Results of the 53rd Opinion Survey on the General Public's Views andBehavior (March 2013 Survey)
This is an English translation of the Japanese original released on April 1, 2013.

May 10, 2013
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. Consumption Behavior of Households
G. Housing Investment

IV. Distribution of the Sample by Category
V. Complete Questionnaire and Results
I.

Introduction

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

II.

Survey Outline

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

From February 7 to March 6, 2013.
4,000 people (2,347 people [i.e., 58.7 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
With regard to present economic conditions compared with one year ago, the proportion of
respondents who answered that economic conditions "have improved" increased, while theproportion of those who replied that they "have worsened" decreased, and thus the diffusionindex (D.I.) rose. Regarding the outlook for economic conditions one year from now, theproportion of respondents who answered that they "will improve" increased, while theproportion of those who replied that they "will worsen" decreased, and thus the D.I. rose.
In terms of current economic conditions, the proportion of respondents who described them as"unfavorable" and "somewhat unfavorable" decreased, accounting for 63.6 percent.
Chart 1 Impression of Economic Conditions (Questions 1, 3, and 4)(1) Present Compared with One Year Ago
50.7

46.0

45.6

52.2

Sept. 2012

2.9
Dec. 12

1.6
6.6
0%

20%

Have improved40%

Sept. 2012

4.6
Dec. 12

4.5
29.2

63.7

Mar. 13(2) One Year from Now Compared with the Present

60%

Have remained the same

100%

57.7

37.6
57.9

0%

20%

Will improve

Have worsened

40.7

24.1

Mar. 13

80%

54.3

40%

17.3

60%

80%

Will remain the same

100%

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

-80
-100
1996

97

98

99

2000

01

02

03

04

05

06

07

08

09

10

11

12

13

June 2010 Sept. 10 Dec. 10 Mar. 11 June 11 Sept. 11 Dec. 11 Mar. 12 June 12 Sept. 12 Dec. 12 Mar. 13
Present comparedwith one year ago
Changes from theprevious survey
Outlook for one
year from now
Changes from theprevious survey

-41.2

-42.1

-51.7

-42.3

-59.5

-62.4

-57.5

-55.6

-39.5

-43.1

-50.6

-22.6

+20.8

-0.9

-9.6

+9.4

-17.2

-2.9

+4.9

+1.9 +16.1-3.6-7.5 +28.0

-11.2

-24.7

-25.9

-21.7

-29.6

-29.2

-35.9

-30.4

-26.0

-36.1

-33.1

+6.7

-13.5

-1.2

+4.2

-7.9

+0.4

-6.7

+5.5

+4.4

-10.1

+3.0 +39.9

6.8

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. Shaded areas indicate recession periods.

2(4) Current Economic Conditions
Sept. 2012

0.0
Dec. 12

0.1

20.4
2.0
17.2
1.4

53.2
51.6

29.6

30.7

Mar. 13

24.3

44.4

19.2

0.4
0%

4.9

20%

40%

60%

80%

100%

Favorable

Somewhat favorable

Difficult to say

Somewhat unfavorable

Unfavorable

2.

Basis for the impression of economic conditions and perception of the interest rate level

When respondents were asked about the basis for their impression of economic conditions,"income level for myself or other family members" was chosen most often, followed by"business performance of the company I work for, or of my own company" and "media
reports."
In terms of perception of the interest rate level, the proportion of respondents who stated that itwas "too low" increased, while the proportion of those who stated that it was "appropriate"
decreased.
Chart 2 Basis for the Impression of Economic Conditions (Question 2)1
53.2
48.9
55.8

Income level for myself or other family members
34.7
35.6
34.5

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

27.5
31.5
25.4
25.2
25.6
24.8

Media reports

Bustle of shopping streets and amusement quarters
10.9
12.7
9.3

Economic indicators and statistics

Sept. 2012
Dec. 12

4.0
3.5
3.6

Other
0%

Mar. 13

10%

30%

20%

40%

50%

Note: 1. Up to two answers were allowed.

Chart 3 Perception of the Interest Rate Level (Question 5)
Sept. 2012

52.4

32.7

11.8

Dec. 12

50.3

35.2

11.5

Mar. 13

54.0

31.3

11.4

0%

20%

Too low

40%

60%

Appropriate

380%

Too high

100%

60%

B. Household Circumstances
1. Impression of present household circumstances
In terms of present household circumstances compared with one year ago, the proportion of
respondents who answered that their household circumstances "have become better off"
increased, while the proportion of those who replied that they "have become worse off"
decreased, and thus the D.I. rose.
Chart 4 Impression of Present Household Circumstances (Question 6)(1) Present Compared with One Year Ago
Sept. 2012

47.1

48.9

46.0

50.4

3.7
Dec. 12

3.3
50.4

Mar. 13

45.0

4.3
0%

20%

60%

40%

80%

100%

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

June 2010 Sept. 10 Dec. 10 Mar. 11 June 11 Sept. 11 Dec. 11 Mar. 12 June 12 Sept. 12 Dec. 12 Mar. 13
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

-46.8

-48.1

-46.2

-46.4

-46.8

-48.0

-44.3

-43.4

-45.2

-47.1

-40.7

+4.9

+1.2

-1.3

+1.9

-0.2

-0.4

-1.2

+3.7

+0.9

-1.8

-1.9

+6.4

-41.2

-42.1

-51.7

-42.3

-59.5

-62.4

-57.5

-55.6

-39.5

-43.1

-50.6

-22.6

+20.8

-0.9

-9.6

+9.4

-17.2

-2.9

+4.9

+1.9 +16.1-3.6-7.5 +28.0

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 to Chart 1.
3. Shaded areas indicate recession periods.

4

2.

