Results of the 50th Opinion Survey on the General Public's Views andBehavior (June 2012 Survey)
This is an English translation of the Japanese original released on July 4, 2012.

August 3, 2012
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 Views
C. Perception of Price Levels
D. Future Developments in Land Prices
E. Growth Potential of the Japanese Economy
F. Degree of Recognition and Credibility of the Bank

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 May 10 to June 5, 2012.
4,000 people (2,281 people [i.e., 57.0 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 (mail survey method).

1

III.

Summary

A. Impression of Economic Conditions
1. Economic conditions
With regard to economic conditions compared with one year ago, the proportion of respondents
who answered that economic conditions "have worsened" decreased, while the proportion of
those who replied that they "have improved" increased, and thus the D.I. rose. Regarding theoutlook for economic conditions one year from now, the proportion of respondents who
answered that they "will worsen" decreased, while the proportion of those who replied that they
"will improve" increased, and thus the D.I. rose.
In terms of current economic conditions, the proportion of respondents who chose "asunfavorable" and "as somewhat unfavorable" to describe them decreased, accounting for 76.6
percent.

Chart 1 Economic Conditions (Questions 1, 3, and 4)(2) One Year from Now Compared with the Present(1) Present Compared with One Year Ago
Dec. 11

1.9
Mar. 12

1.9

38.3

59.4

Dec. 11

40.3

57.5

Mar. 12

4.5

6.7

44.0

51.3

June 12

5.2
June 12

53.3

41.1

55.9

37.1

58.1

33.8

40%
60%
Will remain the same

80%
100%
Will worsen

7.8
0%

20%

Have improved

40%

60%

Have remained the same

80%

100%

0%
20%
Will improve

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

-80
-100

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

Sep. 09 Dec. 09 Mar. 10 June 10 Sep. 10 Dec. 10 Mar. 11 June 11 Sep. 11 Dec. 11 Mar.12 June 12
Present comparedwith one year ago
Changes from theprevious survey
Outlook for one year
from now
Changes from theprevious survey

-72.3

-67.0

-62.0

-41.2

-42.1

-51.7

-42.3

-59.5

-62.4

-57.5

-55.6

-39.5

+9.1

+5.3

+5.0 +20.8

-0.9

-9.6

+9.4

-17.2

-2.9

+4.9

+1.9 +16.1

-5.7

-23.1

-17.9

-11.2

-24.7

-25.9

-21.7

-29.6

-29.2

-35.9

-30.4

-26.0

+4.2

-17.4

+5.2

+6.7

-13.5

-1.2

+4.2

-7.9

+0.4

-6.7

+5.5

+4.4

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. 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 "haveworsened/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. Shaded areas indicate recession periods.

2(4) Current Economic Conditions
Dec. 110.2
Mar. 120.1
June 12

14.9
1.3
17.0
1.2
20.6

52.8

30.4

52.5

29.0

52.4

24.2

0.1
0% 2.6

20%

40%

60%

As favorable
As neither favorable nor unfavorable
As unfavorable

80%

100%

As somewhat favorable
As somewhat unfavorable

2. Basis for assessment of economic conditions
When asked their basis for assessment of economic conditions, "income level for myself orother family members" was the response chosen most often, followed by "businessperformance of the company I work for, or of my own company" and "media reports."
In terms of perception of the interest rate level, the proportions of respondents who stated that itwas "too high" and/or "too low" decreased, while the proportion of those who stated that it was"appropriate" increased.

Chart 2 Basis for Assessment and Interpretation of Economic Conditions (Question 2)1
47.5
48.5
48.1

Income level for myself or other family members

36.0
34.2
35.2
32.2
34.7
31.3

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

24.6
25.4
24.9

Bustle of shopping streets and amusement quarters

13.5
13.2
12.7

Economic indicators and statistics

Dec. 11Mar. 12

3.4
3.3
3.6

Other
0%

June 12

10%

20%

30%

40%

50%

Note: 1. Up to two answers were allowed.

Chart 3 Perception of the Interest Rate Level (Question 5)
Dec. 11

53.4

32.7

11.4

Mar. 12

54.1

30.0

12.6

June 12

53.1

32.1

11.5

0%

20%
Too low

40%

60%

Appropriate

380%
Too high

100%

60%

B. Household Circumstances and the General Public's Views
1. Present household circumstances
In terms of the general public's household circumstances compared with one year ago, theproportion of respondents who answered that their household circumstances "have become
somewhat worse off" decreased, and thus the D.I. rose.

Chart 4 Present Household Circumstances (Question 6)(1) Present Household Circumstances
Dec. 11

44.7

51.6

47.3

48.3

49.0

47.0

3.6
Mar. 12

4.0
June 12

3.6
0%

20%

40%

60%

80%

100%

Have become somewhat better off
Difficult to say
Have become somewhat worse off(2) Developments in the Household Circumstances D.I.1,2,3
Percentage points
20
0
-20
-40
-60
The household circumstances D.I.
The present economic conditions D.I. compared with one year ago

-80
-100

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

Sep. 09 Dec. 09 Mar. 10 June 10 Sep. 10 Dec. 10 Mar. 11 June 11 Sep. 11 Dec. 11 Mar. 12 June 12
The household
circumstances D.I.
Changes from theprevious survey
The present
economic conditions
D.I. compared with
one year ago
Changes from theprevious survey

-58.7

-56.1

-52.9

-48.0

-46.8

-48.1

-46.2

-46.4

-46.8

-48.0

-44.3

-43.4

-1.7

+2.6

+3.2

+4.9

+1.2

-1.3

+1.9

-0.2

-0.4

-1.2

+3.7

+0.9

-72.3

-67.0

-62.0

-41.2

-42.1

-51.7

-42.3

-59.5

-62.4

-57.5

-55.6

-39.5

+9.1

+5.3

+5.0 +20.8

-0.9

-9.6

+9.4

-17.2

-2.9

+4.9

+1.9 +16.1

Notes: 1. For details of the survey, see footnotes to Chart 1.
2. The household circumstances D.I. is calculated as the proportion of respondents who answered that
their household circumstances "have become somewhat better off" minus the proportion of those who
answered that they "have become somewhat worse off." For the calculation of the economic
conditions D.I., see footnote to Chart 1.
3. Shaded areas indicate recession periods.

4

2. Income and spending
With regard to income level compared with one year ago, the proportion of respondents who
answered that their income "has decreased" narrowed, while the proportions of those whostated that it "has increased" and/or "has remained the same" rose. Regarding the outlook forincome one year from now, the proportion of respondents who answered that their income "willdecrease" narrowed, while the proportions of those who responded that it "will increase" and/or"will remain the same" rose.
In terms of spending level compared with one year ago, the proportion of respondents who
indicated that they "have decreased" their spending narrowed, while the proportions of those
who replied that they "have increased" and/or "have neither increased nor decreased" rose.
Regarding the outlook for spending one year from now, the proportions of those who
responded that they "will increase" and/or "will decrease" their spending narrowed, while theproportion of those who answered that they "will neither increase nor decrease" their spendingrose.

