Results of the 36th Opinion Survey on the General Public's Views andBehavior* This is an English translation of the Japanese original released on January 14, 2009.

February 4, 2009
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 toits 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 the Bank's Tankan(Short-Term Economic Survey of Enterprises in Japan), which is conducted separately from thissurvey.
A mail survey method was introduced with the 27th Opinion Survey (conducted in September 2006),
reflecting changes in the survey environment. This differs from the previous "in-home" survey
method, through which researchers visited sampled individuals, asked them to complete thequestionnaire within a prescribed period, and then collected the finished questionnaires upon
subsequent visits. The 26th Opinion Survey was conducted using both the in-home and preliminary
mail survey methods, and figures for the 26th round of the survey in the following sections were
those obtained via the latter method.

II. Survey Outline
Survey period:
Sample size:
Population of the survey:
Sampling method:
Survey methodology:

From November 13 to December 8, 2008.
4,000 people (2,381 people [i.e., 59.5 percent of the overall
sample size] provided valid responses to questions).
Individuals living in Japan who are at least 20 years of age.
Stratified two-stage random sampling method.
Questionnaire survey (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" increased, and thus the diffusion index(D.I.) fell. Regarding the outlook for economic conditions one year from now, the proportion of
respondents who answered that economic conditions "will worsen" decreased, while theproportion 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 answered thatcurrent economic conditions "are favorable"1 declined, while the proportion of those who repliedthat they "are unfavorable"2 rose.
1
2"Are favorable" comprises "are favorable" and "are somewhat favorable.""Are unfavorable" comprises "are unfavorable" and "are somewhat unfavorable."

Chart 1 Economic Conditions (Questions 1, 3, and 4)(1) Present Compared with One Year Ago(2) Current Economic Conditions[Have improved] [Have remained the same][Have worsened]

1.7

Sep. 08

0.6
Dec. 08

0.6

18.0

81.0

16.0

82.5

0%

20%

40%

17.5
0.0 2.4
Sep. 08 10.4
0.1 1.3
Dec. 08 9.7
0.1
100%
0.6

60%

80%

0%

(3) One Year from Now Compared with the Present[Will improve] [Will remain the same]
June 08

2.2
Sep. 08

3.2
Dec. 08

60.5

38.4

57.9

42.0

52.7

35.3

52.8

43.6

45.9
20%

40%

60%

80%

100%

Are favorable
Are somewhat favorable
Are neither favorable nor unfavorable
Are somewhat unfavorable
Are unfavorable[Will worsen]

36.9

25.8

54.1

June 08

69.0

28.8

June 08

4.8
0%

20%

40%

60%

80%

100%

(4) Developments in the Economic Conditions D.I.1,2
0-25

Percentage points

-3.8
-6.7

-50

-5.9
-11.0
Present compared with one year ago
Outlook for one year from now

-75
-100
June 06

Sep. 06

Dec. 06

Mar. 07

June 07

Sep. 07

Dec. 07

Mar. 08

June 08

-54.7

-47.9

-80.4

-81.9

Sep. 08

Dec. 08

June 06 Sep. 06 Dec. 06 Mar. 07 June 07 Sep. 07 Dec. 07 Mar. 08 June 08 Sep. 08 Dec. 08
Present compared with
one year ago
Changes from theprevious survey
Outlook for one year
from now
Changes from theprevious survey

-6.7

-3.8

-11.0

-12.2

-12.1

-12.0

-27.4

-40.7

-57.7

-67.3

-80.4

-81.9

-4.3

-1.2

+0.1

+0.1

-15.4

-13.3

-17.0

-9.6

-13.1

-1.5

-5.9

-11.4

-7.7

-14.5

-22.9

-41.4

-43.7

-58.3

-54.7

-47.9

-2.1

-5.5

+3.7

-6.8

-8.4

-18.5

-2.3

-14.6

+3.6

+6.8

Notes: 1. In charts 1, 4, 12, and 13, figures for the 26th round of the survey (conducted in June 2006) were obtained
via the preliminary mail survey method.
2. In charts 1 and 4, 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."22. Basis for assessment of economic conditions
When asked their basis for assessment of economic conditions, "media reports" was the response
chosen most often, followed by "income level for myself or other family members" and"business performance of the company I work for, or of my own company."
In terms of perception of the interest rate level, the proportion of respondents who stated that it"is too low" fell below 50 percent, to 46.2 percent, while the proportions of those who stated thatit "is appropriate" and/or "is too high" rose.

Chart 2 Basis for Assessment and Interpretation of Economic Conditions (Question 2)1
Media reports.

35.0
36.5

43.3
46.0
41.1
36.5
35.1
36.7
34.6

Income level for myself or other family members.

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

21.2
22.4
20.5

Bustle of shopping streets and amusement
quarters.

13.5
17.1
20.2

Economic indicators and statistics.

June 08
Sep. 08

6.6
7.4
5.2

Other.
0%

Dec. 08

10%

20%

30%

40%

50%

Note: 1. Up to two answers were allowed.