Income and spending

With regard to the present income level compared with one year ago, the proportion of
respondents who answered that their household income "has remained the same" rose, while
the proportion of those who stated that it "has decreased" narrowed. Regarding the outlook
for income one year from now, the proportions of respondents who answered that theirhousehold income "will increase" and/or "will remain the same" rose, while the proportion of
those who responded that it "will decrease" narrowed.
In terms of the present spending level compared with one year ago, the proportion of
respondents who indicated that their household "has increased" its spending rose, while theproportions of those who replied that it "has neither increased nor decreased" and/or "hasdecreased" its spending narrowed. Regarding the outlook for spending one year from now,the proportion of those who responded that their household "will neither increase nor decrease"
its spending rose, while the proportion of those who answered that it "will decrease" itsspending narrowed.
Chart 5 Income (Questions 7 and 8)(1) Present Compared with One Year Ago
Sept. 2012

7.1
Dec. 126.8(2) One Year from Now Compared with the Present

42.3

50.1

Sept. 2012

44.5

48.3

Dec. 12

46.9

45.6

Mar. 13Mar. 13

7.2

5.3

48.2

45.8

49.6

44.6

5.5

53.1

37.0

9.5
0%

20%

40%

60%

80%

100%

0%

Has increased
Has remained the sameHas decreased

20%

40%

60%

80%

100%

Will increase
Will remain the same
Will decrease

Chart 6 Spending (Questions 9 and 11)(2) One Year from Now Compared with the Present(1) Present Compared with One Year Ago
32.2

Sept. 2012

31.6

Dec. 12

32.6

Mar. 13

40.5
44.3
43.8

25.8

Sept. 2012

23.2

Dec. 12

4.6

21.9

Mar. 13

4.8
0%

20%
40%
60%
80%
Has increased
Has neither increased nor decreased
Has decreased

40.2

55.7

40.5

54.4

45.8

48.7

3.5

100%

0%

5

20%
40%
60%
80%
Will increase
Will neither increase nor decrease
Will decrease100%3. Employment and working conditions
When asked about concerns regarding employment and working conditions for workers1 one
year from now, the proportion of workers who answered that they were "slightly" worried
increased, while the proportions of those who responded that they were "not particularly"
and/or "quite" worried decreased.
1

Company employees, executives, civil servants, and part-timers.

Chart 7 Workers' Concerns regarding Employment and Working Conditions
One Year from Now (Question 20)
Sept. 2012

14.3

45.9

39.7

Dec. 12

15.5

42.1

42.3

Mar. 13

14.2
0%

50.3
20%

35.4

40%

60%

Not particularly

Slightly

6

80%

Quite

100%

C. Price Levels
1. Perception of the present price levels
Regarding their perception of the present price levels compared with one year ago, theproportion of respondents who felt that prices1 "have gone up"2 increased, while theproportions of those who felt that they "have remained almost unchanged" and/or "have gone
down"3 decreased.
When asked to what extent price levels have changed compared with one year ago in terms of a
specific figure, the average was plus 2.6 percent, up from plus 2.0 percent in the previous
survey. The median was plus 0.2 percent, also rising from 0.0 percent in the previous survey.
1

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

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

38.7

Sept. 2012

5.2

44.0

33.6

Dec. 12

4.9

46.8

41.7

Mar. 13

43.2

10.4

0.9

12.9

1.3

8.2

0.8

4.9
0%

20%

40%

60%

80%

100%

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

Sept. 2012
Dec. 12Mar. 13

Average1
+2.7%
+2.0%
+2.6%

Median2
0.0%
0.0%
+0.2%

(3) Distribution of Current Survey Answers1, 2, 3
2.0(4.1) 3.7
3.9
(6.2)

(3.8)

3.1

12.9

(4.7)

(10.9)-5.1% and under-2.1% to -5.0%

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 2.7 percent,and that of the previous survey inDecember 2012 was plus 2.1 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

19.5

40.9(17.9)(42.3)-0.1% to -2.0%0%0.1% to 2.0%
2.1% to 5.0%
5.1% to 10.0%
10.1% and over

14.1
(10.0)
Notes: 1. Percent.
2. Figures in parentheses represent results of theprevious survey (December 2012).
3. Clockwise from the vertical line, in order ofthe lowest to highest percentage range.

7

2. Outlook for price levels one year from now
In terms of the outlook for price levels one year from now, the proportion of respondents who
expected that prices "will go up"1 increased, while the proportions of those who expected thatthey "will remain almost unchanged" and/or "will go down"2 decreased.
When asked to what extent price levels will change one year from now in terms of a specificfigure, the average was plus 4.0 percent, up from plus 3.0 percent in the previous survey. The
median was plus 3.0 percent, also rising from plus 1.0 percent in the previous survey.
1
2"Will go up" comprises "will go up significantly" and "will go up slightly.""Will go down" comprises "will go down significantly" and "will go down slightly."

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

52.3

Sept. 2012

9.5

46.7

Dec. 125.2 0.6

31.2

7.2

38.0

0.5

6.3
63.8

Mar. 13

21.4

0.6
3.3

10.4
0%

20%

40%

60%

80%

100%

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

Sept. 2012
Dec. 12Mar. 13

Average1
+3.9%
+3.0%
+4.0%

Median2
+3.0%
+1.0%
+3.0%

(3) Distribution of Current Survey Answers1, 2, 3
0.8(1.3) 1.5
4.9
(4.3)

(3.7)

1.0

17.6

(3.3)

(13.1)

20.9

Notes: 1. Calculated by excluding 0.5 percent of thehighest and lowest figures, respectively, inorder to avoid extremes. (The simple
average of this survey is plus 4.1 percent,and that of the previous survey inDecember 2012 was plus 3.1 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

-5.1% and under(36.8)-2.1% to -5.0%-0.1% to -2.0%
0%

29.1

0.1% to 2.0%

(24.0)

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

24.3
(13.6)
Notes: 1. Percent.
2. Figures in parentheses represent results of theprevious survey (December 2012).
3. Clockwise from the vertical line, in order ofthe lowest to highest percentage range.

