Results of the 59th Opinion Survey on the General Public's Views andBehavior (September 2014 Survey)
This is an English translation of the Japanese original released on October 2, 2014. From the 58th roundof the survey, the boxed text summarizing each section has been omitted in the English translation.

October 9, 2014
Public Relations Department
Bank of Japan[Contents]
I. Introduction
II. Survey Outline
III. Summary
A. Economic Conditions
B. Household Circumstances
C. Price Levels
D. Future Land Prices
E. Growth Potential of the Japanese Economy
F. Recognition of the Bank's Monetary Policy

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

II.

Survey Outline

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

From August 8 to September 3, 2014.
4,000 people (2,135 people [i.e., 53.4 percent of the overall samplesize] provided valid responses to questions).
Individuals living in Japan who are at least 20 years of age.
Stratified two-stage random sampling method.
Questionnaire survey (mail survey method).

1

III.

Summary

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

13.2

66.8

19.6

June 14

13.5

62.6

23.5

Sept. 14

11.1

31.5

56.9

(%)
Have improved

Have remained the same

Have worsened(2) One Year from Now Compared with the Present
Mar. 2014

14.9

53.3

31.4

June 14

12.3

59.7

27.6

Sept. 14

10.9

56.9

31.7
(%)

Will improve

Will remain the same

2

Will worsen

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

-80
-100
1996

97

98

99

2000

01

02

03

04

05

06

07

08

09

10

11

12

13

14

Dec. 2011 Mar. 12 June 12 Sept. 12 Dec. 12 Mar. 13 June 13 Sept. 13 Dec. 13 Mar. 14 June 14 Sept. 14
Present comparedwith one year ago
Changes from theprevious survey
Outlook for one
year from now
Changes from theprevious survey

-57.5

-55.6

-39.5

-43.1

-50.6

-22.6

-4.8

-8.3

-9.2

-6.4

-10.0

-20.4

+4.9

+1.9

+16.1

-3.6

-7.5 +28.0 +17.8

-3.5

-0.9

+2.8

-3.6

-10.4

-35.9

-30.4

-26.0

-36.1

-33.1

6.8

7.5

-9.6

-14.0

-16.5

-15.3

-20.8

-6.7

+5.5

+4.4

-10.1

+3.0 +39.9

+0.7

-17.1

-4.4

-2.5

+1.2

-5.5

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

(4) Current Economic Conditions
Mar. 2014

0.9

7.0

44.9

31.1

7.6

15.3
37.8

40.0

Sept. 14

0.8

29.3

14.9

June 14

0.9

47.7

12.0

9.1
(%)

Favorable

Somewhat favorable

Difficult to say

Somewhat unfavorable

Unfavorable

32. Basis for the impression of economic conditions and perception of the interest rate level
Chart 2 Basis for the Impression of Economic Conditions (Question 2)1
61.5
57.6
60.4

Income level for myself or other family members

33.5
30.9
32.1

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

21.6
23.8
24.1
19.5
20.3
18.6

Bustle of shopping streets and amusement quarters

Media reports

9.2
9.1
9.1

Economic indicators and statistics

Mar. 2014
June 14

3.5
3.6
4.5

Other

0%

10%

Note: 1. Up to two answers were allowed.

4

Sept. 14

20%

30%

40%

50%

60%

70%

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

(1) Perception of the Interest Rate Level

Mar. 2014

51.6

34.5

11.2

June 14

54.5

31.0

10.7

Sept. 14

50.6

33.4

12.2
(%)

Too low

Appropriate

Too high(2) Developments in the Interest Rate Level D.I.1,2,3
Percentage points
0
-20
-38.4

-40.4
-40
-43.8
-60
-80
-100
Sept.2006 Mar.07 Sept.07 Mar.08 Sept.08 Mar.09 Sept.09 Mar.10 Sept.10 Mar.11

Sept.11 Mar.12

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

Sept.14

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

5

B. Household Circumstances
1. Impression of present household circumstances
Chart 4 Impression of Present Household Circumstances (Question 6)(1) Present Compared with One Year Ago
57.1

Mar. 2014

38.1

4.6
52.3

43.7

46.9

48.5

June 14

3.9
Sept. 14

4.4(%)
Have become better off
Difficult to say
Have become worse off(2) Developments in the Household Circumstances D.I.1,2,3,4
Percentage points
20
0
-20
-40
-60
-80

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

-100
1996

97

98

99

2000

01

02

03

04

05

06

07

08

09

10

11

12

13

14

Dec. 2011 Mar. 12 June 12 Sept. 12 Dec. 12 Mar. 13 June 13 Sept. 13 Dec. 13 Mar. 14 June 14 Sept. 14
The household
circumstances D.I.
Changes from theprevious survey
The present
economic conditions
D.I. compared with
one year ago
Changes from theprevious survey