Chart 5 Income (Questions 7 and 8)(1) Present Income Level Compared with One
Year Ago
43.6

Dec. 11

6.8

49.4

44.5

Mar. 12

6.7
7.5

Dec. 11

49.2

45.4

47.9

45.8

52.3

41.1

5.0

48.7

47.2

June 12(2) Income Level One Year from Now
Compared with the Present

Mar. 125.9

45.2

June 12

6.4
0%

20%

40%

60%

80%

100%

0%

Has increased
Has remained the sameHas decreased

20%

40%

60%

80%

100%

Will increase
Will remain the same
Will decrease

Chart 6 Spending (Questions 9 and 11)(1) Present Spending Level Compared withOne Year Ago
Dec. 11Mar. 12June 120%(2) Spending Level One Year from Now
Compared with the Present

32.0

43.0

23.7

Dec. 11

31.4

43.4

23.7

Mar. 12

32.2

45.1

21.7

June 12

20%

40%

60%

80%

40.8

55.0

40.9

54.6

44.0

52.1

3.5
4.0
3.2
100%

0%

20%

40%

60%

80%

Will increase

Have increased
Have neither increased nor decreased
Have decreased

Will neither increase nor decrease
Will decrease

5

100%

3. Employment conditions
When asked about concerns over employment and working arrangements over the next twelve
months, the proportion of respondents1 who answered that they were "quite" worried decreased,
while the proportions of those who responded that they were "slightly" and/or "not particularly"
worried increased.
1

Respondents are workers who are company employees, executives, civil servants, or part-timers.

Chart 7 Concerns over Employment and Working Arrangements over the Next Twelve Months(Question 20 [workers1])
Dec. 11

13.6

45.7

40.6

Mar. 12

13.3

44.8

41.5

June 12

15.2
0%

37.0

47.6
20%

40%

60%

Not particularly

Slightly

80%
Quite

Note: 1. Workers are company employees, executives, civil servants, or part-timers.

6

100%

C. Perception of Price Levels
1. Present price levels
Regarding their perception of the present price levels compared with one year ago, theproportions of respondents who felt that prices1 "have gone up"2 and/or "have gone down"3decreased, while the proportion of those who felt that they "have remained almost unchanged"
increased.
When asked to what extent price levels have changed compared with one year ago in terms of a
specific figure, the average was plus 3.2 percent, down from plus 3.4 percent in the previous
survey. The median was plus 0.0 percent, also falling from plus 0.5 percent in the previous
survey.
1

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

Chart 8 Perception of the Present Price Levels (Questions 12 and 13)(1) Present Compared with One Year Ago

40.9

39.2

12.1

1.2

41.4

39.0

11.8

0.7

39.9

42.2

10.6

0.7

Dec. 11

5.8
Mar. 12

6.6
June 12

5.9
0%

20%

40%

60%

80%

100%

Have gone up significantly
Have gone up slightly
Have remained almost unchanged
Have gone down slightly
Have gone down significantly(3) Distribution of Current Survey Answers1,2,3(2) Changes in Price Levels Compared withOne Year Ago

6.5

Dec. 11Mar. 12June 12

Average1
+3.2%
+3.4%
+3.2%

Median2
+0.5%
+0.5%
+0.0%

(7.4)

13.3

2.8
(2.9)) 5.5(5.9)(15.3)

3.7(3.9)-5.1% and under-2.1% to -5.0%-0.1% to -2.0%0%Notes: 1. Calculated by excluding 0.5 percent of thehighest and the lowest figures,
respectively, in order to avoid extremes.
(The simple average of this survey is plus
3.3 percent, and that of the previous
survey in March 2012 was plus 3.4
percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

21.3(19.5)

38.2(36.5)

0.1% to 2.0%
2.1% to 5.0%
5.1% to 10.0%
10.1% and over

8.7
(8.5)
Notes: 1. Percent.
2. Figures in parentheses represent resultsof the previous survey (March 2012).
3. Clockwise from vertical line, in order oflowest to highest percentage range.

7

2. Outlook for price levels one year from now
In terms of the outlook for price levels one year from now, the proportions of respondents who
expected that prices "will go up"1 and/or "will go down"2 decreased, while the proportion of
those who expected that they "will remain almost unchanged" increased.
When asked to what extent price levels will change one year from now in terms of a specificfigure, the average was plus 3.6 percent, down from plus 4.0 percent in the previous survey.
The median was plus 2.0 percent, unchanged from the previous survey.
1
2"Will go up" comprises "will go up significantly" and "will go up slightly.""Will go down" comprises "will go down significantly" and "will go down slightly."

Chart 9 Outlook for Price Levels One Year from Now (Questions 14 and 15)(1) One Year from Now Compared with the Present
Dec. 11

49.3

34.1

8.6 0.5

50.2

33.7

7.0 0.4

50.5

35.6

6.2 0.3

5.8
Mar. 12

7.7
June 12

5.9
0%

20%

40%

60%

80%

100%

Will go up significantly
Will go up slightly
Will remain almost unchanged
Will go down slightly
Will go down significantly(3) Distribution of Current Survey Answers1,2,3(2) Changes in Price Levels One Year fromNow
1

Dec. 11Mar. 12June 12

Average
+3.6%
+4.0%
+3.6%

1.2

2

Median
+2.0%
+2.0%
+2.0%

5.6
(6.6)

14.8

(1.3)

2.9
(3.0)

2.9
(3.2)

(16.2)-5.1% and under-2.1% to -5.0%-0.1% to -2.0%

Notes: 1. Calculated by excluding 0.5 percent of thehighest and the lowest figures,
respectively, in order to avoid extremes.
(The simple average of this survey is plus
3.7 percent, and that of the previous
survey in March 2012 was plus 4.1
percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

34.6
26.5(31.9)

0%
0.1% to 2.0%
2.1% to 5.0%

(25.4)

5.1% to 10.0%
10.1% and over

11.6
(12.3)
Notes: 1. Percent.
2. Figures in parentheses represent resultsof the previous survey (March 2012).
3. Clockwise from vertical line, in order oflowest to highest percentage range.

83. Outlook for price levels over the next five years
Regarding the outlook for price levels over the next five years, the proportion of respondents
who expected that prices "will go up"1 was unchanged from the previous survey, the proportionof those who expected that they "will remain almost unchanged" increased, and the proportionof those who expected that they "will go down"2 decreased.
When asked about the specific rate of price change per year on average over the next five years,
the average was plus 4.0 percent, down from plus 4.3 percent in the previous survey. The
median was plus 2.0 percent, also falling from plus 2.5 percent in the previous survey.
1
2"Will go up" comprises "will go up significantly" and "will go up slightly.""Will go down" comprises "will go down significantly" and "will go down slightly."