83. Outlook for price levels over the next five years
Regarding the outlook for price levels over the next five years, the proportion of respondents
who expected that prices "will go up"1 increased, while the proportions of those who expectedthat they "will remain almost unchanged" and/or "will go down"2 decreased.
When asked about the specific rate of price change per year on average over the next five years,
the average was plus 4.0 percent, up from plus 3.8 percent in the previous survey. The
median was plus 2.0 percent, unchanged from the previous survey.
1
2"Will go up" comprises "will go up significantly" and "will go up slightly.""Will go down" comprises "will go down significantly" and "will go down slightly."

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

29.9

Sept. 2012

48.1

22.3

Dec. 12

50.3

28.0

Mar. 130%

12.7 5.7 1.3
17.5

53.6

20%

40%

6.6 1.3
0.8

11.9

60%

80%

3.7

100%

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

Sept. 2012
Dec. 12Mar. 13

Average
+4.4%
+3.8%
+4.0%

0.8

6.0

2

Median
+3.0%
+2.0%
+2.0%

(5.8)

(1.2) 1.5
(2.7) 1.7
(4.0)

13.3
(14.9)

12.1(17.4)-5.1% and under-2.1% to -5.0%

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 4.2 percent,and that of the previous survey inDecember 2012 was plus 4.0 percent.)
2. The number that appears in the middle
when the answers are listed in numericalorder.

-0.1% to -2.0%

28.6

0%

(25.9)

0.1% to 2.0%
2.1% to 5.0%
5.1% to 10.0%

36.0

10.1% and over(28.1)
Notes: 1. Percent.
2. Figures in parentheses represent results of theprevious survey (December 2012).
3. Clockwise from the vertical line, in order ofthe lowest to highest percentage range.

94. Comments on the rise and decline in prices
In terms of prices compared with one year ago, 46.6 percent of the respondents felt that prices"have gone up,"1, 2 of which 80.3 percent described the price rise as "rather unfavorable."
Meanwhile, 9.0 percent of the respondents felt that prices "have gone down."1, 3 Within thisgroup, the proportions of those who described the price decline as "rather favorable" and"rather unfavorable" accounted for 44.8 percent and 21.2 percent, respectively.
1

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

Chart 11 Comments on the Price Rise (Question 12-(a))
Sept. 2012

11.6

86.0

11.9

85.0

16.3

80.3

1.5
Dec. 122.1
Mar. 13

2.6
0%

20%

40%

60%

80%

100%

Rather favorable
Difficult to say
Rather unfavorable

Chart 12 Comments on the Price Decline (Question 12-(b))
Sept. 2012

34.9

32.9

30.9

Dec. 12

34.5

36.3

27.4

44.8

Mar. 13
0%

20%

32.1
60%

40%

Rather favorable
Difficult to say
Rather unfavorable

10

21.2
80%

100%

D.

Future Land Prices

When asked about future land prices, the proportion of respondents who answered that land
prices "will go up" increased, while the proportion of those who stated that they "will go down"
decreased, and thus the D.I. turned positive.
Chart 13 Outlook for Land Prices (Question 18)(1) Outlook for Land Prices
Sept. 2012

15.9

35.5

46.9

Dec. 12

15.9

36.7

46.2
39.3

31.9

Mar. 130%

20%Will go up

40%

26.8
80%

60%

Will remain the same

100%

Will go down

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

5.1

-20
-40

-18.9

-26.2 -30.7

-20.5

-29.1

-29.8

-60

-37.5

-34.8

-27.1

-31.0

-30.3

June 2010 Sept. 10 Dec. 10 Mar. 11 June 11 Sept. 11 Dec. 11 Mar. 12 June 12 Sept. 12 Dec. 12 Mar. 13

Note: 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."

11

E. Growth Potential of the Japanese Economy
When asked about the Japanese economy's growth potential, the proportion of respondents who
replied that the Japanese economy "has greater potential to grow compared to the current levelof growth" increased, while the proportion of those who replied that it "has less potential togrow compared to the current level of growth" decreased, and thus the D.I. recorded a smaller
negative percentage-point figure.
Chart 14 Perception of the Japanese Economy's Growth Potential (Question 19)(1) Perception of the Japanese Economy's Growth Potential
Sept. 2012

30.0

66.7

32.3

64.3

2.0
Dec. 12

2.6
50.8

Mar. 13

42.7

5.4
0%

20%

60%

40%

80%

100%

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
0

Percentage points

-20
-40

-37.3

-60
-80

-56.9

-62.2

-61.8

-61.8

-55.7

-59.4

-63.8

-68.3

-62.6

-64.7

-61.7

-100
June 2010 Sept. 10 Dec. 10 Mar. 11 June 11 Sept. 11 Dec. 11 Mar. 12 June 12 Sept. 12 Dec. 12 Mar. 13

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 compared to the current level ofgrowth" minus the proportion of those who answered that it "has less potential to grow compared to thecurrent level of growth."

12

F. Consumption Behavior of Households1
1. This section is based on a special set of questions for this round of the survey. In surveys conducted
every March and September, the Bank asks special, timely sets of questions on specific topics.

1.

Increase in spending compared with one year ago

When respondents were asked which goods and services their household has increased its
spending on compared with one year ago, "electrical appliances" was chosen most often,
followed by "communication services," "insurance, and health and medical care services,"and "clothing and footwear."
When asked why their household has increased its spending on such goods and services,"because the goods and services became necessary, or needed to be renewed" and "because
the goods and services (including new types) were appealing" were frequently chosen.
Chart 15 Goods and Services on Which Households Have Increased Their Spending(Question 21-(1))1
21.2

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

15.9

Insurance, and health and medical care services

15.6

Clothing and footwear

15.2

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

14.4

Automobiles, excluding gasoline and other maintenance costs

13.5

Eating out

13.3
10.7

Travel6.3

Books, newspapers, and magazines

4.3

Furniture
Jewelry

0.5
27.9

Other goods and services, or none
0%10%Note: 1. Up to three answers were allowed.