-48.0

-44.3

-43.4

-45.2

-47.1

-40.7

-34.3

-36.9

-36.2

-33.5

-39.8

-44.1

-1.2

+3.7

+0.9

-1.8

-1.9

+6.4

+6.4

-2.6

+0.7

+2.7

-6.3

-4.3

-57.5

-55.6

-39.5

-43.1

-50.6

-22.6

-4.8

-8.3

-9.2

-6.4

-10.0

-20.4

+4.9

+1.9

+16.1

-3.6

-7.5

+28.0

+17.8

-3.5

-0.9

+2.8

-3.6

-10.4

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

6

2. Income and spending
Chart 5 Income (Questions 7 and 8)(2) One Year from Now Compared with the Present(1) Present Compared with One Year Ago
Mar. 2014

8.6
June 149.2
Sept. 14

52.8

38.4

Mar. 2014

53.1

38.0

55.5

35.8

53.9

39.0

8.6

51.4

39.2

June 14

8.3

47.2

42.4

9.9

Sept. 14

6.7(%)

Has increased
Has remained the sameHas decreased(%)

Will increase
Will remain the same
Will decrease(3) Developments in the Income D.I.1,2,3,4
0Percentage points
-27.5
-29.4

-20

-32.3
-29.8
-30.0

-40

-60

-32.5

Present compared with one year ago
Outlook for one year from now-80
Sept.2006 Mar.07 Sept.07 Mar.08 Sept.08 Mar.09 Sept.09 Mar.10 Sept.10

Mar.11 Sept.11 Mar.12 Sept.12 Mar.13 Sept.13 Mar.14 Sept.14

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

7

Chart 6 Spending (Questions 9 and 11)(1) Present Compared with One Year Ago
Mar. 2014

36.7

43.9

(2) One Year from Now Compared with the Present
18.6

Mar. 2014

45.5

48.7

46.2

48.3

42.9

50.3

5.4
June 14

42.6

38.3

17.5

June 14

4.6
Sept. 14

43.6

35.7

19.9

Sept. 14

6.3(%)

Has increased
Has neither increased nor decreased
Has decreased(%)

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

Percentage points
25.1

20

23.7
18.1

0
-20
-40

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

-43.3
-44.0
-43.7

-60
-80
Sept.2006 Mar.07 Sept.07 Mar.08 Sept.08 Mar.09 Sept.09 Mar.10 Sept.10

Mar.11 Sept.11 Mar.12 Sept.12 Mar.13 Sept.13 Mar.14 Sept.14

Notes: 1. The results shown in the line chart are those of the surveys conducted in and after September 2006,
when the current mail survey method was introduced.
2. The spending D.I. is calculated as the proportion of respondents who answered that their household"has increased/will increase" its spending minus the proportion of those who answered that it "hasdecreased/will decrease" its spending.
3. In the past surveys, the spending D.I. for the present compared with one year ago registered a record
high of 28.3 percentage points in September 2008 and a record low of minus 2.7 percentage points in
December 2009. Also for the period prior to this survey, the spending D.I. for the outlook for one
year from now registered a record high of minus 38.2 percentage points in June 2013 and a record lowof minus 63.4 percentage points in March 2009.
4. Shaded areas indicate recession periods.

8

3. Employment and working conditions
Chart 7 Employment and Working Conditions (Question 20)(1) Workers' Concerns regarding Employment and Working Conditions One Year from Now
Mar. 2014

19.2

49.9

30.6

June 14

18.5

50.0

31.5

Sept. 14

17.8

47.2

34.7
(%)

Not particularly

Slightly

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

Percentage points

0

-11.4

-20

-13.0

-16.9

-40
-60
-80
Sept.2006 Mar.07 Sept.07 Mar.08 Sept.08 Mar.09 Sept.09 Mar.10 Sept.10

Mar.11 Sept.11 Mar.12 Sept.12 Mar.13 Sept.13 Mar.14 Sept.14

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

9

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

Mar. 2014

60.9

27.7

60.4

25.4

0.3
2.2
0.7
1.8
0.7
1.1

8.4
June 1410.9
61.1

Sept. 14

16.9

19.3
(%)

Have gone up significantly
Have gone up slightly
Have remained almost unchanged
Have gone down slightly
Have gone down significantly(2) Changes in Price Levels Compared withOne Year Ago(3) Distribution of Current Survey Answers1,2,3
0.1

1Mar. 2014
June 14
Sept.14

Average
+4.0%
+4.1%
+4.8%

(0.5)

4.6

2

Median
+2.5%
+3.0%
+5.0%

0.3

(0.5)

(4.1)

0.5

(0.6)