Chart 10 Outlook for Price Levels over the Next Five Years (Questions 16 and 17)(1) Outlook for the Next Five Years

8.8

16.8

51.3

18.7

Dec. 11

1.7

Mar. 12

23.2

50.3

16.0

6.5 1.4

June 12

19.6

53.9

17.2

5.7 1.1

0%

20%

40%

60%

80%

100%

Will go up significantly
Will go up slightly
Will remain almost unchanged
Will go down slightly
Will go down significantly(3) Distribution of Current Survey Answers1,2,3(2) Changes in Price Levels per Year on
Average over the Next Five Years
1

Dec. 11Mar. 12June 12

Average
+4.0%
+4.3%
+4.0%

1.1
6.2

2

Median
+2.0%
+2.5%
+2.0%

(7.0)

13.8

(1.2)

2.2
(2.3)

3.4

(3.9)

(15.1)-5.1% and under-2.1% to -5.0%

17.0-0.1% to -2.0%(16.1)

Notes: 1. Calculated by excluding 0.5 percent of thehighest and the lowest figures,
respectively, in order to avoid extremes.
(The simple average of this survey is plus
4.1 percent, as was that of the previous
survey in March 2012 was plus 4.3
percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

0%
0.1% to 2.0%

29.3

2.1% to 5.0%

(28.4)

5.1% to 10.0%

26.9(26.2)

10.1% and overNotes: 1. Percent.
2. Figures in parentheses represent resultsof the previous survey (March 2012).
3. Clockwise from vertical line, in order oflowest to highest percentage range.

94. Comments on the rise and decline in prices
In terms of prices compared with one year ago, 45.8 percent of the respondents felt that prices"have gone up,"1,2 of which 84.6 percent chose "as rather unfavorable" to describe the pricerise.
Meanwhile, 11.3 percent of the respondents felt that prices "have gone down."1,3 Within thisgroup, the proportions of those who chose "as rather favorable" and "as rather unfavorable" todescribe the price decline accounted for 32.4 percent and 30.5 percent, respectively.
1

See III.C.1. for the perception of the present price levels.
"Have gone up" comprises "have gone up significantly" and "have gone up slightly."
3"Have gone down" comprises "have gone down significantly" and "have gone down slightly."2

Chart 11 Comments on the Price Rise (Question 12-(a))

Dec. 11

13.2

85.3

13.1

84.1

12.4

84.6

1.2
Mar. 122.0
June 12

2.1
0%

20%

40%

60%

80%

100%

As rather favorable
As neither favorable nor unfavorable
As rather unfavorable

Chart 12 Comments on the Price Decline (Question 12-(b))

36.7

35.3

Dec. 11

27.3

Mar. 12

28.8

39.9

29.9

June 12

32.4

35.5

30.5

0%

20%

40%

60%

As rather favorable
As neither favorable nor unfavorable
As rather unfavorable

10

80%

100%

D.

Future Developments in Land Prices

When asked about future developments in land prices, the proportion of respondents who
answered that land prices "will rise" increased, while the proportion of those who stated thatthey "will decline" decreased, and thus the D.I. recorded a smaller negative percentage-point
figure.

Chart 13 Perception of Future Developments in Land Prices (Question 18)(1) Perception of Future Developments in Land Prices
Dec. 11

13.0

34.9

50.5

Mar. 12

14.4

35.0

49.2

June 12

16.8
0%

37.3

43.9

20%

40%

60%

Will riseWill remain the same

80%

100%

Will decline(2) Developments in the Land Prices D.I.1
Percentage points
40
20
0
-20
-40

-22.8

-28.3 -26.6

-18.9

-26.2

-30.7

-60

-20.5

-29.1

-29.8

-37.5

-34.8

-27.1

Sep. 09 Dec. 09 Mar. 10 June 10 Sep. 10 Dec. 10 Mar. 11 June 11 Sep. 11 Dec. 11 Mar. 12 June 12

Note: 1. The land prices D.I. is calculated as the proportion of respondents who answered that land prices "willrise" minus the proportion of those who answered that they "will decline."

11

E. Growth Potential of the Japanese Economy
When asked about the Japanese economy's growth potential, the proportion of respondents who
replied that the Japanese economy "has less potential to grow compared to the current level"
decreased, and thus the D.I. recorded a smaller negative percentage-point figure.

Chart 14 Perception of the Japanese Economy's Growth Potential (Question 19)(1) Perception of the Japanese Economy's Growth Potential
Dec. 11

31.9

65.5

27.6

69.9

32.1

64.5

1.7
Mar. 12

1.6
June 12

1.9
0%

20%

40%

60%

80%

100%

Has greater potential to grow above the current levelHas potential to grow at about the current level
Has less potential to grow compared to the current level(2) Developments in the Japanese Economy's Growth Potential D.I.1
Percentage points
0
-20
-40
-60
-80

-53.6

-54.9

-56.4

-56.9

-62.2

-61.8

-61.8

-55.7

-59.4

-63.8

-68.3

-62.6

-100
Sep. 09 Dec. 09 Mar. 10 June 10 Sep. 10 Dec. 10 Mar. 11 June 11

Sep. 11 Dec. 11 Mar. 12 June 12

Note: 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 above the current level" minus the
proportion of those who answered that it "has less potential to grow compared to the current level."

12

F.

Degree of Recognition and Credibility of the Bank1

1. This set of questions was asked quarterly through the June 2009 survey, and semiannually thereafter in
the June and December surveys, with the exception of the June 2011 survey.

1. Objectives of the Bank
When asked about their recognition of the Bank's two objectives (to maintain price stability andfinancial system stability), the proportions of respondents who stated that they "haveknowledge of it" accounted for 32.0 percent (Chart 15 (1)) and 38.1 percent (Chart 16 (1)),
respectively.

Chart 15 Recognition of Price Stability (Question 21)(1) One of the Bank's Objectives Is to Maintain Price Stability1
Dec. 10

32.4

46.8

20.4

Have knowledge of it

Dec. 11

30.8

45.7

23.1

Have read or heard of it, but do not havedetailed knowledge

June 12

32.0

45.5

22.0

Have never heard of it

0%
80

20%

40%

60%

80%

100%

（％）
Have knowledge of it
Have read or heard of it, but do not have detailed knowledge
Have never heard of it

70
60
50
40
30
20
10
0
Dec.06

June 07

Dec.07

June 08

Dec.08June 09

Dec.09June 10

Dec.10June 11

Dec.11

June 12

Note: 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 Bank Conducts Its Current Monetary Policy by Controlling a Short-term Interest Rate
Dec. 10

30.5

44.1

24.9

Have knowledge of it

Dec. 11

28.0

43.1

28.4

Have read or heard of it, but do not havedetailed knowledge

June 12

25.0

45.5

28.8

Have never heard of it

0%

20%

40%

60%

80%

13

100%

Chart 16 Recognition of Financial System Stability (Question 22)(1) One of the Bank's Objectives Is to Maintain Financial System Stability1
Dec. 10