Chart 3 Perception of the Interest Rate Level (Question 5)
June 08

53.3

28.8

14.0

Sep. 08

51.7

28.5

14.1

46.2

Dec. 08
0%20%
Is too low

34.2
40%

60%
Is appropriate

3

15.6
80%
Is 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
June 08

34.9

61.6

32.0

65.2

34.7

62.7

3.4
Sep. 08

2.6
Dec. 08

2.3
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
0
-20
-40

Percentage points

-6.7

-11.0

-37.1

-39.6

-60

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

-80
-100
June 06

Sep. 06

Dec. 06

Mar. 07

June 07

Sep. 07

Dec. 07 Mar. 08

June 08

-62.6

-60.4

-80.4

-81.9

Sep. 08

Dec. 08

June 06 Sep. 06 Dec. 06 Mar. 07 June 07 Sep. 07 Dec. 07 Mar. 08 June 08 Sep. 08 Dec. 08
The household
circumstances D.I.
Changes from theprevious survey
The present economic
conditions D.I. comparedwith one year ago
Changes from theprevious survey

-37.1

-6.7

-39.6

-39.6

-41.2

-38.0

-45.1

-50.0

-54.1

-58.2

-62.6

-60.4

-2.5

0.0

-1.6

+3.2

-7.1

-4.9

-4.1

-4.1

-4.4

+2.2

-11.0

-12.2

-12.1

-12.0

-27.4

-40.7

-57.7

-67.3

-80.4

-81.9

-4.3

-1.2

+0.1

+0.1

-15.4

-13.3

-17.0

-9.6

-13.1

-1.5

Note: 1. The household circumstances D.I. is calculated as the proportion of respondents who answered that theirhousehold circumstances "have become somewhat better off" minus the proportion of those who
answered that they "have become somewhat worse off."4

2. Income and spending
With regard to income level compared with one year ago, as well as with the outlook for income
one year from now, the proportion of respondents who answered that their income "hasincreased/will increase" declined, while the proportion of those who stated that it "hasdecreased/will decrease" rose.
In terms of spending level compared with one year ago, the proportion of respondents who
indicated that they "have increased" their spending declined, while the proportion of those whostated that they "have decreased" their spending rose. Regarding the outlook for spending one
year from now, there was a decline in the proportion of respondents who answered that they "willneither increase nor decrease" their spending, while there was a rise in the proportion of those
who responded that they "will decrease" their spending.

Chart 5 Income (Questions 7 and 8)(1) Present Income Level Compared with One
Year Ago(2) Income Level One Year from Now Comparedwith the Present

June 08

45.4

46.4

June 08

42.5

49.1

Sep. 08

44.8

49.4

Dec. 08

7.7
Sep. 08

8.2
Dec. 08

5.6
0%

20%

40%

60%

50.6

43.0

49.4

44.5

48.3

46.2

5.9
5.7
5.0

80%

0%

100%

20%

Has increased
Has remained the sameHas decreased

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
30.0

48.0

June 08
Sep. 08

25.3

50.8

32.9

41.3

Dec. 08(2) Spending Level One Year from Now
Compared with the Present

20.4

June 08

22.5

Sep. 08

20%

40%

60%

58.7

35.6

59.6

32.4

63.8

3.7

24.7

Dec. 08

3.0
0%

36.2

3.8

80%

100%

Have increased
Have neither increased nor decreased
Have decreased

0%

20%

40%

60%

80%

Will increase
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 proportions of respondents1 who answered that they were "slightly worried" and/or"quite 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])
June 08

36.9

49.2

13.4

Sep. 08

40.1

45.2

14.5

Dec. 08

42.4
0%

20%

11.0

46.3
40%

60%

80%

Quite worried
Slightly worried
Not particularly worried

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 remained almost unchanged" and/or "havegone down slightly" increased, while the proportion of those who felt that prices "have gone up"2
decreased, accounting for 86.6 percent.
When asked to what extent price levels have changed compared with one year ago in terms of a
specific figure, the average was an increase of 10.2 percent, down from 12.4 percent in theprevious survey. The median was 10.0 percent, unchanged from the previous survey.
1
2

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

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

40.8

June 08

51.3

53.0

Sep. 08

5.8
0.9
41.6

0.7
3.2

35.7

Dec. 08
0%

50.9

20%

40%

0.7
9.0

60%

0.4

80%

2.9

0.8
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(2) Changes in Price Levels Compared withOne Year Ago
1

June 08
Sep. 08
Dec. 08

Average+10.2%+12.4%+10.2%

2

Median+10.0%+10.0%+10.0%

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 10.6
percent, and that of the previous survey in
September 2008 was 12.7 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

0.9

1.6

(0.6)

(0.3)

7.9

7.4

-5.1% and under(11.1) (2.5) 6.7
(5.6)
19.9
(25.2)-0.1% to -5.0%

25.5

2.1% to 5.0%

(23.0)

0%
0.1% to 2.0%

30.0

5.1% to 10.0%(31.8)

10.1% to 20.0%
20.1% and overNotes: 1. Percent.
2. Figures in parentheses represent resultsof the previous survey (September 2008).

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 remain almost unchanged" and/or "will go down slightly" increased,
while the proportion of those who expected that they "will go up"1 decreased, accounting for 65.9
percent.
When asked to what extent price levels will change one year from now in terms of a specificfigure, the average was an increase of 5.7 percent, down from 8.7 percent in the previous survey.
The median was 5.0 percent, unchanged from the previous survey.
1"Will go up" comprises "will go up significantly" and "will go up slightly."

