Using Japanese household survey data from 2007 to 2010, we examine how household age, income, financial assets, and education affect the tendency to participate in the stock market. Our analysis suggests that the probability of stock market participation correlates weakly with age, holding...

This paper uses household survey data that cover the period from 2001 through 2003 to study the cash and deposits demand of households. These data enable us to obtain empirical findings that could not previously be derived through analyses using conventional macroeconomic time-series data....