21.9

16.5

(16.5)
Notes: 1. Calculated by excluding 0.5 percent of thehighest and lowest figures, respectively, inorder to avoid extremes. (The simple
average of this survey is plus 5.0 percent,and that of the previous survey in June2014 was plus 4.2 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

-5.1% and under-2.1% to -5.0%(25.1)

16.9
39.1(35.1)-0.1% to -2.0%0%(17.7) 0.1% to 2.0%

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

10Chart 9 Basis for the Perception of the Present Price Levels Asked in Question 12(Question 21)1,2,3
73.4（67.8）Developments in prices of frequently purchased items such as foodstuffs

68.1（58.5）Developments in gasoline prices
Developments in costs related to regular expenditures
such as housing rents, tuition, utility costs, and communication service expenses

39.7（41.3）
27.0（26.3）Media reports on individual prices of goods and services and prices in general

21.5（25.0）

An increase or decrease in income for myself or other family members

19.3（16.3）Developments in prices of occasionally purchased items -- namely,
consumer durable goods such as electrical appliances and cars
Developments in foreign exchange rates
such as depreciation/appreciation of the yen

14.8（20.9）Developments in prices of goods and services
that I and/or my colleagues deal with at work

12.9
（14.7）

Most applicable

8.6（10.3）Developments in stock prices and land prices

Second most applicableThird most applicable

3.8
（4.1）

The Bank's monetary policy
Other

1.7
（0.6）

0%

10%

20%

30%

40%

50%

60%

70%

80%

Notes: 1. Up to three answers were allowed.
2. Figure for each menu of choices refers to the total of the proportions of respondents who chose "mostapplicable," "second most applicable," and "third most applicable."
3. Figures in parentheses represent results of the 57th round of the survey, conducted in March 2014.

Chart 10 Present Price Levels Asked in Question 12 Compared with Those Expected in a Year's
Time One Year Ago (Question 22)

Sept. 2013

35.5

49.1

3.5

Mar. 14

31.8

54.2

3.8

Sept. 14

37.6

48.6

3.8
(%)

Above the levels I expected one year ago
At the same levels I expected one year ago
Below the levels I expected one year ago

11

2. Outlook for price levels one year from now
Chart 11 Outlook for Price Levels One Year from Now (Questions 14 and 15)(1) One Year from Now Compared with the Present
Mar. 2014

19.7

60.2

15.6

June 14

13.5

67.1

16.6

Sept. 14

16.3

66.2

15.7
(%)

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

Mar. 2014
June 14
Sept.14

Average1
+5.0%
+4.2%
+4.8%

Median2
+3.0%
+3.0%
+3.0%

0.7
3.3
0.4
1.5
0.2
0.9

(3) Distribution of Current Survey Answers1,2,3
0.1
(0.5)
0.3
7.2
(0.5)
(4.7)
0.6
(0.4)
16.7
(16.2)
16.2(19.5)

Notes: 1. Calculated by excluding 0.5 percent of thehighest and lowest figures, respectively, inorder to avoid extremes. (The simple
average of this survey is plus 5.0 percent,and that of the previous survey in June2014 was plus 4.4 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

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

21.9-0.1% to -2.0%(22.9)

0%37.2

0.1% to 2.0%

(35.3)

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

123. Outlook for price levels over the next five years
Chart 12 Outlook for Price Levels over the Next Five Years (Questions 16 and 17)(1) Outlook for the Next Five YearsMar. 2014

26.8

56.1

12.4

June 14

26.0

56.4

12.5

Sept. 14

10.7

55.6

30.3

(%)

Will go up significantly
Will go up slightly
Will remain almost unchanged
Will go down slightly
Will go down significantly(2) Changes in Price Levels per Year on
Average over the Next Five YearsMar. 2014
June 14
Sept.14

Average1
+4.0%
+3.5%
+3.8%

0.4
3.0
0.7
2.4
0.1
2.1

(3) Distribution of Current Survey Answers1,2,3
5.6

Median2
+2.0%
+2.0%
+2.0%

(4.4)

0.3
(0.5) 0.4
(0.9)

1.2

10.9
9.9

(10.3)(1.0)(14.3)-5.1% and under

Notes: 1. Calculated by excluding 0.5 percent of thehighest and lowest figures, respectively, inorder to avoid extremes. (The simple
average of this survey is plus 4.0 percent,and that of the previous survey in June2014 was plus 3.7 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

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

30.0

(30.6)

41.7(37.9)

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

13

Chart 13 Basis for the Outlook for Price Levels over the Next Five Years Asked in Question 16(Question 23)1,2,3
60.0（52.8）Developments in prices of frequently purchased items such as foodstuffs

50.0（42.3）Developments in gasoline prices
Developments in costs related to regular expenditures
such as housing rents, tuition, utility costs, and communication service expenses

35.9（36.6）
32.7（33.1）Media reports on individual prices of goods and services and prices in general
Developments in foreign exchange rates
such as depreciation/appreciation of the yen