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

57.7

31.2

June 08

56.0

25.2

Sep. 08

0%

20%

0.5

7.9

0.7

24.5

54.4

11.5

Dec. 08

8.6
1.1
13.6
3.7

40%

60%

80%

0.6

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(2) Changes in Price Levels One Year fromNow
1

June 08
Sep. 08
Dec. 08

Average
+9.0%
+8.7%
+5.7%

2

Median
+7.0%
+5.0%
+5.0%

3.7

2.6

(7.2)

(1.9)

5.6
(2.6)

7.8

-0.1% to -5.0%(12.4)

22.7
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 6.0
percent, and that of the previous survey in
September 2008 was 8.9 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

(28.5)-5.1% and under

21.9

0%

(11.5)

0.1% to 2.0%
2.1% to 5.0%

26.5
(28.8)

9.1

5.1% to 10.0%(7.2)

10.1% to 20.0%
20.1% and overNotes: 1. Percent.
2. Figures in parentheses represent resultsof the previous survey (September 2008).

8

3. Outlook for price levels over the next five years
Regarding the outlook for price levels over the next five years, the proportions of respondents
who expected that prices "will remain almost unchanged" and/or "will go down slightly"
increased, while the proportion of those who expected that they "will go up"1 decreased,accounting for 74.0 percent.
When asked about the specific rate of price change per year on average over the next five years,
the average was an increase of 5.6 percent, down from 6.5 percent in the previous survey. The
median was 3.0 percent, down from 5.0 percent in the previous survey.
1"Will go up" comprises "will go up significantly" and "will go up slightly."

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

42.3

33.3

Sep. 08

0%

15.4

46.7

27.3

Dec. 08

0.5
10.2
2.7
14.3 6.6 0.7

42.2

42.3

June 08

20%

40%

60%

80%

7.1

0.8

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(2) Changes in Price Levels per Year on
Average over the Next Five Years
1

June 08
Sep. 08
Dec. 08

Average
+6.9%
+6.5%
+5.6%

2

Median
+5.0%
+5.0%
+3.0%

4.3

1.5

(6.2)

(1.4)

6.5
(7.0)

16.9

6.0
(5.9)

13.6
(9.8)

(18.9)

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 5.9
percent, and that of the previous survey in
September 2008 was 6.8 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

(32.4)-0.1% to -5.0%0%0.1% to 2.0%

20.9
30.4

-5.1% and under(18.3)

2.1% to 5.0%
5.1% to 10.0%
10.1% to 20.0%
20.1% and overNotes: 1. Percent.
2. Figures in parentheses represent resultsof the previous survey (September 2008).

94. Comments on the rise in prices
Among all respondents, 86.6 percent answered that prices compared with one year ago "havegone up"1 and were asked for comments on the price rise; 91.8 percent of respondents stated thatthe price rise was "rather unfavorable".
1"Have gone up" comprises "have gone up significantly" and "have gone up slightly." See III.C.1. for theperception of the present price levels.

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

6.0

92.3

6.0

93.0

7.1

91.8

June 08

1.3
Sep. 08

0.7
Dec. 08

0.5
0%

20%
Rather favorable

40%

60%

80%

Neither favorable nor unfavorable

100%

Rather unfavorable

D. Future Developments in Land Prices
When asked about future developments in land prices, the proportions of respondents who
answered that land prices "will rise" and/or "will remain the same" decreased, while theproportion of those who stated that they "will drop" increased, and thus the D.I. fell further.
Chart 12 Perception of Future Developments in Land Prices (Question 18)(1) Perception of Future Developments in Land Prices
June 08

22.4

Sep. 08

19.6

45.5

0%

37.3

40.3

15.0

Dec. 08

29.8

37.8
20%

45.4

40%

Will rise

60%

Will remain the same

80%

100%

Will drop(2) Developments in the Land Prices D.I.1
40
20

Percentage points

28.1

31.9

0

28.8

24.1

30.3

24.8
11.7

-20

0.5

-7.4

-40

-17.7
-30.4

-60
June 06

Sep. 06

Dec. 06 Mar. 07

June 07

Sep. 07 Dec. 07 Mar. 08 June 08

Sep. 08 Dec. 08

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 drop."10

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 potential to grow at about the current level" increased,
while the proportion of those who answered that it "has less potential to grow compared to thecurrent level" decreased.

Chart 13 Perception of the Japanese Economy's Growth Potential (Question 19)(1) Perception of the Japanese Economy's Growth Potential

33.2

June 08

63.7

1.8
Sep. 08

1.5
Dec. 08

28.8

68.3

29.8

67.0

1.8
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
-30

-40

Percentage points

-37.2

-42.5

-38.0
-42.8

-50

-45.0
-50.6

-45.2

-58.9
-61.9

-60

-66.8

-65.2

-70
June 06

Sep. 06

Dec. 06 Mar. 07

June 07

Sep. 07 Dec. 07 Mar. 08

June 08

Sep. 08

Dec. 08

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."11

F. Degree of Recognition and Credibility of the Bank
1. Objectives of the Bank
When asked about their recognition of two Bank objectives (price stability and financial systemstability), the proportions of respondents who stated that they "have knowledge of it" accounted
for 31.3 percent and 38.9 percent, respectively.

