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Bank of Japan

The Bank of Japan (BOJ) also known as Nippon Ginko, is the central bank of Japan. The Bank is often called Nichigin for short. It has its headquarters in Chuo, Tokyo.

Articles by Bank of Japan

(Research Paper) Quantitative Analysis of the Impact of Floods on Firms’ Financial Conditions

4 days ago

July 20, 2021
Hiroki Yamamoto*1
Tomomi Naka*2
Full Text [PDF 1,509KB]
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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(Research Paper) Supplementary Paper Series for the “Assessment” (3): Inflation-Overshooting Commitment: An Analysis Using a Macroeconomic Model

11 days ago

July 13, 2021
Takuji Kawamoto*1
Jouchi Nakajima*2
Tomoaki Mikami*3
Full Text [PDF 379KB]
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

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(Research Paper) New Hedonic Quality Adjustment Method using Sparse Estimation

11 days ago

July 13, 2021
Sahoko Furuta*1
Yudai Hatayama*2
Atsushi Kawakami*3
Yusuke Oh*4
Full Text [PDF 675KB]
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

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Bank of Japan Accounts (July 10)

11 days ago

July 13, 2021
Bank of Japan

(thousand yen)

Japanese government securities
Commercial paper2
Corporate bonds3
Pecuniary trusts (stocks held as trust property)4
Pecuniary trusts (index-linked exchange-traded funds held as trust property)5
Pecuniary trusts (Japan real estate investment trusts held as trust property)6
Loans (excluding those to the Deposit Insurance Corporation)
Foreign currency assets7
Deposits with agents8

Liabilities and Net Assets
(thousand yen)
Current deposits

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86th Opinion Survey

16 days ago

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)
Have remained the same

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Direct Investment by Region and Industry (1st quarter 2021)

16 days ago


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(Research Paper) Revision of the Consumption Activity Index to Capture Recent Changes in Consumption Patterns

17 days ago

July 7, 2021
KONDO Takuji*2
OKUBO Tomohiro*4
Research and Statistics Department
Bank of Japan
Full Text [PDF 806KB]

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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Regional Economic Report (Summary) (July 2021)

19 days ago

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

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