13

20%

30%

40%

50%

Chart 16 Reasons for Increasing Spending (Question 21-(2))1, 2
Eating out
Clothing and footwear
Books, newspapers, and magazines
Furniture
Electrical appliances
Automobiles, excluding gasoline and other maintenance costs
Jewelry

Insurance, and health and medical care services
Communication services, such as telephone(including the costs for handsets) and Internet services
Travel
Education and entertainment, such as tutoring schools,
recreational lessons, amusement parks, and movies
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Because my household's income has increased, or is likely to increase in the future
Because the value of my household's assets such as real estate, stocks, and bonds has increased
Because my household has enough savings, or the savings have increased
Because other spending has decreased, or has been reduced
Because the prices of the goods and services have declined
Because the prices of the goods and services are likely to rise in the future
Because the goods and services (including new types) were appealing
Because there has been an increase in leisure time and holidays
Because the goods and services became necessary, or needed to be renewed
Other

Notes: 1. Up to three answers were allowed for each item that the respondents chose in Question 21-(1).
2. The proportion refers to the ratio of responses for each menu of choices for Question 21-(2) against
total respondents for each item in Question 21-(1).

14

100%

2.

Decrease in spending compared with one year ago

When respondents were asked which goods and services their household has decreased its
spending on compared with one year ago, "eating out" was chosen most often, followed by"clothing and footwear" and "travel."
When asked why their household has decreased its spending on such goods and services,"because my household's income has decreased, or is likely to decrease in the future,""because my household does not have enough savings, or the savings have decreased," and"because the goods and services were no longer necessary for my household, or have alreadybeen purchased or renewed" were frequently chosen.
Chart 17 Goods and Services on Which Households Have Decreased Their Spending(Question 22-(1))1
37.1

Eating out
Clothing and footwear

26.8

Travel

25.5

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

10.5

Jewelry

9.0

Books, newspapers, and magazines

8.5

Electrical appliances

8.0

Furniture

6.0

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

5.6

Automobiles, excluding gasoline and other maintenance costs

5.2

Insurance, and health and medical care services

5.1
25.0

Other goods and services, or none
0%10%Note: 1. Up to three answers were allowed.

15

20%

30%

40%

50%

Chart 18 Reasons for Decreasing Spending (Question 22-(2))1, 2
Eating out
Clothing and footwear
Books, newspapers, and magazines

Furniture
Electrical appliances

Automobiles, excluding gasoline and other maintenance costs
Jewelry
Insurance, and health and medical care services
Communication services, such as telephone(including the costs for handsets) and Internet services
Travel
Education and entertainment, such as tutoring schools,
recreational lessons, amusement parks, and movies
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Because my household's income has decreased, or is likely to decrease in the future
Because the value of my household's assets such as real estate, stocks, and bonds has decreased
Because my household does not have enough savings, or the savings have decreased
Because other spending has risen, or has been increased
Because the prices of the goods and services have risen
Because the prices of the goods and services are likely to decline in the future
Because the goods and services (including new types) were not appealing
Because there has been a decrease in leisure time and holidays
Because the goods and services were no longer necessary for my household, or have already been purchased
or renewed
Other

Notes: 1. Up to three answers were allowed for each item that the respondents chose in Question 22-(1).
2. The proportion refers to the ratio of responses for each menu of choices for Question 22-(2) against
total respondents for each item in Question 22-(1).

163. Major factor(s) to be considered when making spending decisions for the next twelve months
When respondents were asked about the major factor(s) to be considered when making theirhousehold's spending decisions for the next twelve months, "an increase or decrease in myhousehold's income" was chosen most often, followed by "future developments in prices" and"an increase or decrease in the value of my household's assets such as savings, stocks, andreal estate."
Chart 19 Major Factor(s) to Be Considered When Making Spending Decisions
for the Next Twelve Months (Question 23)1
72.9

An increase or decrease in my household's income

37.2

Future developments in prices
An increase or decrease in the value of my household's assets
such as savings, stocks, and real estate

19.5

Progress in loan repayments

18.1

Whether there are appealing goods and services

17.7
10.8

An increase or decrease in leisure time and holidays
Other
0%

4.6
10%

Note: 1. Multiple answers were allowed.

17

20%

30%

40%

50%

60%

70%

80%

4. Major factor(s) in the choice of goods and services on which to spend
When respondents were asked about the major factor(s) in their household's choice of goods
and services on which to spend, "low price" was chosen most often, followed by "safety,""reliability," "functionality," and "durability."
Chart 20

Major Factor(s) in the Choice of Goods and Services on Which to Spend(Question 24)1
52.8

Low price

43.9

SafetyReliability

39.1

Functionality

37.4

Durability

36.9
18.0

After-sales service

14.0

Wholesomeness
Design8.7

Environmental and social friendliness

8.2

Curiosity

5.4

Brand reputation

2.5

Originality/Innovation

2.0

Trend

1.0

Other

0.6

0%

10%

20%

30%

40%

Note: 1. Up to three answers were allowed.

18

50%

60%

70%

80%

G.

Housing Investment1

1. This section is based on a special set of questions for this round of the survey. In surveys conducted
every March and September, the Bank asks special, timely sets of questions on specific topics.

1.