Chart 14 Recognition of Price Stability (Question 21)(1) One objective of the Bank is to maintain pricestability.

June 08
Sep. 08
Dec. 080%(2) The Bank conducts its current monetary policy bycontrolling a short-term interest rate.

June 08
Sep. 08
Dec. 08
0%

32.0
32.5
31.3
20%

44.2
45.1
44.4
40%

27.8
28.8
28.6
20%

60%

43.4
43.7
42.9
40%

60%

23.2
21.9
23.7
80%

100%

28.0
26.8
27.9
80%

100%

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

Chart 15 Recognition of Financial System Stability (Question 22)(1) One objective of the Bank is to maintain financial
system stability.

June 08
Sep. 08
Dec. 080%(2) The Bank provides safe settlement instruments withthe highest settlement finality, such as banknotes
and current accounts at the Bank, and operates its
own funds transfer system and settlement system forJapanese government securities.
(3) The Bank can extend loans such as special loans tofinancial institutions in order to ensure financial
system stability.

June 08
Sep. 08
Dec. 080%
June 08
Sep. 08
Dec. 080%(4) The Bank conducts on-site examinations tofinancial institutions.

June 08
Sep. 08
Dec. 08
0%

37.5
38.3
38.9
20%

40.0
39.6
40.4
40%

36.4
37.0
34.2
20%

41.3
40.9
43.1
40%

40.1
39.3
37.7
20%

32.5
32.8
28.0
20%

60%

60%

34.6
34.7
36.5
40%

60%

32.2
31.8
32.9
40%

21.8
21.5
20.2
80%

100%

21.7
21.4
22.3
80%

100%

24.8
25.3
25.2
80%

100%

34.7
34.8
38.5
60%

80%

100%

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

122. Recognition of electronic payment of treasury funds
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, the AutomatedTeller Machines (ATMs) and electronic banking services, the proportion of respondents who
indicated that they "have knowledge of it" was the same as in the 34th round of the survey(conducted in June 2008, the last time this question was asked), accounting for 45.8 percent.
Chart 16 Recognition of Electronic Payment of Treasury Funds (Question 24)1
Dec. 07

44.7

29.5

24.9

June 08

45.8

31.0

22.2

Dec. 08

45.8

32.1

21.2

0%

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

Note: 1. This question is asked every other round of the survey.

3. 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 34th round of the survey(conducted in June 2008, the last time this question was asked).
The proportions of respondents who stated that the condition of each denomination "is clean"1
and/or "is worn"2 were roughly the same as in the 34th round of the survey.
1
2"Is clean" comprises "is clean" and "is relatively clean.""Is worn" comprises "is becoming worn" and "is becoming somewhat worn."

Chart 17 Condition of Bank of Japan Notes (Question 25)1
(1) 10,000 yen note

Dec. 07

1.3
2.7

5.7
9.6

Dec. 08

8.4

Dec. 0710.5

2.7(2) 5,000 yen note

2.5

June 08

4.1
Dec. 08
4.6(3) 1,000 yen note

35.8

June 08

Dec. 07

5.7

45.2

11.2

30.2

47.9

8.7

31.5

47.3

9.4

38.2

38.1

10.0

14.9

34.8

38.2

7.1

13.9

36.9

36.4

7.6

22.3

39.0

25.5

6.7

June 08

29.1

35.2

21.9

3.2

Dec. 08

28.3

36.9

21.4

3.4

9.8
9.6
0%

20%

40%

Is becoming worn
Cannot say
Is cleanNote: 1. This question is asked every other round of the survey.

13

60%

80%

Is becoming somewhat worn
Is relatively clean100%

4. Interest in, recognition of, and evaluation of the Bank
When asked about their interest in, recognition of, and evaluation of the Bank, the proportions ofrespondents who stated that they "have an interest in the Bank's activities,"1 that "the Bank isrelated to our lives,"2 and that "the Bank is contributing to our lives"3 accounted for 23.5 percent,69.7 percent, and 43.7 percent, respectively.
The proportion of respondents who felt that "the Bank's explanations to the public are not clear
enough"4 accounted for 61.0 percent. These respondents were asked for their reasons (Chart 19),with the greatest majority stating that they have a "lack of basic knowledge about the Bank,"
followed by those stating that they "have difficulty understanding the mechanism of the financial
system and the economy" and/or "terms used in the Bank's explanations are too technical anddifficult."
39.7 percent of all respondents stated that they "have confidence in the Bank,"5 while theproportion of respondents who indicated that they "do not have confidence in the Bank"6
accounted for 9.5 percent. When asked the reasons for having confidence in the Bank (Chart 20),"because the Bank's activities are contributing to price stability and financial system stability"
continued to be most frequently cited, followed by "because the Bank maintains a neutral
position in conducting its policy." In terms of reasons for not having confidence in the Bank(Chart 21), "because the Bank does not maintain a neutral position in conducting its policy" wasthe response chosen most often, followed by "because the Bank's activities are not contributing toprice stability and financial system stability" and "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."
1"Have an interest in the Bank's activities" comprises "often pay attention" and "have an interest to someextent."2"Is related to our lives" comprises "is related to our lives" and "is somewhat related to our lives."3"Is contributing to our lives" comprises "is contributing to our lives" and "is somewhat contributing to
our lives."
4"The Bank's explanations to the public are not clear enough" comprises "the Bank's explanations to the
public are not clear enough" and "the Bank's explanations to the public are somewhat unclear."5"Have confidence in the Bank" comprises "have confidence in the Bank" and "have confidence in the
Bank to some extent."
6"Do not have confidence in the Bank" comprises "do not have confidence in the Bank" and "do not havevery much confidence in the Bank."

