.9 )(f) Review of personnel or qualification system.
16.1 ( 18.6 )(g) Introduction of worksharing.
4.2 ( 4.4 )(h) Other.
6.7 ( 6.5 )(i) Restructuring is planned but don’t know the details.
2.3 ( 2.2 )25

(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.

15.5
47.9
21.0
15.1

( 14.7 )( 45.3 )( 24.4 )( 15.3 )Workers1

17.5
54.6
24.5
3.2

( 16.7 )( 51.9 )( 27.8 )( 3.4 )

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.
32.1 ( 35.6 )(b) No.
67.7 ( 64.2 )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.
7.7 ( 6.2 )(b) Slightly worried.
38.7 ( 41.7 )(c) Quite worried.
53.5 ( 52.2 )(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.
93.1 ( 92.7 )(b) Plan to purchase a house for the first time.
3.2 ( 3.1 )(c) Plan to sell a house and buy another.
2.8 ( 3.1 )(d) Plan to buy a second house.
0.4 ( 0.6 )Question 26
Are you repaying loans such as a housing or consumer loan? (Choose one answer.)(a) Yes.
34.8 ( 32.6 )(b) No.
65.0 ( 67.2 )26

Questions 27 to 32 ask about your knowledge of the Bank of Japan (hereafter “the Bank”).

Question 27
Which of the following applies to your relationship with the Bank? (Choose all applicableanswers.)
Figures in parentheses represent results of the 19th round of the survey because Question 27 was
not included in the previous survey.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)

Have made visit(s) to the Head Office and/or the branch(es).
Have made visit(s) to the Bank’s Currency Museum and/or the
Bank of Japan Otaru Museum.
Have listened to speeches made by Bank executives at, forexample, seminars.
Have visited the Bank’s web site.
Have seen brochures and/or posters made by the Bank.
Have seen publications and/or reports released by the Bank.
Have seen or heard news regarding the Bank on TV and/or
radio.
Have read articles about the Bank in newspapers and/or
magazines.
None of the above.
Other ().

6.5 ( 6.8 )
3.1 ( 3.2 )
2.3 ( 2.3 )
3.8
7.4
4.1
60.0

( 3.9 )
( 5.5 )
( 2.9 )
( 53.9 )41.3 ( 37.5 )28.0 ( 32.7 )
0.4 ( 1.1 )Question 28
How interested are you in the Bank’s policy and operations? (Choose one answer.)
Figures in parentheses represent results of the 19th round of the survey because Question 28 was
not included in the previous survey.
(a)
(b)
(c)
(d)
(e)

Have great interest.
Have slight interest.
No opinion.
Somewhat uninterested.
Have almost no interest.

3.4
22.1
26.7
22.6
25.2

( 3.5 )
( 18.8 )( 30.6 )( 22.7 )( 24.0 )If you chose (a) or (b) in Question 28, please answer Question 28-(a). Otherwise, please skip
Question 28-(a) and go on to Question 29.

27

Question 28-(a)What kind of information about the Bank attracts your interest? (Choose all applicable answers.
This question is new to the survey.)(a) Role of the Bank in the Japanese economy.
57.7(b) Monetary policy.
69.8(c) Banknotes (Bank of Japan notes).
21.0(d) Function as the bank of banks.
21.0(e) Function as the bank of the government.
24.7(f) Function as the bank issuing banknotes.
9.7(g) Operations that contribute to financial system stability; for
22.4
example, on-site examination.
(h) Operations related to foreign exchange intervention.
26.0(i)Operations of the Bank’s branches.
6.8(j)
The Bank’s legal position and its independence.
17.4(k) The Bank’s organization and its role.
21.4(l)History and buildings of the Bank.
6.3(m) Financial and economic information closely related to our
27.2
daily lives.
(n) History of finance.
4.3(o) Other ().
0.8(For all respondents.)

Question 29
Which of the following activities related to the Bank would you like to do? (Choose all applicableanswers.)
Figures in parentheses represent results of the 19th round of the survey because Question 29 was
not included in the previous survey.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)

Read brochures that explain the Bank’s role and operations.
Watch the video on the Bank.
Watch TV programs that give plain explanations about the
Bank.
Join seminars on finance and economy given by the Bank’s
officials and staff members.
Visit the Bank’s web site designed for children.
Join the Bank’s in-house tours.
Visit the Bank of Japan Otaru Museum, which was previously
used as the Bank’s branch.
Visit the Currency Museum at the Bank’s Head Office.
Other ().
Nothing in particular.

28

19.6 ( 21.1 )
5.3 ( 6.0 )26.4 ( 25.0 )
7.2 ( 6.5 )
6.1 ( 5.4 )
8.6 ( 6.9 )
5.7 ( 4.5 )14.8 ( 10.6 )
0.4 ( 0.6 )46.5 ( 50.1 )Question 30
The following 22 items represent terms and events related to the Bank. Please choose the mostapplicable level of your knowledge relative to these items. (Choose one answer for each. This
question is new to the survey.)(a) Have knowledge of it.
(b) Have heard of it, but do not have detailed knowledge.
(c) Have never heard of it.