38.6

41.8

19.2

Have knowledge of it

Dec. 11

39.1

41.1

19.1

Have read or heard of it, but do not havedetailed knowledge

June 12

38.1

39.2

22.0

Have never heard of it

0%

20%

40%

60%

80%

100%

（％）
80
Have knowledge of it
Have read or heard of it, but do not have detailed knowledge
Have never heard of it

70
60
50
40
30
20
10
0
Dec.06

June 07

Dec.07

June 08

Dec.08June 09

Dec.09June 10

Dec.10June 11

Dec.11

June 12

Note: 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 Bank Provides Safe Settlement Instruments with the Highest Settlement Finality, Such as
Banknotes and Current Accounts at the Bank, and Operates Its Own Funds Transfer System
and Settlement System for Japanese Government Securities
Dec. 10

37.1

40.8

21.5

Have knowledge of it

Dec. 11

37.0

41.7

20.8

Have read or heard of it, but do not havedetailed knowledge

June 12

35.2

39.9

24.2

Have never heard of it

0%

20%

40%

60%

80%

100%

(3) The Bank Can Extend Loans Such as Special Loans to Financial Institutions in Order toEnsure Financial System Stability
Dec. 10

38.3

37.4

23.7

Have knowledge of it

Dec. 11

38.4

36.7

24.2

Have read or heard of it, but do not havedetailed knowledge

June 12

39.5

34.6

25.4

Have never heard of it

0%

20%

40%

60%

80%

100%

(4) The Bank Conducts On-site Examinations of Financial Institutions
Dec. 10

27.2

33.4

38.9

Have knowledge of it

Dec. 11

29.1

32.0

38.5

Have read or heard of it, but do not havedetailed knowledge

June 12

25.8

33.1

40.5

Have never heard of it

0%

20%

40%

60%

80%

14

100%

2. Recognition of electronic payment of taxes and fees to the government
When asked whether they know that electronic payment of national taxes and social security
premiums can be made without visiting a teller window, by using, for example, AutomatedTeller Machines (ATMs) and electronic banking services, the proportion of respondents who
indicated that they "have knowledge of it" accounted for 51.5 percent.

Chart 17 Recognition of Electronic Payment of Taxes and Fees to the Government (Question 24)
Dec. 10

49.9

28.4

20.8

Dec. 11

50.6

27.6

21.0

Have read or heard of it, but do not havedetailed knowledge

June 12

51.5

27.5

20.3

Have never heard of it

0%

3.

20%

40%

60%

80%

Have knowledge of it

100%

Condition of Bank of Japan notes

When asked about the condition of Bank of Japan notes, high-denomination banknotes wereconsidered cleaner than low-denomination banknotes, as in the 48th round of the survey(conducted in December 2011, the last time this question was asked).
The proportion of respondents who chose "as clean"1 to describe the condition of each
denomination decreased, while the proportion of those who chose "as worn"2 to describe it
increased.
1
2"As clean" comprises "as clean" and "as relatively clean.""As worn" comprises "as becoming worn" and "as becoming somewhat worn."

Chart 18 Condition of Bank of Japan Notes (Question 25)(1) 10,000 yen note

Dec. 10

1.9

Dec. 11

2.3

June 122.6(2) 5,000 yen note

Dec. 102.8
Dec. 11

2.7
June 12

8.9

31.4

46.5

10.9

7.8

28.4

50.0

11.1

8.5

28.7

49.6

10.3

13.8

35.7

38.7

8.7

11.2

33.4

43.9

8.3

13.6

33.3

41.1

8.2

3.5
(3) 1,000 yen note

Dec. 108.8
Dec. 11

7.4
June 12

26.8

35.9

23.3

4.8

25.0

36.0

26.9

4.4

26.3

36.1

23.9

5.7

7.5
0%

20%

40%

As becoming worn
Cannot say
As clean

15

60%

80%

100%

As becoming somewhat worn
As relatively clean

4. Interest in, recognition of, and evaluation of the Bank
When asked about their interest in, recognition of, and evaluation of the Bank (Chart 19), theproportions of respondents who stated that they "have an interest in the Bank's activities,"1 thatthe Bank "is related"2 to our lives, and that the Bank "is contributing"3 to our lives accounted
for 24.2 percent, 72.4 percent, and 44.4 percent, respectively. Meanwhile, the proportion of
respondents who chose "as not clear enough"4 to describe the Bank's explanations to the public
accounted for 61.9 percent. 41.2 percent of all respondents stated that they "haveconfidence"5 in the Bank, while the proportion of respondents who indicated that they "do nothave confidence"6 in the Bank accounted for 9.3 percent.
All respondents who chose "as not clear enough"4 to describe the Bank's explanations to the
public were asked for their reasons (Chart 20), "because I do not have basic knowledge about
the Bank" was most frequently chosen, followed by "because terms used in the Bank's
explanations are too technical and difficult" and "because I have difficulty understanding themechanism of the financial system and the economy."
When all respondents who answered that they "have confidence"5 in the Bank were asked fortheir reasons (Chart 21), "because the Bank's activities are contributing to price stability andfinancial system stability" was most frequently cited, followed by "because the Bank maintains
a neutral position in conducting its policy." Those who answered that they "do not haveconfidence"6 in the Bank were asked for their reasons (Chart 22), and the responses "because
the Bank's activities are not contributing to price stability and financial system stability,""because the Bank does not make enough effort either to provide clear explanations to thegeneral public about its activities or to collect public opinion data," and "because the Bank does
not maintain a neutral position in conducting its policy" were frequently chosen.
1"Have an interest in the Bank's activities" comprises the choices "often pay attention" and "have aninterest to some extent" that are found in the questionnaire.
2"Is related" comprises "is related" and "is somewhat related."3"Is contributing" comprises "is contributing" and "is somewhat contributing."
4"As not clear enough" comprises "as not clear enough" and "as somewhat unclear."5"Have confidence" comprises "have confidence" and "have confidence to some extent."
6"Do not have confidence" comprises "do not have confidence" and "do not particularly haveconfidence."

16

Chart 19 Interest in, Recognition of, and Evaluation of the Bank (Question 23)1
1. The results shown in the line charts below are those of the surveys conducted in and after September 2006, when
the current mail survey method was introduced.