Chart 18 Interest in, Recognition of, and Evaluation of the Bank (Question 23)

A

Close to A

(1) I have an interest in the Bank's
activities.

June 08
Sep. 08
Dec. 08(2) The Bank is related to our lives.

June 08
Sep. 08
Dec. 08(3) The Bank is contributing to ourlives.

June 08
Sep. 08
Dec. 08

23.1
24.7
23.5

Neither A nor B

31.5
30.3
29.3

45.2
44.6
46.7

I do not have any interest in the
Bank's activities.

70.8
72.3
69.7

19.4 9.6
18.0 9.2
19.3 10.5

The Bank is not related to ourlives.

14.1
15.1
12.1

The Bank is not contributing to
our lives.

41.2
41.1
43.7

43.8
42.6
43.2

3.7 3.8
34.3(4) The Bank gives clear explanations June 08
Sep. 0832.3
to the public.
Dec. 08
34.5
3.5
June 08(5) I have confidence in the Bank.
36.0
Sep. 08
38.0
Dec. 08
39.7
0%

20%

B

Close to B

60.9
62.5
61.0

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

49.7
47.6
50.1
40%

14

60%

13.1
13.0
9.5
80%

100%

I do not have confidence in the
Bank.

Chart 19 Reasons Why the Bank's Explanations Are Unclear (Question 23-(a))1
41.1
40.2
42.1

Lack of basic knowledge about the Bank.

35.7
40.2
37.7
36.4
38.5
37.4
31.7
28.7
30.0

Have difficulty understanding the mechanism of the financial systemand the economy.
Terms used in the Bank's explanations are too technical and difficult.
Have never had the opportunity to read or hear the Bank's explanations.
16.1
15.5
15.5

Do not know where to look in order to obtain information about the
Bank.
0.6
0.6
0.7
2.1
3.8
2.3

June 08
Sep. 08
Dec. 08
50%

40%

30%

20%

10%

The Bank's web site is inconvenient.
Other.

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

Chart 20 Reasons for Having Confidence in the Bank (Question 23-(b))1
66.2
64.2
69.2

Because the Bank's activities are contributing to price stability andfinancial system stability.
45.9
43.5
43.3

Because the Bank maintains a neutral position in conducting its policy.
16.1
16.4
14.7
3.9
6.0
5.3
3.0
3.2
2.3
5.5
7.5
5.3

June 08
Sep. 08
Dec. 0880%

Because of my impression that the Bank and its staff are sincere.

60%

40%

20%

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

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

Chart 21 Reasons for Not Having Confidence in the Bank (Question 23-(c))1
Because the Bank does not maintain a neutral position in conducting its
policy.

43.4
45.2
43.4

Because the Bank's activities are not contributing to price stability andfinancial system stability.

40.5
42.5
36.7

Because the Bank does not make enough effort either to provide clear
explanations to the general public about its activities or to collectpublic opinion data.
Because of my impression that the Bank and its staff are insincere.

31.5
32.2
35.4
37.9
28.9
30.5
5.1
5.3
3.5

June 08
Sep. 08
Dec. 08
50%

40%

Because I am opposed to the content and intention of the Bank's policy.

7.1
6.0
7.1
30%

20%

10%

Other.

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

15

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
Kyushu36th round of
the survey(Dec. 2008)1(A)

Population of
the survey1,2

46.5

48.4

-1.9

49.2

53.5

51.6

1.9

50.9

12.4

14.7

-2.3

14.5

16.6

18.3

-1.7

17.7

18.5

15.1

3.4

17.5

17.8

18.2

-0.4

16.9

19.0

15.3

3.7

16.7

15.7

18.4

-2.7

16.9

4.1

4.5

-0.4

4.1

7.6

7.5

0.1

7.5

33.6

32.8

0.8

32.5

3.9

4.3

-0.4

4.1

14.7

14.0

0.7

15.0

15.3

16.2

-0.9

16.1

5.7

6.0

-0.3

5.6

3.0

3.3

-0.3

3.0

12.0

11.4

0.6

12.0

(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 of March 31, 2007.
3. Percentage points.

16

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 (September 2008) except where otherwise
noted.
2

Question 1
How do you think economic conditions have changed compared with one year ago?
(a) Have improved.
0.6 ( 0.6 )(b) Have remained the same.
16.0 ( 18.0 )(c) Have worsened.
82.5 ( 81.0 )Question 2
With regard to Question 1, what makes you think so? (Choose up to two answers.)(a) Media reports.
43.3 ( 36.5 )(b) Economic indicators and statistics.
20.2 ( 17.1 )(c) Business performance of the company I work for, or of my34.6 ( 36.7 )own company.
(d) Income level for myself or other family members.
36.5 ( 41.1 )(e) Bustle of shopping streets and amusement quarters.
20.5 ( 22.4 )(f) Other.
5.2 ( 7.4 )Question 3
How do you view the current economic conditions?
(a) Are favorable.
(b) Are somewhat favorable.
(c) Are neither favorable nor unfavorable.
(d) Are somewhat unfavorable.
(e) Are unfavorable.