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)

Monetary policy
Quantitative easing policy
Money market operations
Official discount rate
Reserve requirement system
The Policy Board
Monetary Policy Meetings
GovernorMembers of the Policy Board
Meetings with business leaders (held throughout
Japan)
Meetings of General Managers of the Bank’s
branches
Financial system
On-site examination
Special loans for the maintenance of financial systemstability provided by the Bank
Foreign exchange intervention
TankanCorporate goods price index
Money stock
Currency Museum
Bank of Japan Otaru Museum (former Bank of Japan
Otaru branch building)In-house tours of the underground vault in the Old
Building at the Bank’s Head Office
Illumination of the Old Building at the Bank’s Head
Office

29

(a)

(b)

(c)

30.3
10.8
10.5
45.6
10.9
8.8
6.1
56.3
7.8
5.8

56.0
34.6
41.4
42.0
39.0
42.1
30.1
34.6
37.2
34.3

12.8
53.2
46.1
11.6
48.9
47.6
62.3
8.3
53.5
58.6

11.7

29.6

57.7

16.4
5.0
5.4

54.7
23.6
21.2

27.7
70.3
72.0

26.5
15.9
17.8
12.9
12.5
6.6

36.9
22.7
45.1
45.2
35.1
25.3

35.6
59.9
35.6
40.4
51.1
66.6

9.3

18.6

70.9

7.6

16.9

74.1

Question 31
The following table indicates five pairs of contrasting views on the Bank. Toward which end, Aor 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

(1)

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

1.9
11.7
( 2.3) (12.9)

23.0
27.7
(20.3) (28.1)

35.0(35.6)

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

(2)

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

25.3(27.9)
43.7(42.8)

10.0(11.8)
9.8(11.2)

8.4( 8.1)
8.2( 8.3)The Bank is not
related to our lives.

(3)

21.5
34.0
(17.4) (34.0)
10.8
26.6
(11.0) (26.0)(4)

The Bank gives clear
explanations to the
public.

0.4
2.2( 0.8) ( 3.3)

44.7
23.5
(36.9) (24.9)

28.5(33.6)(5)

I have confidence in
the Bank.

8.4
17.8( 9.8) (17.7)

58.0
9.9
(58.8) ( 7.5)

5.0
( 5.4)The Bank is notcontributing to ourlives.
The Bank’s
explanations to the
public are not clear
enough.
I do not haveconfidence in theBank.

If you chose (d) or (e) in Question 31-(4), please answer Question 31-(a). If you chose (a) or(b) in Question 31-(5), please answer Question 31-(b), but if you chose (d) or (e), pleaseanswer Question 31-(c). Otherwise, please skip questions 31-(a), 31-(b), and 31-(c) and go
on to Question 32.

Question 31-(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 and
32.4 ( 24.9 )
difficult.
(b) Lack of basic knowledge about the Bank.
52.5 ( 55.5 )(c) Have difficulty understanding the mechanism of the financial
39.5 ( 36.0 )system and the economy rather than the Bank itself.
(d) Have never had the opportunity to read or hear the Bank’s
38.3 ( 53.6 )explanations.
(e) The Bank’s web site is inconvenient.
1.0 ( 0.6 )(f) Other ().
1.0 ( 1.7 )Question 31-(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 ().

30

34.9 ( 32.3 )
9.9 ( 12.0 )
6.2 ( 7.5 )
50.8
1.3
30.1
6.8

( 49.7 )( 1.7 )
( 33.1 )( 7.5 )

Question 31-(c)Why do you not have confidence in the Bank? (Choose up to two answers.)(a) Because I am against the Bank’s policy.
2.5(b) Because the Bank is not active.
8.5(c) Because I cannot understand the content and intention of the
56.9
Bank’s policy.
(d) Because the Bank is distant and unfamiliar.
66.1(e) Because the Bank’s staff members are inhospitable and3.2
unpleasant.
(f) Because the Bank seems to be undependable.
6.0(g) Other ().
9.4( 2.9 )
( 8.4 )
( 64.5 )( 70.2 )( 2.9 )
( 6.5 )
( 6.5 )

Question 32
Please freely give us your comments or express wishes relative to the Bank’s policy and/or
operations.
(a) Offered comments.
16.0 ( 13.9 )(b) Offered no comments.
84.0 ( 86.1 )31

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.

49.5 ( 48.7 )50.5 ( 51.3 )Q2What age group are you in?
(a) 20–29.
(b) 30–39.
(c) 40–49.
(d) 50–59.
(e) 60–69.
(f) 70–.

10.7
17.1
17.7
21.2
19.9
13.3

( 11.8 )( 15.4 )( 17.8 )( 21.2 )( 19.8 )( 13.9 )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.

2.8 ( 2.9 )13.6 ( 11.0 )34.1 ( 35.9 )13.3 ( 12.0 )
15.0
1.5
15.1
4.1

( 15.8 )( 1.9 )
( 15.2 )( 4.9 )

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 ( 4.1 )(b) Less than 3 million yen.
37.1 ( 38.8 )(c) 3million or more but less than 5 million yen.
26.1 ( 25.3 )(d) 5million or more but less than 10 million yen.
21.6 ( 21.9 )(e) 10 million yen or greater.
4.6 ( 4.8 )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.

32

5.4 ( 7.0 )22.6 ( 21.0 )34.2 ( 33.5 )37.1 ( 38.4 )