(1) Interest in the Bank's Activities1,2Dec. 10

24.6

30.9

44.1

Dec. 11

22.9

30.7

45.9

No comment

June 12

24.2

29.8

45.6

Do not have an interest in the Bank's activities

0%

20%

40%

60%

80%

Have an interest in the Bank's activities

100%

（％）
80
Have an interest in the Bank's activities
No comment
Do not have an interest in the Bank's activities

70
60
50
40
30
20
10
0

Dec.06

June 07

Dec.07

June 08

Dec.08June 09

Dec.09June 10

Dec.10June 11

Dec.11

June 12

Notes: 1. "Have an interest in the Bank's activities" comprises the choices "often pay attention" and "have aninterest to some extent" that are found in the questionnaire.
2. "Do not have an interest in the Bank's activities" comprises "do not have any interest" and "do not pay
particular attention."(2) The Bank's Relationship with Our Lives1,2Dec. 10

69.8

20.6

9.3

Is related

Dec. 11

72.5

17.7

9.3

Difficult to say

June 12

72.4

18.6

8.4

Is not related

80%

100%

0%

20%

40%

60%

（％）
80
70
60
Is related

50

Difficult to say

40

Is not related

30
20
10
0

Dec.06

June 07

Dec.07

June 08

Dec.08June 09

Dec.09June 10

Dec.10June 11

Dec.11

June 12

Notes: 1. "Is related" comprises the choices "is related" and "is somewhat related" that are found in the questionnaire.
2. "Is not related" comprises "is not related" and "is not particularly related."17

(3) The Bank's Contribution to Our Lives1,2Dec. 10

44.2

41.8

12.9

Dec. 11

46.6

40.4

12.3

June 12

44.4

43.0

11.7

0%

20%

40%

60%

80%

Is contributing to our lives
Difficult to say
Is not contributing to our lives

100%

（％）
80
Is contributing
Difficult to say
Is not contributing

70
60
50
40
30
20
10
0

Dec.06

June 07

Dec.07

June 08

Dec.08June 09

Dec.09June 10

Dec.10June 11

Dec.11

June 12

Notes: 1. "Is contributing" comprises the choices "is contributing" and "is somewhat contributing" that are foundin the questionnaire.
2. "Is not contributing" comprises "is not contributing" and "is not particularly contributing."(4) The Bank's Explanations to the Public1,2

34.9

Dec. 1059.3

5.0

As clearDec. 11

4.6
June 12

3.8
0%

36.1

58.6

32.7

61.9

20%

40%

60%

Difficult to say
As not clear enough

80%

100%

（％）
80
As clear70

Difficult to say

As not clear enough

60
50
40
30
20
10
0

Dec.06

June 07

Dec.07

June 08

Dec.08June 09

Dec.09June 10

Dec.10June 11

Dec.11

June 12

Notes: 1. "As clear" comprises the choices "as clear" and "as somewhat clear" that are found in the questionnaire.
2. "As not clear enough" comprises "as not clear enough" and "as somewhat unclear."18

(5) Confidence in the Bank1,2
Dec. 10

40.9

48.7

9.1

Have confidence

Dec. 11

42.7

46.8

9.9

No comment

June 12

41.2

48.4

9.3

0%

20%

40%

60%

80%

Do not have confidence

100%

（％）
80
Have confidence
No comment
Do not have confidence

70
60
50
40
30
20
10
0

Dec.06

June 07

Dec.07

June 08

Dec.08June 09

Dec.09June 10

Dec.10June 11

Dec.11

June 12

Notes: 1. "Have confidence" comprises the choices "have confidence" and "have confidence to some extent" thatare found in the questionnaire.
2. "Do not have confidence" comprises "do not have confidence" and "do not particularly have confidence."

Chart 20 Reasons Why the Bank's Explanations Are Unclear (Question 23-(a))1
42.3
44.9
41.5
35.0
38.2
40.6
36.8
36.2
36.5
31.8
30.8
28.2

Because I do not have basic knowledge about the Bank
Because terms used in the Bank's explanations are
too technical and difficult
Because I have difficulty understanding the mechanismof the financial system and the economy
Because I have never had the opportunity toread or hear the Bank's explanations

15.7
13.8
13.6
0.6
0.5
0.4
2.4
2.4
2.9

Dec. 10
Dec. 11
June 12

80%

70%

60%

Because I do not know where to obtain information about the Bank

50%

40%

30%

20%

10%

Because the Bank's web site is inconvenient
Other

0%

Note: 1. Up to two answers were allowed.

19

Chart 21 Reasons for Having Confidence in the Bank (Question 23-(b))1
69.2
65.9
66.8

Because the Bank's activities are contributing to price stability
and financial system stability

41.2
44.6
44.5

Because the Bank maintains a neutral position in conducting its policy

17.0
16.1
16.0
4.8
5.3
4.0
2.3
2.1
2.0
4.7
4.7
5.5

Dec. 10
Dec. 11
June 12
80%

70%

60%

50%

Because I have an impression that the Bank and its staff are sincere

40%

30%

20%

10%

Because I support the content and intention of the Bank's policy
Because the Bank makes an effort to provide clear explanations
to the general public about its activities, and to collect public opinion data
Other
0%

Note: 1. Up to two answers were allowed.

Chart 22 Reasons for Not Having Confidence in the Bank (Question 23-(c))1
47.4
43.2
40.6
35.7
38.0
35.8
35.7
33.3
29.2
25.4
24.4
18.9

70%

60%

50%

Because the Bank does not make enough effort either to provide clear explanations
to the general public about its activities or to collect public opinion data
Because the Bank does not maintain a neutral positionin conducting its policy
Because I have an impression that the Bank and its staff are insincere

8.5
10.3
7.5
4.2
6.1
9.4

Dec. 10
Dec. 11
June 1280%

Because the Bank's activities are not contributing to price stability
and financial system stability

40%

30%

20%

10%

Because I am opposed to the content and intentionof the Bank's policy
Other
0%

Note: 1. Up to two answers were allowed.

20

IV.

Distribution of the Sample by Category

By sexMale
FemaleBy age
20–29
30–39
40–49
50–59
60–69
70–
By region
Hokkaido
Tohoku
Kanto
Hokuriku
Chubu
Kinki
Chugoku
Shikoku
Kyushu50th round of
the survey(June 2012)1(A)

Population of
the survey1,2

47.3

48.3

-1.0

48.5

52.7

51.7

1.0

51.5

11.2

13.2

-2.0

13.3

16.3

17.3

-1.0

17.8

16.2

16.2

0.0

16.3

17.2

15.3

1.9

15.2

20.8

17.5

3.3

17.7

18.2

20.4

-2.2

19.8

4.1

4.4

-0.3

4.1

7.8

7.4

0.4

7.5

32.6

33.2

-0.6

33.3

4.3

4.3

0.0

4.1

15.5

14.0

1.5

14.3

16.6

16.2

0.4

16.5

6.2

5.9

0.3

6.0

2.8

3.2

-0.4

3.0

10.1

11.4

-1.3

11.3

(B)

Difference
between (A)and (B)3(A) - (B)Samples(reference)1

Notes: 1. Percent.
2. Based on the population of municipalities recorded in the Basic Resident Registers as ofMarch 31, 2011. For municipalities with deficiencies in data recorded as of the end of
the fiscal year (March 31, 2011), the population data used for these municipalities are as ofMarch 31, 2010.
3. Percentage points.

21

V.