Hopes and plans to build or purchase new housing, or else rebuild current housing

When respondents were asked about their hopes and plans to build or purchase new housing,or else rebuild their current housing, the proportion of those who answered that they "plan to
do so" accounted for 5.3 percent, while the proportions of those who answered that they
"hope to, but do not plan to do so at the moment" and "neither hope to, nor plan to do so"
accounted for 27.8 percent and 64.9 percent, respectively.
When respondents who answered that they "plan to do so" were asked for their reasons,"because the composition of my household or the living environment has changed," "because
the current housing is dilapidated," and "because I want to purchase real estate as a means ofpreparing for the future" were frequently chosen.
Meanwhile, when respondents who answered that they "hope to, but do not plan to do so at the
moment" or "neither hope to, nor plan to do so" were asked for their reasons, "because thecomposition of my household or the living environment has not changed, or is likely tochange in the future," "because I am worried about the future living situation," and "because I
am satisfied with the current housing in terms of, for example, location, room type, and facilities"
were frequently chosen.
Chart 21 Hopes and Plans to Build or Purchase New Housing, or Else Rebuild Current Housing(Question 26)
5.3%

27.8%

64.9%

Plan to do so
Hope to, but do not plan to do so at the moment
Neither hope to, nor plan to do so

19Chart 22 Reasons for Planning to Build or Purchase New Housing, or Else Rebuild Current Housing(Question 26-(a))1
Because the compos ition of my householdor the living environment has changed

52.4
38.7

Because the current housing is dilapidated
Because I want to purchase real estate
as a means of preparing for the future

16.1

Because mortgage rates and rentson the current housing are high

7.3

Because housing prices have sufficiently declined,or are likely to rise in the future

6.5

Because mortgage rates have sufficiently declined,or are likely to rise in the future

6.5

Because tax measures and various measures
to promote housing purchases are supportive

5.6

Because my household's income has increased,
or is likely to increase in the future

2.4

Because my household has enough assets
such as savings, stocks, and real estate

2.4
16.9

Other
0%

10%

20%

30%

40%

50%

60%

70%

Note: 1. Multiple answers were allowed.

Chart 23 Reasons for Not Planning to Build or Purchase New Housing, or Else Rebuild Current Housing(Question 26-(b))1
Because the compos ition of my household or the living environment
has not changed, or is likely to change in the future

34.1
26.3

Because I am worried about the future living situation
Because I am satisfied with the current housing in terms of,for example, location, room type, and facilities

23.6

Because my household's income has decreased,
or is likely to decrease in the future

21.0

Because renovating the current housing would be sufficient

19.9

Because my household doe s not have enough assets
such as savings, stocks, and real estate

14.0

Because there is no appealing residential property in terms of,for example, location, room type, and facilities

2.0

Because I do not have adequate information
on housing or land suitable for housing

1.7

Because mortgage rates have risen, or are likely to decline in the future

0.8

Because housing prices have risen, or are likely to decline in the future

0.6

Other

6.1

0%

Note: 1. Multiple answers were allowed.

20

10%

20%

30%

40%

50%

60%

70%

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 53rd roundof the survey(March 2013)1

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

(A)

(B)

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

48.0

48.3

-0.3

49.6

52.0

51.7

0.3

50.4

9.8

12.9

-3.1

12.3

14.6

16.9

-2.3

16.5

18.0

16.6

1.4

17.6

17.0

15.0

2.0

15.2

21.3

17.5

3.8

17.7

19.3

21.1

-1.8

20.8

3.7

4.4

-0.7

4.1

7.6

7.3

0.3

7.5

34.2

33.3

0.9

32.9

4.5

4.3

0.2

4.1

14.4

14.0

0.4

14.3

17.2

16.2

1.0

16.5

5.5

5.9

-0.4

6.0

2.9

3.2

-0.3

3.0

10.2

11.4

-1.2

11.6

Notes: 1. Percent.
2. Based on the population of municipalities recorded in the Basic Resident Registers as of March 31, 2012.
3. Percentage points.

21

V.

Complete Questionnaire and Results<Note>
1. Only one choice is allowed, except where otherwise noted.
2. Figures refer to the ratio of responses for each menu of choices against total respondents foreach question (percent).
3. The second decimal place is rounded off, and response ratios consequently do not necessarily
add up to 100 percent even for questions that allow for only one choice.
4. Figures in parentheses represent results of the previous survey (December 2012), except
where otherwise noted.
Question 1
How do you think economic conditions have changed compared with one year ago?
(a) Have improved.
6.6 ( 1.6 )(b) Have remained the same.
63.7 ( 45.6 )(c) Have worsened.
29.2 ( 52.2 )Question 2
With regard to Question 1, what makes you think so? (Choose up to two answers.)(a) Media reports.
25.4 ( 31.5 )(b) Economic indicators and statistics.
9.3 ( 12.7 )(c) Business performance of the company I work for, or of my own
34.5 ( 35.6 )company.
(d) Income level for myself or other family members.
55.8 ( 48.9 )(e) Bustle of shopping streets and amusement quarters.
24.8 ( 25.6 )(f) Other.
3.6 ( 3.5 )Question 3
How would you describe the current economic conditions?
(a) Favorable.
(b) Somewhat favorable.
(c) Difficult to say.
(d) Somewhat unfavorable.
(e) Unfavorable.

0.4
4.9
30.7
44.4
19.2

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

24.1 ( 4.5 )57.9 ( 57.7 )17.3 ( 37.6 )( 0.1 )
( 1.4 )
( 17.2 )( 51.6 )( 29.6 )Question 5
Considering the current economic conditions, what do you think of the current interest ratelevel?
(a) Too low.
54.0 ( 50.3 )(b) Appropriate.
31.3 ( 35.2 )(c) Too high.
11.4 ( 11.5 )22

Question 6
What do you think of your household circumstances compared with one year ago?
(a) Have become better off.
4.3 ( 3.3 )(b) Difficult to say.
50.4 ( 46.0 )(c) Have become worse off.
45.0 ( 50.4 )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.
62.7(b) Because my interest income and dividend payments have
3.9
increased.
(c) Because I gained special income from sales of real estate.
1.0(d) Because prices have declined.
6.9(e) Because the value of my household's assets such as real estate
8.8
and stocks has increased.
(f) Because the number of dependents in my household has
16.7
decreased.
(g) Other.
17.6
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.
65.6(b) Because my interest income and dividend payments have
13.6
decreased.
(c) Because I purchased real estate.
3.8(d) Because prices have risen.
31.2(e) Because the value of my household's assets such as real estate
7.0
and stocks has declined.
(f) Because the number of dependents in my household has
9.5
increased.
(g) Other.
20.2( 57.1 )( 3.9 )
( 1.3 )
( 13.0 )( 0.0 )
( 15.6 )( 27.3 )( 62.1 )( 16.9 )( 4.2 )
( 27.7 )( 11.0 )(8.8 )( 21.0 )Question 7
How has your household income changed compared with one year ago?
(a) Has increased.
7.2 ( 6.8 )(b) Has remained the same.
46.9 ( 44.5 )(c) Has decreased.
45.6 ( 48.3 )Question 8
What is your outlook for household income one year from now?
(a) Will increase.
(b) Will remain the same.
(c) Will decrease.