0.1
0.6
9.7
45.9
43.6

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

4.8 ( 3.2 )42.0 ( 38.4 )52.7 ( 57.9 )( 0.1 )
( 1.3 )
( 10.4 )( 52.8 )( 35.3 )Question 5
Considering the current economic conditions, what do you think about the current interest
rate level?
(a) Is too low.
46.2 ( 51.7 )(b) Is appropriate.
34.2 ( 28.5 )(c) Is too high.
15.6 ( 14.1 )Question 6
What do you think about your household circumstances compared with one year ago?
(a) Have become somewhat better off.
2.3 ( 2.6 )(b) Difficult to say.
34.7 ( 32.0 )(c) Have become somewhat worse off.
62.7 ( 65.2 )17

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) Salary and business income have increased.
70.9 ( 62.3 )(b) Income, such as interest income and dividend payments,
0.0 ( 6.6 )has increased.
(c) Gained special income from sales of real estate.
1.8 ( 0.0 )(d) Prices have declined.
5.5 ( 1.6 )(e) The value of assets such as real estate and stocks has
0.0 ( 1.6 )increased.
(f) The number of dependents in my family has decreased.
14.5 ( 21.3 )(g) Other.
20.0 ( 16.4 )Question 6-(b)Why do you think your household circumstances have become worse off? (Choose allapplicable answers.)(a) Salary and business income have decreased.
53.2 ( 52.6 )(b) Income, such as interest income and dividend payments,
14.7 ( 11.8 )has decreased.
(c) Purchased real estate.
3.9 ( 3.3 )(d) Prices have risen.
69.6 ( 79.5 )(e) The value of assets such as stocks and real estate has
14.8 ( 10.1 )declined.
(f) The number of dependents in my family has increased.
6.6 ( 5.9 )(g) Other.
11.8 ( 11.5 )Question 7
How has your income (or other family members' income) changed from one year ago?
(a) Has increased.
5.6 ( 8.2 )(b) Has remained the same.
44.8 ( 42.5 )(c) Has decreased.
49.4 ( 49.1 )Question 8
What do you expect your income (or other family members' income) will be one year fromnow?
(a) Will increase.
5.0 ( 5.7 )(b) Will remain the same.
48.3 ( 49.4 )(c) Will decrease.
46.2 ( 44.5 )Question 9
How have you (or other family members) changed spending patterns compared with one yearago?
(a) Have increased.
41.3 ( 50.8 )(b) Have neither increased nor decreased.
32.9 ( 25.3 )(c) Have decreased.
24.7 ( 22.5 )18

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? (Choose all applicableanswers.)(a) Because my income has increased.
3.6 ( 3.7 )(b) Because my income is likely to increase in the future.
0.4 ( 0.9 )(c) Because the value of non-financial assets such as real
1.1 ( 0.5 )estate has increased.
(d) Because the value of financial assets such as stocks and0.6 ( 0.4 )bonds has increased.
(e) Because I purchased real estate such as a house.
6.3 ( 4.6 )(f) Because I purchased consumer durable goods such as a car.
16.2 ( 16.3 )(g) Because my spending rose due to an increased number of
20.1 ( 17.2 )dependents in my family.
(h) Because the costs of consumer goods and services have
75.6 ( 82.6 )risen.
(i) Other.
20.5 ( 17.4 )Question 9-(b)Why have you decreased your (or other family members') spending? (Choose all applicableanswers.)(a) Because my income has decreased.
70.9 ( 72.9 )(b) Because my income is not likely to increase in the future.
47.6 ( 53.6 )(c) Because the value of non-financial assets such as real
5.3 ( 4.0 )estate has decreased.
(d) Because the value of financial assets such as stocks and17.3 ( 12.9 )bonds has decreased.
(e) Because my spending has fallen due to a decreased number
7.0 ( 7.7 )of dependents in my family.
(f) Other.
9.5 ( 7.1 )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.
9.4 ( 12.0 )(b) Have neither increased nor decreased.
47.2 ( 46.7 )(c) Have decreased.
42.0 ( 39.5 )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.
2.5 ( 2.8 )(b) Have neither increased nor decreased.
29.9 ( 29.0 )(c) Have decreased.
66.7 ( 67.1 )Question 11
Do you plan to increase or decrease your spending within the next twelve months?
(a) Will increase.
3.0 ( 3.7 )(b) Will neither increase nor decrease.
32.4 ( 35.6 )(c) Will decrease.
63.8 ( 59.6 )19

Question 12
How do you think prices1 have changed compared with one year ago?
(a) Have gone up significantly.
35.7(b) Have gone up slightly.
50.9(c) Have remained almost unchanged.
9.0(d) Have gone down slightly.
2.9(e) Have gone down significantly.
0.8( 53.0 )( 41.6 )( 3.2 )
( 0.7 )
( 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), pleaseanswer Question 12-(b). For remaining respondents, please skip questions 12-(a) and 12-(b) and go
on to Question 13.
Question 12-(a)What is your opinion of the price rise?
(a) Rather favorable.
(b) Rather unfavorable.
(c) Neither favorable nor unfavorable.