23.1（30.2）

An increase or decrease in income for myself or other family members

22.4（23.5）Developments in prices of occasionally purchased items -- namely,
consumer durable goods such as electrical appliances and cars

18.1
（16.1）
16.6（17.7）Developments in stock prices and land prices
Developments in prices of goods and services
that I and/or my colleagues deal with at work

Most applicable
Second most applicable

11.2（12.3）
11.1

The Bank's monetary policy

Third most applicable（12.9）
3.1
（3.1）

Other
0%

10%

20%

30%

40%

50%

60%

70%

80%

Notes: 1. Up to three answers were allowed.
2. Figure for each menu of choices refers to the total of the proportions of respondents who chose "mostapplicable," "second most applicable," and "third most applicable."
3. Figures in parentheses represent results of the 57th round of the survey, conducted in March 2014.

Chart 14 Price Levels over the Next Five Years Asked in Question 16 Compared with Those
Expected in Five Years' Time One Year Ago (Question 24)
Sept. 2013

45.9

45.3

3.2

Mar. 14

41.3

47.2

3.1

Sept. 14

45.1

45.9

2.2

Above the levels I expected one year ago
At almost the same levels I expected one year ago
Below the levels I expected one year ago

14

(%)

Chart 15 Likelihood of Achieving the Outlook for Price Levels over the Next Five Years Asked
in Question 17 (Question 25)
Note: This is a new question for this round of the survey.

9.9

15.4

Likely to be above the level I expected

47.6

Likely to be below the level I expected
Equally likely to be above or below the level I
expectedWill not be significantly above or below the level
I expected

17.9

No response

9.2

15

4. Comments on the rise and decline in prices
Chart 16 Comments on the Price Rise (Question 12-(a))
Mar. 2014

15.8

78.6

17.3

78.1

15.7

78.8

4.1
June 14

3.7
Sept. 14

4.0(%)
Rather favorable
Difficult to say
Rather unfavorable

Chart 17 Comments on the Price Decline (Question 12-(b))
Mar. 2014

34.5

27.3

34.5

June 14

21.4

21.4

55.4

Sept. 14

22.5

20.0

57.5
Rather favorable
Difficult to say
Rather unfavorable

16

(%)

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

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

36.1

39.4

22.7

June 14

33.4

39.5

25.2

Sept. 14

30.7

39.9

27.5

Will go up

Will remain the same

Will go down(%)

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

Percentage points

20

13.4

0

8.2

3.2

-20
-40
-60
Sept.2006 Mar.07 Sept.07 Mar.08 Sept.08 Mar.09 Sept.09 Mar.10 Sept.10

Mar.11 Sept.11 Mar.12 Sept.12 Mar.13 Sept.13 Mar.14 Sept.14

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

17

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

Chart 19 Perception of the Japanese Economy's Growth Potential (Question 19)(1) Perception of the Japanese Economy's Growth Potential
Mar. 2014

41.1

51.7

5.9
June 14

49.5

46.1

46.2

49.2

3.3
Sept. 14

3.1(%)
Has greater potential to grow compared to the current level of growth
Has potential to grow at about the current level of growth
Has less potential to grow compared to the current level of growth(2) Developments in the Japanese Economy's Growth Potential D.I.1,2,3
0

Percentage points

-20

-35.2

-40

-42.8
-60

-46.1

-80
-100
Sept.2006 Mar.07 Sept.07 Mar.08 Sept.08 Mar.09 Sept.09 Mar.10 Sept.10

Mar.11 Sept.11 Mar.12 Sept.12 Mar.13 Sept.13 Mar.14 Sept.14

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

18

F. Recognition of the Bank's Monetary Policy
Chart 20 The Bank Has Set the "Price Stability Target" at 2 Percent in Terms of theYear-on-Year Rate of Change in the CPI (Question 26)
Mar. 2014

28.3

June 1426.2

Sept. 14

26.7

40.6
32.1

29.5

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

41.4

42.3

Have never heard of it

30.4
(%)

Chart 21 The Bank Has Been Pursuing Unprecedented Monetary Easing Both in Terms of
Quantity and Quality (Referred to as "Quantitative and Qualitative Monetary Easing")(Question 27)
Mar. 2014

23.2

June 1428.3

Sept. 14

24.8

40.4

34.5

Know about it

40.0

31.3

40.2

34.1

Have read or heard of it, but do not knowmuch about it
Have never heard of it
(%)

19

IV.