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 off1,2,3).
1

Only one choice is allowed except where otherwise noted.
Because of rounding, response ratios do not necessarily add up to 100 percent even for questions thatallow for only one choice.
3
Figures in parentheses represent results of the previous survey (March 2012) except where otherwise
noted.
2

Question 1
How do you think economic conditions have changed compared with one year ago?
(a) Have improved.
4.5 (
1.9
(b) Have remained the same.
51.3 ( 40.3(c) Have worsened.
44.0 ( 57.5
Question 2
With regard to Question 1, what makes you think so? (Choose up to two answers.)(a) Media reports.
31.3 ( 34.7(b) Economic indicators and statistics.
12.7 ( 13.2(c) Business performance of the company I work for,35.2 ( 34.2
or of my own company.
(d) Income level for myself or other family members.
48.1 ( 48.5(e) Bustle of shopping streets and amusement quarters.
24.9 ( 25.4(f) Other.
3.6 (
3.3

)
)
)

)
)
)
)
)
)

Question 3
How would you describe the current economic conditions?
(a) As favorable.
(b) As somewhat favorable.
(c) As neither favorable nor unfavorable.
(d) As somewhat unfavorable.
(e) As unfavorable.

0.1
2.6
20.6
52.4
24.2

(
(
(
(
(

0.1
1.2
17.0
52.5
29.0

)
)
)
)
)

Question 4
How do you foresee economic conditions one year from now?
(a) Will improve.
(b) Will remain the same.
(c) Will worsen.

7.8
58.1
33.8

(
(
(

6.7
55.9
37.1

)
)
)

Question 5
Considering the current economic conditions, what do you think about the current interest
rate level?
(a) Too low.
53.1 ( 54.1 )(b) Appropriate.
32.1 ( 30.0 )(c) Too high.
11.5 ( 12.6 )Question 6
What do you think about your household circumstances compared with one year ago?
(a) Have become somewhat better off.
3.6 (
4.0 )
(b) Difficult to say.
49.0 ( 47.3 )(c) Have become somewhat worse off.
47.0 ( 48.3 )22

If you chose (a) in Question 6, please answer Question 6-(a). If you chose (c), please answer
Question 6-(b). For remaining respondents, please skip questions 6-(a) and 6-(b) and go on to
Question 7.
Question 6-(a)Why do you think your household circumstances have become better off? (Choose allapplicable answers.)(a) Because my salary and business income have increased.
54.3 ( 69.7 )(b) Because my income, such as interest income and dividend
4.9 (
0.0 )
payments, has increased.
(c) Because I gained special income from sales of real estate.
2.5 (
1.1 )
(d) Because prices have declined.
8.6 (
0.0 )
(e) Because the value of assets such as real estate and stocks
0.0 (
0.0 )
has increased.
(f) Because the number of dependents in my family has
19.8 ( 18.0 )decreased.
(g) Other.
21.0 ( 16.9 )Question 6-(b)Why do you think your household circumstances have become worse off?
applicable answers.)(a) Because my salary and business income have decreased.
64.1 ((b) Because my income, such as interest income and dividend
15.8 (
payments, has decreased.
(c) Because I purchased real estate.
3.6 ((d) Because prices have risen.
28.2 ((e) Because the value of assets such as real estate and stocks
11.8 (
has declined.
(f) Because the number of dependents in my family has
10.1 (
increased.
(g) Other.
20.1 ((Choose all
65.8
16.6

)
)

3.3
29.9
11.2

)
)
)

6.5

)

20.3

)

Question 7
How has your income (or other family members' income) changed from one year ago?
(a) Has increased.
7.5 (
6.7 )
(b) Has remained the same.
(
47.2
44.5 )(c) Has decreased.
45.2 ( 48.7 )Question 8
What do you expect your income (or other family members' income) will be one year fromnow?
(a) Will increase.
6.4 (
5.9 )
(b) Will remain the same.
52.3 ( 47.9 )(c) Will decrease.
41.1 ( 45.8 )Question 9
How have you (or other family members) changed spending patterns compared with one
year ago?
(a) Have increased.
32.2 ( 31.4 )(b) Have neither increased nor decreased.
45.1 ( 43.4 )(c) Have decreased.
21.7 ( 23.7 )23

If you chose (a) in Question 9, please answer Question 9-(a). If you chose (c), please answer
Question 9-(b). Otherwise, please skip questions 9-(a) and 9-(b) and go on to Question 10.
Question 9-(a)Why have you increased your (or other family members') spending?
answers.)(a) Because my income has increased.
(b) Because my income is likely to increase in the future.
(c) Because the value of non-financial assets such as realestate has increased.
(d) Because the value of financial assets such as stocks andbonds has increased.
(e) Because I purchased real estate such as a house.
(f) Because I purchased consumer durable goods such as a car.
(g) Because my spending rose due to an increased number of
dependents in my family.
(h) Because the costs of consumer goods and services haverisen.
(i) Other.

(Choose all applicable
6.4
1.1
0.5

(
(
(

6.0
1.4
0.3

)
)
)

0.4

(

0.3

)

4.6
20.3
29.7

(
(
(

4.8
23.1
25.8

)
)
)

45.1

(

45.2

)

30.0

(

29.2

)

Question 9-(b)Why have you decreased your (or other family members') spending? (Choose allapplicable answers.)(a) Because my income has decreased.
68.3 ( 71.3 )(b) Because my income is not likely to increase in the future.
45.1 ( 48.9 )(c) Because the value of non-financial assets such as real
5.3 (
7.2 )
estate has decreased.
(d) Because the value of financial assets such as stocks and9.3 ( 11.7 )bonds has decreased.
(e) Because my spending has fallen due to a decreased number
11.1 (
7.5 )of dependents in my family.
(f) Other.
11.1 (
7.7 )Question 10-1
How have you (or other family members) changed your attitude toward everyday spending
such as on living and educational expenses compared with one year ago?
(a) Have increased.
10.0 (
8.4 )(b) Have neither increased nor decreased.
53.7 ( 51.5 )(c) Have decreased.
34.5 ( 38.7 )Question 10-2
How have you (or other family members) changed your attitude toward selective spending
such as on hobby and leisure activities (spending other than asked in Question 10-1)
compared with one year ago?
(a) Have increased.
4.6 (
3.8 )
(b) Have neither increased nor decreased.
37.5 ( 35.2 )(c) Have decreased.
56.9 ( 60.0 )Question 11
Do you plan to increase or decrease your spending within the next twelve months?
(a) Will increase.
3.2 (
4.0 )
(b) Will neither increase nor decrease.
44.0 ( 40.9 )(c) Will decrease.
52.1 ( 54.6 )24

Question 12
How do you think prices1 have changed compared with one year ago?
(a) Have gone up significantly.
5.9(b) Have gone up slightly.
39.9(c) Have remained almost unchanged.
42.2(d) Have gone down slightly.
10.6(e) Have gone down significantly.
0.7

(
(
(
(
(

6.6
41.4
39.0
11.8
0.7

)
)
)
)
)

Note: 1. They are defined as overall prices of goods and services you purchase (hereafter the same).

