日本語

AMAMIYA Masayoshi
Deputy Governor of the Bank of Japan
July 21, 2021
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July 20, 2021
Hiroki Yamamoto*1
Tomomi Naka*2
Full Text [PDF 1,509KB]
Abstract
This paper quantitatively analyzes the impact of floods on firms’ financial conditions from the perspective of contributing to the accumulation of basic research on climate-related financial risks, while taking into account the risk characteristics of Japan, where floods are one of the most common natural disasters. Since the damage from most floods tends to concentrate in a confined geographical area, a precise evaluation of their financial impact requires an assessment of sufficiently granular data, which is a challenge for the existing studies. In order to address that challenge, this paper combines Flood Statistics, which records almost all flood damage that has

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July 13, 2021
Takuji Kawamoto*1
Jouchi Nakajima*2
Tomoaki Mikami*3
Full Text [PDF 379KB]
Abstract
In its "Inflation-Overshooting Commitment," the Bank of Japan commits to continuing to expand the monetary base until the year-on-year rate of increase in the CPI exceeds the price stability target of 2 percent and stays above the target in a stable manner. Through the commitment, the Bank of Japan is implementing a so-called "makeup strategy," which aims to offset a part of past inflation misses from the target by allowing actual inflation to overshoot the target for some time and thereby stabilizing average inflation over the business cycle. Existing studies have shown that such makeup strategies are actually effective for the U.S. economy. This

July 13, 2021
Sahoko Furuta*1
Yudai Hatayama*2
Atsushi Kawakami*3
Yusuke Oh*4
Full Text [PDF 675KB]
Abstract
In the application of the hedonic quality adjustment method to the price index, multicollinearity and the omitted variable bias arise as practical issues. This study proposes the new hedonic quality adjustment method using "sparse estimation" in order to overcome these problems. The new method deals with these problems by ensuring two properties: the "grouped effect" that gives robustness for multicollinearity and the "oracle property" that provides the appropriate variable selection and asymptotically unbiased estimators. We conduct an empirical analysis applying the new method to the producer price index of passenger cars in Japan. In

July 13, 2021
Bank of Japan

Assets
(thousand yen)

Gold
441,253,409
Cash1
227,810,073
Japanese government securities
532,322,194,421
Commercial paper2
2,747,117,588
Corporate bonds3
7,763,473,957
Pecuniary trusts (stocks held as trust property)4
528,750,940
Pecuniary trusts (index-linked exchange-traded funds held as trust property)5
36,205,081,390
Pecuniary trusts (Japan real estate investment trusts held as trust property)6
657,178,756
Loans (excluding those to the Deposit Insurance Corporation)
129,937,642,000
Foreign currency assets7
7,489,925,938
Deposits with agents8
9,650,047
Others
715,720,989
Total
719,045,799,513

Liabilities and Net Assets
(thousand yen)
Banknotes
116,655,461,416
Current deposits

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July 8, 2021
Public Relations Department Bank of Japan

Full Text [PDF 998KB]
Survey Outline
Survey period : From May 7 to June 2, 2021.
Population of the Survey : Individuals living in Japan who are at least 20 years of age.
Sample size : 4,000 people (2,321 people [i.e., 58.0 percent of the overall sample size] provided valid responses to questions).
Sampling method : Stratified two-stage random sampling method.
Survey methodology : Questionnaire survey (mail survey method).

Impression of Present Economic Conditions Compared with One Year AgoPercent, percentage points

83rd survey(Sep 2020)
84th survey(Dec 2020)
85th survey(Mar 2021)
86th survey(Jun 2021)
Have improved (A)
0.6
1.1
1.0
2.2
Have remained the same
22.4
27.2
27.6
33.4
Have

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July 7, 2021
TAKAHASHI Masato*1
KONDO Takuji*2
MUNAKATA Ko*3
OKUBO Tomohiro*4
IWASAKI Yuto*5
Research and Statistics Department
Bank of Japan
Full Text [PDF 806KB]
Abstract

The Research and Statistics Department at the Bank of Japan compiles and publishes the Consumption Activity Index (CAI) to maintain a timely and accurate grasp of household consumption. This paper details revisions made to the compilation methodology of the CAI to improve its accuracy given recent changes in the consumption environment such as the expansion of e-commerce and the spread of the novel coronavirus (COVID-19). First, in addition to updating the weights on goods/services in accordance with the revision of the GDP statistics in December 2020, we replace the source

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This report summarizes the reports from all regional research divisions, mainly at the Bank’s branches in Japan, and is based on data and other information gathered for the meeting of general managers of the Bank’s branches held today. The English translation is based on the Japanese original.
July 5, 2021 Bank of Japan
Full Text [PDF 288KB]
I. Regional Economic Assessments (Overview)
According to assessments from regions across Japan, while they reported that their economy had remained in a severe situation due to the impact of the novel coronavirus (COVID-19) — with some reporting that it had seen a slowdown in the pace of its pick-up — many reported that it had picked up as a trend or had started to pick up.

Comparison of Previous and