Distribution of the Sample by Category

By sexMale
FemaleBy age
20–29
30–39
40–49
50–59
60–69
70 or older
By region
Hokkaido
Tohoku
Kanto
Hokuriku
Chubu
Kinki
Chugoku
Shikoku
KyushuValid responses in
the 59th roundof the survey(September 2014)1

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

(A)

(B)

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

48.2

48.3

-0.1

48.9

51.8

51.7

0.1

51.1

9.5

12.6

-3.1

11.5

15.0

16.3

-1.3

15.7

18.0

17.0

1.0

18.6

17.6

14.8

2.8

15.6

20.4

17.5

2.9

16.8

19.5

21.6

-2.1

21.8

4.2

4.4

-0.2

4.1

7.7

7.3

0.4

7.5

32.6

33.4

-0.8

33.3

4.4

4.3

0.1

4.1

14.8

14.0

0.8

14.3

16.4

16.2

0.2

16.1

6.2

5.9

0.3

6.0

3.0

3.2

-0.2

3.0

10.7

11.4

-0.7

11.6

Notes: 1. Percent.
2. Based on the population of municipalities recorded in the Basic Resident Registers as of March 31, 2013.
3. Percentage points.

20

V.

Complete Questionnaire and Results<Notes>1. Only one choice is allowed, except where otherwise noted.
2. Figures refer to the ratio of responses for each menu of choices against total respondents foreach question (percent).
3. The second decimal place is rounded off, and response ratios consequently do not necessarily
add up to 100 percent even for questions that allow for only one choice.
4. Figures in parentheses represent results of the previous survey (June 2014), except whereotherwise noted.
Question 1
How do you think economic conditions have changed compared with one year ago?
(a) Have improved.
11.1 ( 13.5 )(b) Have remained the same.
56.9 ( 62.6 )(c) Have worsened.
31.5 ( 23.5 )Question 2
With regard to Question 1, what makes you think so? (Choose up to two answers.)(a) Media reports.
18.6 ( 20.3 )(b) Economic indicators and statistics.
9.1 ( 9.1 )(c) Business performance of the company I work for, or of my own
32.1 ( 30.9 )company.
(d) Income level for myself or other family members.
60.4 ( 57.6 )(e) Bustle of shopping streets and amusement quarters.
24.1 ( 23.8 )(f) Other.
4.5 ( 3.6 )Question 3
How would you describe the current economic conditions?
(a) Favorable.
(b) Somewhat favorable.
(c) Difficult to say.
(d) Somewhat unfavorable.
(e) Unfavorable.

0.8
12.0
40.0
37.8
9.1

(
(
(
(
(

0.9 )
15.3 )
44.9 )
31.1 )
7.6 )Question 4
What is your outlook for economic conditions one year from now?
(a) Will improve.
(b) Will remain the same.
(c) Will worsen.

10.9 (
56.9 (
31.7 (

12.3 )
59.7 )
27.6 )

Question 5
Considering the current economic conditions, what do you think of the current interest ratelevel?
(a) Too low.
50.6 ( 54.5 )(b) Appropriate.
33.4 ( 31.0 )(c) Too high.
12.2 ( 10.7 )21Question 6
What do you think of your household circumstances compared with one year ago?
(a) Have become better off.
4.4 ( 3.9 )(b) Difficult to say.
46.9 ( 52.3 )(c) Have become worse off.
48.5 ( 43.7 )If you chose (a) in Question 6, please answer Question 6-(a). If you chose (c), please answer
Question 6-(b). If you chose (b), please go on to Question 7.
Question 6-(a): this question is for those who chose (a) in Question 6.
Why do you think your household circumstances have become better off?
(Choose all applicable answers.)(a) Because my salary and business income have increased.
60.2(b) Because my interest income and dividend payments have
9.7
increased.
(c) Because I gained special income from sales of real estate.
1.1(d) Because prices have declined.
2.2(e) Because the value of my household's assets such as real estate
14.0
and stocks has increased.
(f) Because the number of dependents in my household has
17.2
decreased.
(g) Other.
12.9

(
(

53.4 )
10.2 )

(
(
(

2.3 )
0.0 )
12.5 )(

21.6 )(

19.3 )((

49.0 )
11.4 )

(
(
(

3.1 )
61.9 )
3.6 )

(

8.6 )

(

20.9 )

Question 7
How has your household income changed compared with one year ago?
(a) Has increased.
9.9 ((b) Has remained the same.
47.2 ((c) Has decreased.
42.4 (

9.2 )
51.4 )
39.2 )

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

8.3 )55.5 )
35.8 )

Question 6-(b): this question is for those who chose (c) in Question 6.
Why do you think your household circumstances have become worse off?
(Choose all applicable answers.)(a) Because my salary and business income have decreased.
48.5(b) Because my interest income and dividend payments have
10.1
decreased.
(c) Because I purchased real estate.
2.8(d) Because prices have risen.
66.2(e) Because the value of my household's assets such as real estate
2.4
and stocks has declined.
(f) Because the number of dependents in my household has
6.8
increased.
(g) Other.
21.7