If you chose (a) or (b) in Question 12, please answer Question 12-(a). If you chose (d) or (e),please answer Question 12-(b). For remaining respondents, please skip questions 12-(a) and12-(b) and go on to Question 13.
Question 12-(a)How would you describe your opinion of the price rise?
(a) As rather favorable.
(b) As rather unfavorable.
(c) As neither favorable nor unfavorable.

2.1
84.6
12.4

(
(
(

2.0 )
84.1 )
13.1 )

Question 12-(b)How would you describe your opinion of the price decline?
(a) As rather favorable.
(b) As rather unfavorable.
(c) As neither favorable nor unfavorable.

32.4
30.5
35.5

(
(
(

28.8 )
29.9 )
39.9 )

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. If you think thatthey have been unchanged, please put a "0."upCompared with one year ago, prices have gone

about

percent.

down
Average1 : plus 3.2 (plus 3.4) percent
Median2 : plus 0.0 (plus 0.5) percent
Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, in order
to avoid extremes. (The simple average of this survey is plus 3.3 percent, and that of theprevious survey was plus 3.4 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

Question 14
In which direction do you think prices will move one year from now?
(a) Will go up significantly.
5.9(b) Will go up slightly.
50.5(c) Will remain almost unchanged.
35.6(d) Will go down slightly.
6.2(e) Will go down significantly.
0.3

25

(
(
(
(
(

7.7
50.2
33.7
7.0
0.4

)
)
)
)
)

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 one year from now will go

about

percent.

down
Average1
Median2: plus 3.6 (plus 4.0) percent: plus 2.0 (plus 2.0) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, in order
to avoid extremes. (The simple average of this survey is plus 3.7 percent, and that of theprevious survey was plus 4.1 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

Question 16
In which direction do you think prices will move over the next five years?
(a) Will go up significantly.
19.6(b) Will go up slightly.
53.9(c) Will remain almost unchanged.
17.2(d) Will go down slightly.
5.7(e) Will go down significantly.
1.1

(
(
(
(
(

23.2
50.3
16.0
6.5
1.4

)
)
)
)
)

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. 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 4.3) percent: plus 2.0 (plus 2.5) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and the lowest figures, respectively, in order
to avoid extremes. (The simple average of this survey is plus 4.1 percent, and that of theprevious survey was plus 4.3 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

Question 18
What do you foresee as future developments in land prices?
(a) Will rise.
(b) Will remain the same.
(c) Will decline.

16.8 (
37.3 (
43.9 (

14.4 )
35.0 )
49.2 )

Question 19
How do you view the Japanese economy's growth potential in the long run?
(a) Has greater potential to grow above the current level.
1.9 ((b) Has potential to grow at about the current level.
32.1 ((c) Has less potential to grow compared to the current level.
64.5 (

1.6 )
27.6 )
69.9 )

26

Question 20
In consideration of the situation over the next twelve months, are you worried about your(or other family members') employment or working arrangements (pay, job position, andbenefits) at the current workplace?
All respondents
Workers1(a) Not particularly.
13.3 ( 12.6 )15.2 ( 13.3 )(b) Slightly.
47.7 ( 44.3 )47.6 ( 44.8 )(c) Quite.
36.9 ( 40.6 )37.0 ( 41.5 )Note: 1. Workers are company employees, executives, civil servants, or part-timers.

Questions 21 through 25 ask about your knowledge of the Bank of Japan (hereafter "theBank").1
1

This set of questions has been asked semiannually in the June and December surveys, with the
exception of the 46th round of the survey, conducted in June 2011. Figures in parentheses represent
results of the 48th round of the survey, conducted in December 2011.

Question 21
Questions 21-(1) and 21-(2) ask about price stability, which is one of the Bank's two objectives.
Please choose the most applicable level of your knowledge relative to these questions.
Question 21-(1)Do you know that one of the Bank's objectives is to maintain price stability?
(a) Have knowledge of it.
32.0(b) Have read or heard of it, but do not have detailed knowledge.
45.5(c) Have never heard of it.
22.0

(
(
(

30.8 )
45.7 )
23.1 )

Question 21-(2)Do you know that the Bank conducts its current monetary policy by controlling a short-term
interest rate?
(a) Have knowledge of it.
25.0 ( 28.0 )(b) Have read or heard of it, but do not have detailed knowledge.
45.5 ( 43.1 )(c) Have never heard of it.
28.8 ( 28.4 )Question 22
Questions 22-(1), 22-(2), 22-(3), and 22-(4) ask about financial system stability, which is one of
the Bank's two objectives. Please choose the most applicable level of your knowledge relative tothese questions.
Question 22-(1)Do you know that one of the Bank's objectives is to maintain financial system stability?
(a) Have knowledge of it.
38.1 ( 39.1 )(b) Have read or heard of it, but do not have detailed knowledge.
39.2 ( 41.1 )(c) Have never heard of it.
22.0 ( 19.1 )Question 22-(2)Do you know that the Bank provides safe settlement instruments with the highest settlement
finality, such as banknotes and current accounts at the Bank, and operates its own funds
transfer system and settlement system for Japanese government securities?
(a) Have knowledge of it.
35.2 ( 37.0 )(b) Have read or heard of it, but do not have detailed knowledge.
39.9 ( 41.7 )(c) Have never heard of it.
24.2 ( 20.8 )27Question 22-(3)Do you know that the Bank can extend loans such as special loans to financial institutions inorder to ensure financial system stability?
(a) Have knowledge of it.
39.5 ( 38.4 )(b) Have read or heard of it, but do not have detailed knowledge.
34.6 ( 36.7 )(c) Have never heard of it.
25.4 ( 24.2 )Question 22-(4)Do you know that the Bank conducts on-site examinations of financial institutions?
(a) Have knowledge of it.
25.8 ( 29.1 )(b) Have read or heard of it, but do not have detailed knowledge.
33.1 ( 32.0 )(c) Have never heard of it.
40.5 ( 38.5 )Question 23
Questions 23-(1), 23-(2), 23-(3), 23-(4), and 23-(5) ask about your view of the Bank. Please
make the most applicable choice relative to these questions.
Question 23-(1)Do you have an interest in the Bank's activities?
(a) Often pay attention.
(b) Have an interest to some extent.
(c) No comment.
(d) Do not pay particular attention.
(e) Do not have any interest.

5.3
18.9
29.8
30.9
14.7

(
(
(
(
(

5.1 )
17.8 )
30.7 )
32.9 )
13.0 )

Question 23-(2)Do you think that the Bank is related to our lives?
(a) Is related.
(b) Is somewhat related.
(c) Difficult to say.
(d) Is not particularly related.
(e) Is not related.