23

9.5 ( 5.5 )53.1 ( 49.6 )37.0 ( 44.6 )Question 9
How has your household changed its spending compared with one year ago?
(a) Has increased.
32.6 ( 31.6 )(b) Has neither increased nor decreased.
43.8 ( 44.3 )(c) Has decreased.
21.9 ( 23.2 )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.
4.8 )
4.4 (
(b) Because my income is likely to increase in the future.
(
1.4 )
2.6
(c) Because the value of my household's non-financial assets such
1.1 )
1.6 (
as real estate has increased.
(d) Because the value of my household's financial assets such as
0.5 )
0.4 (
stocks and bonds has increased.
(e) Because I purchased real estate such as a house.
7.8 )
5.5 (
(f) Because I purchased consumer durable goods such as a car.
21.0 ( 24.7 )(g) Because my spending has risen due to an increased number of
28.5 ( 28.8 )dependents in my household.
(h) Because the costs of consumer goods and services have risen.
46.0 ( 43.2 )(i) Other.
25.9 ( 27.0 )Question 9-(b): this question is for those who chose (c) in Question 9.
Why has your household decreased its spending? (Choose all applicable answers.)(a) Because my income has decreased.
75.1 ( 72.8 )(b) Because my income is not likely to increase in the future.
47.4 ( 48.1 )(c) Because the value of my household's non-financial assets such
5.4 ( 5.2 )as real estate has decreased.
(d) Because the value of my household's financial assets such as
5.2 ( 8.4 )stocks and bonds has decreased.
(e) Because my spending has fallen due to a decreased number of
9.7 ( 9.5 )dependents in my household.
(f) Other.
7.8 ( 10.3 )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.
9.6 ( 9.5 )(b) Has neither increased nor decreased.
55.1 ( 53.8 )(c) Has decreased.
33.7 ( 35.4 )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.
37.7 ( 38.6 )(c) Has decreased.
56.2 ( 56.1 )24

Question 11
How does your household plan to change its spending within the next twelve months?
(a) Will increase.
4.8 ( 4.6 )(b) Will neither increase nor decrease.
45.8 ( 40.5 )(c) Will decrease.
48.7 ( 54.4 )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.

4.9
41.7
43.2
8.2
0.8

( 4.9 )
( 33.6 )( 46.8 )( 12.9 )( 1.3 )

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

If you chose (a) or (b) in Question 12, please answer Question 12-(a). If you chose (d) or (e),please answer Question 12-(b). If you chose (c), please go on to Question 13.
Question 12-(a): this question is for those who chose (a) or (b) in Question 12.
How would you describe your opinion of the price rise?
(a) Rather favorable.
2.6 ((b) Rather unfavorable.
80.3 ((c) Difficult to say.
16.3 (

2.1 )
85.0 )
11.9 )

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.
44.8 ( 34.5 )(b) Rather unfavorable.
21.2 ( 27.4 )(c) Difficult to say.
32.1 ( 36.3 )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 thatthey have been unchanged, please put a "0."up
Prices have gone

about

percent compared with one year ago.

down
Average1 : plus 2.6 (plus 2.0) percent
Median2 : plus 0.2 (0.0) 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 2.7 percent, and that of theprevious survey was plus 2.1 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

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.
25

10.4
63.8
21.4
3.3
0.6

(
(
(
(
(

6.3 )
46.7 )
38.0 )
7.2 )0.5 )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 4.0 (plus 3.0) percent: plus 3.0 (plus 1.0) percent

Notes: 1. Calculated by excluding 0.5 percent of the highest and lowest figures, respectively, in order toavoid extremes. (The simple average of this survey is plus 4.1 percent, and that of theprevious survey was plus 3.1 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?
(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.

28.0
53.6
11.9
3.7
0.8

( 22.3 )( 50.3 )( 17.5 )( 6.6 )
( 1.3 )

Question 17
By what percent do you think prices will change per year on average over the next five
years? Please choose "up" or "down" and fill in the box below with a specific figure. If
you think that they will be unchanged, please put a "0."up
Prices will go

about

percent per year on average over the next five years.

down
Average1
Median2: plus 4.0 (plus 3.8) 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 4.2 percent, and that of theprevious survey was plus 4.0 percent.)
2. The number that appears in the middle when the answers are listed in numerical order.

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

31.9 ( 15.9 )39.3 ( 36.7 )26.8 ( 46.2 )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
5.4 (growth.
(b) Has potential to grow at about the current level of growth.
50.8 ((c) Has less potential to grow compared to the current level of
42.7 (
growth.
26

2.6 )32.3 )
64.3 )

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.
14.4 ( 14.0 )14.2 ( 15.5 )(b) Slightly.
50.2 ( 44.6 )50.3 ( 42.1 )(c) Quite.
33.5 ( 39.6 )35.4 ( 42.3 )Note: 1. Company employees, executives, civil servants, and part-timers.

Questions 21-(1) through 24 ask about the consumption behavior of households while 25
through 26-(b) ask about housing investment.1
1

This is a special set of questions for this round of the survey. In surveys conducted every
March and September, the Bank asks special, timely sets of questions on specific topics.