22

6.7 (
53.9 (
39.0 (

Question 9
How has your household changed its spending compared with one year ago?
(a) Has increased.
43.6 ((b) Has neither increased nor decreased.
35.7 ((c) Has decreased.
19.9 (

42.6 )
38.3 )
17.5 )

If you chose (a) in Question 9, please answer Question 9-(a). If you chose (c), please answer
Question 9-(b). If you chose (b), please go on to Question 10-1.
Question 9-(a): this question is for those who chose (a) in Question 9.
Why has your household increased its spending? (Choose all applicable answers.)(a) Because my income has increased.
5.7 ( 5.4 )(b) Because my income is likely to increase in the future.
1.3 ( 1.8 )(c) Because the value of my household's non-financial assets such
1.3 ( 0.9 )as real estate has increased.
(d) Because the value of my household's financial assets such as
1.3 ( 0.9 )stocks and bonds has increased.
(e) Because I purchased real estate such as a house.
5.8 ( 5.6 )(f) Because I purchased consumer durable goods such as a car.
15.6 ( 17.6 )(g) Because my spending has risen due to an increased number of
18.6 ( 19.7 )dependents in my household.
(h) Because the costs of consumer goods and services have risen.
72.7 ( 70.9 )(i) Other.
15.8 ( 18.6 )Question 9-(b): this question is for those who chose (c) in Question 9.
Why has your household decreased its spending? (Choose all applicable answers.)(a) Because my income has decreased.
74.6 ( 73.8 )(b) Because my income is not likely to increase in the future.
41.6 ( 42.8 )3.8 )(c) Because the value of my household's non-financial assets such
1.9 (as real estate has decreased.
4.0 )(d) Because the value of my household's financial assets such as
2.4 (stocks and bonds has decreased.
(e) Because my spending has fallen due to a decreased number of
12.5 ( 11.6 )dependents in my household.
(f) Other.
7.8 )
9.6 (
Question 10-1
How has your household changed its everyday spending such as on living and educational
expenses compared with one year ago?
(a) Has increased.
11.9 ( 11.3 )(b) Has neither increased nor decreased.
55.0 ( 56.8 )(c) Has decreased.
32.2 ( 30.3 )Question 10-2
How has your household changed its selective spending, such as on hobby and leisureactivities (spending other than asked in Question 10-1), compared with one year ago?
(a) Has increased.
5.2 ( 4.5 )(b) Has neither increased nor decreased.
40.1 ( 41.8 )(c) Has decreased.
54.2 ( 52.5 )23

Question 11
How does your household plan to change its spending within the next twelve months?
(a) Will increase.
6.3 ( 4.6 )(b) Will neither increase nor decrease.
42.9 ( 46.2 )(c) Will decrease.
50.3 ( 48.3 )Questions 12 and 13 ask about prices compared with one year ago. Please answer thesequestions, disregarding the effects of the consumption tax hike.1
Note: 1. The government raised the consumption tax rate from 5 percent to 8 percent in April 2014. It
will raise the rate to 10 percent in October 2015, on the condition that the economic situation is
improved.

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

19.3
61.1
16.9
1.1
0.7

(
(
(
(
(

10.9 )
60.4 )
25.4 )
1.8 )
0.7 )

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

If you chose (a) or (b) in Question 12, please answer Question 12-(a). If you chose (d) or (e),please answer Question 12-(b). If you chose (c), please go on to Question 13.
Question 12-(a): this question is for those who chose (a) or (b) in Question 12.
How would you describe your opinion of the price rise?
(a) Rather favorable.
4.0 ((b) Rather unfavorable.
78.8 ((c) Difficult to say.
15.7 (

3.7 )
78.1 )
17.3 )

Question 12-(b): this question is for those who chose (d) or (e) in Question 12.
How would you describe your opinion of the price decline?
(a) Rather favorable.
22.5 ((b) Rather unfavorable.
57.5 ((c) Difficult to say.
20.0 (

21.4 )
55.4 )
21.4 )

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."up
Prices have gone

about

percent compared with one year ago.

down
Average1
Median2: plus 4.8 (plus 4.1) percent: plus 5.0 (plus 3.0) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and lowest figures, respectively, in order toavoid extremes. (The simple average of this survey is plus 5.0 percent, and that of theprevious survey was plus 4.2 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

24

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

16.3
66.2
15.7
0.9
0.2

(
(
(
(
(

13.5 )
67.1 )
16.6 )
1.5 )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 will go

about

percent one year from now.

down
Average1
Median2: plus 4.8 (plus 4.2) percent: plus 3.0 (plus 3.0) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and lowest figures, respectively, in order toavoid extremes. (The simple average of this survey is plus 5.0 percent, and that of theprevious survey was plus 4.4 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