0.5 ( 0.7 )91.8 ( 93.0 )
7.1 ( 6.0 )Question 12-(b)What is your opinion of the price decline?
(a) Rather favorable.
(b) Rather unfavorable.
(c) Neither favorable nor unfavorable.

30.2 ( 12.1 )31.4 ( 51.5 )30.2 ( 30.3 )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 that they
have been unchanged, please put a "0."upCompared with one year ago, prices have gone

about

percent.

down
Average1
Median2: up 10.2 (up 12.4) percent: up 10.0 (up 10.0) 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 10.6 percent, and that of the previous
survey was 12.7 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.
11.5 ( 25.2 )(b) Will go up slightly.
54.4 ( 56.0 )(c) Will remain almost unchanged.
24.5 ( 13.6 )(d) Will go down slightly.
7.9 ( 3.7 )(e) Will go down significantly.
0.7 ( 0.6 )20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: up 5.7 (up 8.7) percent: up 5.0 (up 5.0) 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 6.0 percent, and that of the previous
survey was 8.9 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.
27.3(b) Will go up slightly.
46.7(c) Will remain almost unchanged.
15.4(d) Will go down slightly.
7.1(e) Will go down significantly.
0.8( 33.3 )( 42.3 )( 14.3 )( 6.6 )
( 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. If you thinkthat they will be unchanged, please put a "0."
up
about

Prices will go

percent per year on average over the next five years.

down
Average1
Median2: up 5.6 (up 6.5) percent: up 3.0 (up 5.0) 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 5.9 percent, and that of the previous
survey was 6.8 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 drop.

15.0 ( 19.6 )37.8 ( 40.3 )45.4 ( 37.3 )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.
1.8 ( 1.5 )(b) Has potential to grow at about the current level.
29.8 ( 28.8 )(c) Has less potential to grow compared to the current level.
67.0 ( 68.3 )21

Question 20
In consideration of the situation over the next twelve months, are you worried about your (orother family members') employment or working arrangements (pay, job position, andbenefits) at the current workplace?
All respondents
Workers1(a) Not particularly worried.
10.9 ( 12.7 )11.0 ( 14.5 )(b) Slightly worried.
45.4 ( 45.8 )46.3 ( 45.2 )(c) Quite worried.
41.7 ( 38.9 )42.4 ( 40.1 )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 "the Bank").
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 objective of the Bank is to maintain price stability?
(a) Have knowledge of it.
31.3 ( 32.5 )(b) Have read or heard of it, but do not have detailed
44.4 ( 45.1 )knowledge.
(c) Have never heard of it.
23.7 ( 21.9 )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.
28.6 ( 28.8 )(b) Have read or heard of it, but do not have detailed
42.9 ( 43.7 )knowledge.
(c) Have never heard of it.
27.9 ( 26.8 )Question 22
Questions 22-(1), 22-(2), 22-(3), and 22-(4) ask about financial system stability, which is one of theBank's two objectives. Please choose the most applicable level of your knowledge relative to thesequestions.
Question 22-(1)Do you know that one objective of the Bank is to maintain financial system stability?
(a) Have knowledge of it.
38.9 ( 38.3 )(b) Have read or heard of it, but do not have detailed
40.4 ( 39.6 )knowledge.
(c) Have never heard of it.
20.2 ( 21.5 )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.
34.2 ( 37.0 )(b) Have read or heard of it, but do not have detailed
43.1 ( 40.9 )knowledge.
(c) Have never heard of it.
22.3 ( 21.4 )22

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.
37.7 ( 39.3 )(b) Have read or heard of it, but do not have detailed
36.5 ( 34.7 )knowledge.
(c) Have never heard of it.
25.2 ( 25.3 )Question 22-(4)Do you know that the Bank conducts on-site examinations to financial institutions?
(a) Have knowledge of it.
28.0 ( 32.8 )(b) Have read or heard of it, but do not have detailed
32.9 ( 31.8 )knowledge.
(c) Have never heard of it.
38.5 ( 34.8 )Question 23
Questions 23-(1), 23-(2), 23-(3), 23-(4), and 23-(5) ask about your view of the Bank. Please makethe 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 very much attention.
(e) Do not have any interest.

4.8
18.7
29.3
32.7
14.0

(
(
(
(
(

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

35.7
34.0
19.3
6.9
3.6

( 37.8 )( 34.5 )( 18.0 )( 6.7 )
( 2.5 )

Question 23-(3)Do you think that the Bank is contributing to our lives?
(a) Is contributing to our lives.
(b) Is somewhat contributing to our lives.
(c) Difficult to say.
(d) Is not contributing to our lives very much.
(e) Is not contributing to our lives.

16.3
27.4
43.2
7.3
4.8

( 15.7 )( 25.4 )( 42.6 )( 9.4 )
( 5.7 )

0.5
3.0
34.5
38.7

( 0.6 )
( 3.1 )
( 32.3 )( 40.4 )Question 23-(4)Do you think that the Bank gives clear explanations to the public?
(a) Gives clear explanations.
(b) Gives somewhat clear explanations.
(c) Difficult to say.
(d) The Bank's explanations to the public are somewhat
unclear.
(e) The Bank's explanations to the public are not clear enough.