Question 21-(1)On which of the following goods and services has your household increased its spending
compared with one year ago? (Choose up to three answers.)(a) Eating out.
(b) Clothing and footwear.
(c) Books, newspapers, and magazines.
(d) Furniture.
(e) Electrical appliances.
(f) Automobiles, excluding gasoline and other maintenance costs.
(g) Jewelry.
(h) Insurance, and health and medical care services.
(i) Communication services, such as telephone (including the costs for handsets) andInternet services.
(j) Travel.
(k) Education and entertainment, such as tutoring schools, recreational lessons,amusement parks, and movies.
(l) Other goods and services, or none.

If you chose (l) in Question 21-(1), please go on to Question 22-(1).

27Question 21-(2)With regard to each item that you chose in Question 21-(1), which of the following options
describe the reason(s) that your household has increased its spending on them? (Choose up
to three answers.)(a) Because my household's income has increased, or is likely to increase in the future.
(b) Because the value of my household's assets such as real estate, stocks, and bonds has
increased.
(c) Because my household has enough savings, or the savings have increased.
(d) Because other spending has decreased, or has been reduced.
(e) Because the prices of the goods and services have declined.
(f) Because the prices of the goods and services are likely to rise in the future.
(g) Because the goods and services (including new types) were appealing.
(h) Because there has been an increase in leisure time and holidays.
(i) Because the goods and services became necessary, or needed to be renewed.
(j) Other.
Question 21-(2)Question 21-(1)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)

Eating out.
Clothing and footwear.
Books, newspapers, and magazines.
Furniture.
Electrical appliances.
Automobiles, excluding gasoline and othermaintenance costs.
Jewelry.
Insurance, and health and medical care services.
Communication services, such as telephone(including the costs for handsets) and Internet
services.
Travel.
Education and entertainment, such as tutoring
schools, recreational lessons, amusement parks,
and movies.
Other goods and services, or none.

13.3
15.2
6.3
4.3
21.2

→
→
→
→
→

(a)
11.6
4.8
4.0
1.0
1.6

13.5

→

3.5

0.0

4.1

3.5

1.3

2.8 10.8

1.9 84.5

0.5
15.6

→
→

0.0
2.5

0.0
0.8

16.7
0.8

16.7
4.4

8.3
2.2

0.0 25.0
4.6 11.7

0.0 33.3 16.7
1.4 63.2 24.8

15.9

→

1.6

0.0

0.3

2.9

3.8

1.3 34.9

5.4 64.3

10.7

→

8.3

2.8

10.7

11.5

7.9

1.2 22.6 50.8

14.4

→

5.0

1.5

3.8

7.4

2.9

1.2 23.6 18.9 46.6 22.7

27.9

28

(b)
2.3
0.6
0.7
0.0
0.0

(c)
9.6
3.4
2.7
1.0
2.0

(d)
17.0
5.1
6.0
2.0
2.8

(e)
8.0
13.5
1.3
4.0
9.2

(f)
1.6
1.4
1.3
2.0
2.0

(g)
(h)
(i)
(j)
15.4 21.9 25.1 28.9
27.5 4.8 71.3
7.6
53.7 15.4 28.2 17.4
18.0 0.0 83.0
5.0
14.1 0.8 89.6
2.8
7.9

9.9

9.1 24.2

Question 22-(1)On which of the following goods and services has your household decreased its spending
compared with one year ago? (Choose up to three answers.)(a) Eating out.
(b) Clothing and footwear.
(c) Books, newspapers, and magazines.
(d) Furniture.
(e) Electrical appliances.
(f) Automobiles, excluding gasoline and other maintenance costs.
(g) Jewelry.
(h) Insurance, and health and medical care services.
(i) Communication services, such as telephone (including the costs for handsets) andInternet services.
(j) Travel.
(k) Education and entertainment, such as tutoring schools, recreational lessons,amusement parks, and movies.
(l) Other goods and services, or none.
If you chose (l) in Question 22-(1), please go on to Question 23.
Question 22-(2)With regard to each item that you chose in Question 22-(1), which of the following options
describe the reason(s) that your household has decreased its spending on them? (Choose
up to three answers.)(a) Because my household's income has decreased, or is likely to decrease in the future.
(b) Because the value of my household's assets such as real estate, stocks, and bonds has
decreased.
(c) Because my household does not have enough savings, or the savings have decreased.
(d) Because other spending has risen, or has been increased.
(e) Because the prices of the goods and services have risen.
(f) Because the prices of the goods and services are likely to decline in the future.
(g) Because the goods and services (including new types) were not appealing.
(h) Because there has been a decrease in leisure time and holidays.
(i) Because the goods and services were no longer necessary for my household, or havealready been purchased or renewed.
(j) Other.

37.1
26.8
8.5
6.0
8.0

→
→
→
→
→

(a)
59.3
50.6
37.0
17.0
26.7

(b)
1.7
1.7
0.5
1.4
3.2

(c)
30.3
31.6
18.0
15.6
23.0

Question 22-(2)
(d)
(e)
(f)
(g)
29.5
3.1
0.1
2.0
24.3
3.2
0.6 10.2
30.5
3.0
0.0 17.0
10.6
2.8
1.4 14.2
15.5
2.1
3.7 13.9

5.2

→

39.8

0.8

26.8

12.2

7.3

1.6

4.9

3.3 32.5 10.6

9.0
5.1

→
→

30.2
52.5

0.9
2.5

25.0
31.7

19.3
13.3

2.8
8.3

1.4 13.2
3.3
4.2

1.4 45.3 12.3
1.7 16.7 13.3

5.6

→

39.4

0.8

22.7

22.7

8.3

5.3

5.3

2.3 31.1 13.6

25.5

→

49.2

1.7

39.2

24.2

1.0

0.3

1.2 19.5

2.7 10.2

10.5

→

46.7

0.8

37.0

24.8

3.3

0.4

6.5 15.4

7.3

Question 22-(1)
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)

Eating out.
Clothing and footwear.
Books, newspapers, and magazines.
Furniture.
Electrical appliances.
Automobiles, excluding gasoline and othermaintenance costs.
Jewelry.
Insurance, and health and medical care services.
Communication services, such as telephone(including the costs for handsets) and Internet
services.
Travel.
Education and entertainment, such as tutoring
schools, recreational lessons, amusement parks,
and movies.
Other goods and services, or none.