Question 16
What is your outlook for prices over the next five years? Please disregard the effects of thescheduled consumption tax hike when answering this question.
(a) Will go up significantly.
30.3 ( 26.0 )(b) Will go up slightly.
55.6 ( 56.4 )(c) Will remain almost unchanged.
10.7 ( 12.5 )(d) Will go down slightly.
2.1 ( 2.4 )(e) Will go down significantly.
0.1 ( 0.7 )Question 17
By what percent do you think prices will change per year on average over the next five
years? Please choose "up" or "down" and fill in the box below with a specific figure,disregarding the effects of the scheduled consumption tax hike. If you think that they will
be unchanged, please put a "0."up
Prices will go

about

percent per year on average over the next five years.

down
Average1
Median2: plus 3.8 (plus 3.5) percent: plus 2.0 (plus 2.0) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and lowest figures, respectively, in order toavoid extremes. (The simple average of this survey is plus 4.0 percent, and that of theprevious survey was plus 3.7 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

25

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

30.7 (
39.9 (
27.5 (

Question 19
How do you view the Japanese economy's growth potential in the long term?
(a) Has greater potential to grow compared to the current level of
3.1 (growth.
(b) Has potential to grow at about the current level of growth.
46.2 ((c) Has less potential to grow compared to the current level of
49.2 (
growth.

33.4 )
39.5 )
25.2 )

3.3 )
49.5 )
46.1 )

Question 20
In consideration of the presumed situation one year from now, are you (or other family
members) worried about employment and working conditions such as pay, job position, andbenefits for the worker(s)1 in your family at their current workplace(s)?
All respondents
Of which: workers(a) Not particularly.
17.3 ( 18.1 )17.8 ( 18.5 )(b) Slightly.
48.7 ( 48.8 )47.2 ( 50.0 )(c) Quite.
32.1 ( 30.7 )34.7 ( 31.5 )Note: 1. Company employees, executives, civil servants, and part-timers.

26

Questions 21 through 25 are additional questions related to Questions 12, 16, and 17 and ask
about prices.1
1

Figures in parentheses represent results of the 57th round of the survey, conducted in March2014.

Question 21
With regard to Question 12, which asks about your perception of the present price levels
compared with one year ago, what makes you think prices have gone up, down, or remained
almost unchanged? (Choose up to three answers and put them in order, with (1) being
most applicable, (2) being second most applicable, and (3) being third most applicable.)(a) Developments in stock prices and land prices.
(b) Developments in gasoline prices.
(c) Developments in foreign exchange rates such as
depreciation/appreciation of the yen.
(d) Media reports on individual prices of goods and services andprices in general.
(e) The Bank's monetary policy.
(f)Developments in prices of goods and services that I and/or mycolleagues deal with at work.
(g) Developments in prices of frequently purchased items such as
foodstuffs.
(h) Developments in costs related to regular expenditures such as
housing rents, tuition, utility costs, and communication service
expenses.
(i) Developments in prices of occasionally purchased items -namely, consumer durable goods such as electrical appliancesand cars.
(j) An increase or decrease in income for myself or other family
members.
(k) Other.

(1)

(2)

(3)

3.0
(4.2)
38.1
(31.6)
3.7
(7.9)
6.8
(7.0)
1.1
(0.8)
2.9
(3.6)
32.4
(29.3)
4.6
(5.8)

2.2
(2.8)
19.9
(18.0)
5.8
(6.9)
9.6
(8.6)
1.3
(1.4)
5.2
(6.0)
27.5
(24.4)
16.8(18.4)

3.4
(3.3)
10.1
(8.9)
5.3
(6.1)
10.6
(10.7)
1.4
(1.9)
4.8
(5.1)
13.6
(14.1)
18.4(17.1)

1.1
(1.0)

4.0
(4.1)

14.1
(11.2)

4.6
(5.7)
0.3
(0.3)

4.9
(5.1)
0.3
(0.0)

12.0
(14.2)
1.1(0.3)

Question 22
With regard to Question 12, how would you describe the present price levels whencompared with those you expected in a year's time one year ago?
(a) Above the levels I expected one year ago.
37.6 ( 31.8 )(b) At the same levels I expected one year ago.
48.6 ( 54.2 )(c) Below the levels I expected one year ago.
3.8 )
3.8 (

27

Question 23
With regard to Question 16, which asks about your outlook for price levels over the next five
years, what makes you think prices will go up, down, or remain almost unchanged?
(Choose up to three answers and put them in order, with (1) being most applicable, (2) being
second most applicable, and (3) being third most applicable.)(a) Developments in stock prices and land prices.
(b) Developments in gasoline prices.
(c) Developments in foreign exchange rates such as
depreciation/appreciation of the yen.
(d) Media reports on individual prices of goods and services andprices in general.
(e) The Bank's monetary policy.
(f)Developments in prices of goods and services that I and/or mycolleagues deal with at work.
(g) Developments in prices of frequently purchased items such as
foodstuffs.
(h) Developments in costs related to regular expenditures such as
housing rents, tuition, utility costs, and communication service
expenses.
(i) Developments in prices of occasionally purchased items -namely, consumer durable goods such as electrical appliancesand cars.
(j) An increase or decrease in income for myself or other family
members.
(k) Other.