37.2
35.2
18.6
5.5
2.9

(
(
(
(
(

36.7 )
35.8 )
17.7 )
6.2 )3.1 )Question 23-(3)Do you think that the Bank is contributing to our lives?
(a) Is contributing.
(b) Is somewhat contributing.
(c) Difficult to say.
(d) Is not particularly contributing.
(e) Is not contributing.

16.4
28.0
43.0
7.7
4.0

(
(
(
(
(

16.7 )
29.9 )
40.4 )
8.2 )4.1 )Question 23-(4)How would you describe the Bank's explanations to the public?
(a) As clear.
(b) As somewhat clear.
(c) Difficult to say.
(d) As somewhat unclear.
(e) As not clear enough.

0.7
3.1
32.7
41.6
20.3

(
(
(
(
(

0.5 )
4.1 )
36.1 )
38.0 )
20.6 )

28

Question 23-(5)Do you have confidence in the Bank?
(a) Have confidence.
(b) Have confidence to some extent.
(c) No comment.
(d) Do not particularly have confidence.
(e) Do not have confidence.

13.2
28.0
48.4
6.5
2.8

(
(
(
(
(

13.8 )
28.9 )
46.8 )
7.4 )2.5 )If you chose (d) or (e) in Question 23-(4), please answer Question 23-(a). If you chose (a) or (b)in Question 23-(5), please answer Question 23-(b), but if you chose (d) or (e), please answer
Question 23-(c). Otherwise, please skip questions 23-(a), 23-(b), and 23-(c) and go on to
Question 24.
Question 23-(a)Why do you think the Bank's explanations are unclear? (Choose up to two answers.)(a) Because terms used in the Bank's explanations are too
40.6 ( 38.2 )technical and difficult.
(b) Because I do not have basic knowledge about the Bank.
41.5 ( 44.9 )(c) Because I have difficulty understanding the mechanism of
36.5 ( 36.2 )the financial system and the economy.
(d) Because I have never had the opportunity to read or hear
28.2 ( 30.8 )the Bank's explanations.
(e) Because I do not know where to obtain information about
13.6 ( 13.8 )the Bank.
(f) Because the Bank's web site is inconvenient.
0.4 (
0.5 )
(g) Other.
(
2.9
2.4 )
Question 23-(b)Why do you have confidence in the Bank? (Choose up to two answers.)(a) Because the Bank's activities are contributing to price
66.8
stability and financial system stability.
(b) Because I support the content and intention of the Bank's
4.0
policy.
(c) Because the Bank maintains a neutral position in
44.5
conducting its policy.
(d) Because the Bank makes an effort to provide clear
2.0
explanations to the general public about its activities, andto collect public opinion data.
(e) Because I have an impression that the Bank and its staff
16.0
are sincere.
(f) Other.
5.5

29

(

65.9 )

(

5.3 )

(

44.6 )

(

2.1 )

(

16.1 )(

4.7 )Question 23-(c)Why do you not have confidence in the Bank? (Choose up to two answers.)(a) Because the Bank's activities are not contributing to price40.6
stability and financial system stability.
(b) Because I am opposed to the content and intention of the
7.5
Bank's policy.
(c) Because the Bank does not maintain a neutral position in
29.2
conducting its policy.
(d) Because the Bank does not make enough effort either to
35.8
provide clear explanations to the general public about its
activities or to collect public opinion data.
(e) Because I have an impression that the Bank and its staff
18.9
are insincere.
(f) Other.
9.4(

43.2 )(

10.3 )(

33.3 )(

38.0 )(

24.4 )(

6.1 )Question 24
Do you know that electronic payments of national taxes, national pension premiums, andlabor insurance premiums can be made without visiting a teller window, by using, forexample, Automated Teller Machines (ATMs) and electronic banking services?
(a) Have knowledge of it.
51.5 ( 50.6 )(b) Have read or heard of it, but do not have detailed knowledge.
27.5 ( 27.6 )(c) Have never heard of it.
20.3 ( 21.0 )Question 25
Questions 25-(1), 25-(2), and 25-(3) ask about the condition of Bank of Japan notes that you use
in your daily life.
Question 25-(1)How would you describe the condition of 10,000 yen notes?
(a) As becoming worn.
(b) As becoming somewhat worn.
(c) Cannot say.
(d) As relatively clean.
(e) As clean.

2.6
8.5
28.7
49.6
10.3

(
(
(
(
(

2.3 )
7.8 )
28.4 )
50.0 )
11.1 )

Question 25-(2)How would you describe the condition of 5,000 yen notes?
(a) As becoming worn.
(b) As becoming somewhat worn.
(c) Cannot say.
(d) As relatively clean.
(e) As clean.

3.5
13.6
33.3
41.1
8.2

(
(
(
(
(

2.7 )
11.2 )
33.4 )
43.9 )
8.3 )Question 25-(3)How would you describe the condition of 1,000 yen notes?
(a) As becoming worn.
(b) As becoming somewhat worn.
(c) Cannot say.
(d) As relatively clean.
(e) As clean.

7.5
26.3
36.1
23.9
5.7

(
(
(
(
(

7.4 )
25.0 )
36.0 )
26.9 )
4.4 )30

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.

47.3
52.7

(
(

47.4 )
52.6 )

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–.

11.2
16.3
16.2
17.2
20.8
18.2

(
(
(
(
(
(

9.8
14.0
17.1
16.7
21.7
20.6

2.6
9.6

(
(

2.5 )
9.7 )

35.2

(

33.9 )

15.9
36.3

(
(

15.3 )
37.8 )

Question 28
What is your field of occupation?
(a) Agriculture, forestry, and fisheries.
(b) Self-employed, working for a family business, or professional
worker.
(c) Regular employee (company employee, executive, and civil
servant).
(d) Non-regular employee (part-timer).
(e) Other (full-time homemaker, student, pensioner, unemployed,etc.).

)
)
)
)
)
)

Question 29
How much income did you and your partner earn last year? (Annual income before
deducting taxes; excludes temporary income such as retirement allowance, financial
donations, and income from land sales, but includes pensions.)(a) Less than 3 million yen.
37.7 ( 41.5 )(b) 3 million or more but less than 5 million yen.
29.9 ( 27.2 )(c) 5 million or more but less than 10 million yen.
22.6 ( 20.9 )(d) 10 million yen or greater.
5.4 (
5.5 )
(e) No income.
2.9 (
3.8 )
Question 30
Which of the following describes the composition of your family?
(a) Single-person household (live by myself).
(b) Married-couple household (myself and my partner).
(c) Two-generation family (nuclear family).
(d) Three-generation family (extended family).
(e) Other (household consisting only of siblings, friends,
or grandparents and grandchildren, etc.).

11.7
25.8
48.0
11.3
2.0

(
(
(
(
(

10.9
26.0
49.6
10.7
2.6

)
)
)
)
)

Please freely give us your comments or express wishes relative to the Bank's policy and/or
operations.
(a) Offered comments.
18.9 ( 18.8 )(b) Offered no comments.
81.1 ( 81.2 )31