25.0

29

(h)
6.9
2.5
4.5
1.4
1.6

(i)
(j)
4.3 11.5
20.8
6.0
22.0
9.0
66.7
7.1
55.1
5.3

9.8

Question 23
Which of the following is/are the major factor(s) that your household will consider when
making spending decisions for the next twelve months? (Choose all applicable answers.)(a) An increase or decrease in my household's income.
72.9(b) An increase or decrease in the value of my household's assets such as
19.5
savings, stocks, and real estate.
(c) Progress in loan repayments.
18.1(d) Future developments in prices.
37.2(e) An increase or decrease in leisure time and holidays.
10.8(f) Whether there are appealing goods and services.
17.7(g) Other.
4.6
Question 24
Which of the following is/are the major factor(s) in your household's choice of goods andservices on which to spend? (Choose up to three answers.)(a) Low price.
52.8(b) Safety.
43.9(c) Reliability.
39.1(d) Functionality.
37.4(e) Durability.
36.9(f) Environmental and social friendliness.
8.2(g) Design.
8.7(h) Trend.
1.0(i) Originality/Innovation.
2.0(j) After-sales service.
18.0(k) Curiosity.
5.4(l) Wholesomeness.
14.0(m) Brand reputation.
2.5(n) Other.
0.6
Question 25
What is the type of your current housing?
(a) Owned detached house.
(b) Owned apartment/condominium.
(c) Rented detached house.
(d) Rented apartment/condominium.
(e) Corporate housing, government quarters, or dormitory.
(f) Boarding or lodging house, or living with relatives.
(g) Other.

66.8
9.3
3.2
14.1
2.1
2.5
1.4

Question 26
Do you hope to or plan to build or purchase new housing, or else rebuild your current
housing (excluding renovation)?
(a) Plan to do so.
5.3(b) Hope to, but do not plan to do so at the moment.
27.8(c) Neither hope to, nor plan to do so.
64.9
If you chose (a) in Question 26, please answer Question 26-(a).
answer Question 26-(b).

30

If you chose (b) or (c), pleaseQuestion 26-(a): this question is for those who chose (a) in Question 26.
Why do you plan to build or purchase new housing, or else rebuild your current housing?
(Choose all applicable answers.)(a) Because the composition of my household or the living environment
52.4
has changed.
(b) Because the current housing is dilapidated.
38.7(c) Because my household's income has increased, or is likely to increase
2.4
in the future.
(d) Because my household has enough assets such as savings, stocks, and2.4
real estate.
(e) Because housing prices have sufficiently declined, or are likely to rise
6.5
in the future.
(f) Because mortgage rates have sufficiently declined, or are likely to rise
6.5
in the future.
(g) Because I want to purchase real estate as a means of preparing for the
16.1
future.
(h) Because tax measures and various measures to promote housing
5.6
purchases are supportive.
(i) Because mortgage rates and rents on the current housing are high.
7.3(j) Other.
16.9
Question 26-(b): this question is for those who chose (b) or (c) in Question 26.
Why do you not plan to build or purchase new housing, or else rebuild your current
housing? (Choose all applicable answers.)(a) Because the composition of my household or the living environment
34.1
has not changed, or is likely to change in the future.
(b) Because I am satisfied with the current housing in terms of, for example,
23.6
location, room type, and facilities.
(c) Because my household's income has decreased, or is likely to decrease
21.0
in the future.
(d) Because my household does not have enough assets such as savings,
14.0
stocks, and real estate.
(e) Because housing prices have risen, or are likely to decline in the future.
0.6(f) Because mortgage rates have risen, or are likely to decline in the future.
0.8(g) Because I am worried about the future living situation.
26.3(h) Because I do not have adequate information on housing or land suitable
1.7
for housing.
(i) Because there is no appealing residential property in terms of, for
2.0
example, location, room type, and facilities.
(j) Because renovating the current housing would be sufficient.
19.9(k) Other.
6.1

31

This last set of questions asks about you and your household. Although these include
questions of a personal nature, they are only used for analyzing the survey results and wewould be very grateful for your responses.
Question 27
Are you male or female?
(a) Male.
(b) Female.

48.0 ( 49.0 )52.0 ( 51.0 )Question 28
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.

9.8
14.6
18.0
17.0
21.3
19.3

Question 29
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).

(
(
(
(
(
(

10.4 )
15.6 )
17.1 )
16.1 )
20.8 )
20.1 )

2.1 ( 1.9 )
9.7 ( 9.0 )34.5 ( 34.5 )14.9 ( 15.6 )38.1 ( 38.6 )Question 30
How much income did you and your spouse earn last year? (Annual income before
deducting taxes; excludes temporary income such as retirement allowance, financial
donations, and income from land sales, but includes pensions.)(a) Less than 3 million yen.
36.1 ( 39.4 )(b) 3 million or more but less than 5 million yen.
30.0 ( 29.3 )(c) 5 million or more but less than 10 million yen.
23.9 ( 22.0 )(d) 10 million yen or greater.
5.9 ( 5.3 )(e) No income.
3.1 ( 3.0 )Question 31
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).

9.6
25.7
51.4
10.4
2.3

(
(
(
(
(

10.6 )
26.6 )
48.8 )
10.8 )
2.6 )Please freely give us your comments or express wishes relative to the Bank's policy and/or
operations.
(a) Offered comments.
18.6 ( 19.5 )(b) Offered no comments.
81.4 ( 80.5 )32