(1)

(2)

(3)

6.9
(7.6)
26.9
(20.8)
8.0(12.4)
11.7(12.8)
4.1
(4.0)
3.3
(3.5)
22.7
(19.0)
5.3
(6.8)

4.4
(5.1)
13.8
(13.0)
9.2(10.8)
10.7(10.6)
3.5
(5.0)
4.8
(4.7)
23.7
(20.4)
15.6(14.7)

5.4
(5.0)
9.3
(8.5)
5.9
(7.0)
10.3
(9.7)
3.5
(3.9)
3.1
(4.1)
13.7
(13.4)
15.0(15.1)

0.9
(1.5)

4.3
(4.7)

12.9
(9.9)

5.4
(6.1)
1.9
(1.6)

4.7
(4.4)
0.2
(0.3)

12.3
(13.0)
0.9(1.2)

Question 24
With regard to Question 16, how would you describe the price levels over the next five years
when compared with those you expected in five years' time one year ago?
(a) Above the levels I expected one year ago.
45.1 ( 41.3 )(b) At almost the same levels I expected one year ago.
45.9 ( 47.2 )(c) Below the levels I expected one year ago.
2.2 ( 3.1 )Question 25
If the rate of change in prices per year on average over the next five years does not turn out
as you expected in Question 17, do you think that it will be above or below the level you
expected? Choose the answer that best reflects your opinion.
(a) Likely to be above the level I expected.
47.6(b) Likely to be below the level I expected.
9.2(c) Equally likely to be above or below the level I expected.
17.9(d) Will not be significantly above or below the level I expected.
15.4

28

Questions 26 and 27 ask about the Bank of Japan's monetary policy.
Question 26
Do you know that the Bank has set the "price stability target" at 2 percent in terms of theyear-on-year rate of change in the consumer price index (CPI)?
(a) Know about it.
26.7 ( 26.2 )(b) Have read or heard of it, but do not know much about it.
42.3 ( 32.1 )(c) Have never heard of it.
30.4 ( 41.4 )Question 27
Do you know that the Bank has been pursuing unprecedented monetary easing both interms of quantity and quality (referred to as "quantitative and qualitative monetaryeasing")?
(a) Know about it.
24.8 ( 28.3 )(b) Have read or heard of it, but do not know much about it.
40.2 ( 40.0 )(c) Have never heard of it.
34.1 ( 31.3 )29

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 28
Are you male or female?
(a) Male.
(b) Female.

48.2 (
51.8 (

47.4 )
52.6 )

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

9.5
15.0
18.0
17.6
20.4
19.5

(
(
(
(
(
(

8.9 )
15.7 )
17.4 )
18.7 )
20.1 )
19.3 )

1.5 (
8.4 (36.1 (

2.4 )8.8 )35.3 )

15.8 (
37.9 (

16.3 )
36.8 )

Question 30
How would you describe your current employment situation?
(a) Person working in agriculture, forestry, or fisheries.
(b) Self-employed, working for a family business, or professional worker.
(c) Regular employee (company employee, executive, or civil
servant).
(d) Non-regular employee (part-timer).
(e) Other (e.g., full-time homemaker, student, pensioner, or
unemployed).

Question 31
How much income did you and your spouse earn last year? (Annual income before
deducting taxes; excludes temporary income such as retirement allowance and income fromland sales, but includes pensions.)(a) Less than 3 million yen.
38.3 ( 38.2 )(b) 3 million or more but less than 5 million yen.
29.2 ( 27.7 )(c) 5 million or more but less than 10 million yen.
22.9 ( 23.7 )(d) 10 million yen or greater.
6.4 )
5.6 (
(e) No income.
2.9 )
3.3 (
Question 32
Which of the following describes the composition of your household?
(a) Single-person household (live by myself).
(b) Married-couple household (myself and my spouse).
(c) Two-generation household (nuclear family).
(d) Three-generation household (extended family).
(e) Other (e.g., household consisting only of siblings, friends, or
grandparents and grandchildren).

11.7
26.6
47.0
11.4
2.7

(
(
(
(
(

10.6 )
26.1 )
50.0 )
10.4 )
2.3 )Please freely give us your comments or express wishes relative to the Bank's policy and/or
operations.
(a) Offered comments.
20.4 ( 16.0 )(b) Offered no comments.
79.6 ( 84.0 )30