23

5.5 )
19.2 )
30.3 )
30.7 )
13.9 )

22.3 ( 22.1 )Question 23-(5)Do you have confidence in the Bank?
(a) Have confidence in the Bank.
(b) Have confidence in the Bank to some extent.
(c) No comment.
(d) Do not have very much confidence in the Bank.
(e) Do not have confidence in the Bank.

12.7
27.0
50.1
6.5
3.0

( 11.7 )( 26.3 )( 47.6 )( 9.3 )
( 3.7 )

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) Terms used in the Bank's explanations are too technical37.4 ( 38.5 )and difficult.
(b) Lack of basic knowledge about the Bank.
42.1 ( 40.2 )(c) Have difficulty understanding the mechanism of the37.7 ( 40.2 )financial system and the economy.
(d) Have never had the opportunity to read or hear the Bank's
30.0 ( 28.7 )explanations.
(e) Do not know where to look in order to obtain information
15.5 ( 15.5 )about the Bank.
(f) The Bank's web site is inconvenient.
0.7 ( 0.6 )(g) Other.
2.3 ( 3.8 )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 price69.2
stability and financial system stability.
(b) Because I support the content and intention of the Bank's
5.3
policy.
(c) Because the Bank maintains a neutral position in
43.3
conducting its policy.
(d) Because the Bank makes an effort to provide clear
2.3
explanations to the general public about its activities, andto collect public opinion data.
(e) Because of my impression that the Bank and its staff are
14.7
sincere.
(f) Other.
5.3( 64.2 )(( 43.5 )(3.2 )( 16.4 )(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 price36.7 (
stability and financial system stability.
(b) Because I am opposed to the content and intention of the
3.5 (Bank's policy.
(c) Because the Bank does not maintain a neutral position in
43.4 (
conducting its policy.
(d) Because the Bank does not make enough effort either to35.4 (
provide clear explanations to the general public about its
activities or to collect public opinion data.
(e) Because of my impression that the Bank and its staff are
30.5 (
insincere.
(f) Other.
7.1 (

24

6.0 )

7.5 )

42.5 )
5.3 )
45.2 )
32.2 )

28.9 )
6.0 )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, the Automated Teller Machines (ATMs) and electronic banking services?1(a) Have knowledge of it.
45.8 ( 45.8 )(b) Have read or heard of it, but do not have detailed
32.1 ( 31.0 )knowledge.
(c) Have never heard of it.
21.2 ( 22.2 )Note: 1. This question is asked every other round of the survey. Figures in parentheses represent results of
the 34th round of the survey, conducted in June 2008.

Question 25
Questions 25-(1), 25-(2), and 25-(3) ask about the condition of Bank of Japan notes that you use inyour daily life.1
Question 25-(1)How do you view the condition of 10,000 yen notes?
(a) Is becoming worn.
(b) Is becoming somewhat worn.
(c) Cannot say.
(d) Is relatively clean.
(e) Is clean.

2.7
8.4
31.5
47.3
9.4

( 2.7 )
( 9.6 )
( 30.2 )( 47.9 )( 8.7 )

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

4.6
13.9
36.9
36.4
7.6

( 4.1 )
( 14.9 )( 34.8 )( 38.2 )( 7.1 )

Question 25-(3)How do you view the condition of 1,000 yen notes?
(a) Is becoming worn.
(b) Is becoming somewhat worn.
(c) Cannot say.
(d) Is relatively clean.
(e) Is clean.

9.6
28.3
36.9
21.4
3.4

( 9.8 )
( 29.1 )( 35.2 )( 21.9 )( 3.2 )

Note: 1. This question is asked every other round of the survey. Figures in parentheses represent results of
the 34th round of the survey, conducted in June 2008.

This last set of questions asks about you and your household. Although these include questionsof a personal nature, they are only used for analyzing the survey results and we would be very
grateful for your responses.
Question 26
Are you male or female?
(a) Male.
(b) Female.

46.5 ( 50.2 )53.5 ( 49.8 )25

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–.

12.4
16.6
18.5
17.8
19.0
15.7

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, andcivil servant).
(d) Non-regular employee (part-timer).
(e) Other (full-time homemaker, student, pensioner,
unemployed, etc.).

(
(
(
(
(
(

10.4 )
17.8 )
18.5 )
19.6 )
19.3 )
14.3 )

2.6 ( 3.5 )
9.5 ( 12.6 )35.7 ( 37.5 )15.0 ( 13.3 )36.5 ( 29.8 )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 and income fromland sales, but includes pensions.)(a) Less than 3 million yen.
37.2 ( 34.8 )(b) 3 million or more but less than 5 million yen.
28.9 ( 28.6 )(c) 5 million or more but less than 10 million yen.
23.9 ( 24.7 )(d) 10 million yen or greater.
4.8 ( 6.4 )(e) No income.
4.3 ( 4.4 )Question 30
How large is 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.).

12.0
25.0
48.0
12.3
2.2

( 8.8 )
( 25.2 )( 50.9 )( 11.7 )( 2.6 )

Please freely give us your comments or express wishes relative to the Bank's policy and/or
operations.
(a) Offered comments.
16.8 ( 22.1 )(b) Offered no comments.
83.2 ( 77.9 )26