This paper empirically analyzes the relationship between monetary aggregates and economic activities in Japan using actual data and focusing on long-term equilibrium relationships. Long-term time-series data from the 1960s to 1996 are used in the analysis in order to observe long-term...

Corporate earnings have been greatly increasing in Japan since FY 2002 as business conditions continue to recover. This ongoing improvement in corporate earnings has the following distinctive characteristics: (a) earnings have risen to a high level across a wide range of industries; (b) fixed...

The CGPI focuses on the prices of goods bought and sold by companies. The Bank of Japan (BOJ) compiles three Basic grouping indexes: Domestic Corporate Goods Price Index (DCGPI), Export Price Index (EPI) and Import Price Index (IPI). Each Index is calculated to aggregate affiliated sample prices...

The volume of international capital flows has surged since the 1980s, in line with the progress of globalization in financial markets. For example, the gross international capital flows of the G-7 countries as a percentage of GDP remained around 2-3 percent from the 1970s through the mid-1980s,...

Private consumption has been slowly recovering since around the year 2000. This recovery gradually became clearer from the second half of 2003, and its pace is now steadily increasing. The present expansion phase that began from early 2002 reached four years and three months in April 2006,...

The Bank of Japan, in cooperation with the Ministry of Finance, will implement a major revision of balance-of-payments related statistics, focusing on "Financial Account" and its components, such as direct investment and portfolio investment. The revision will go into effect for transactions...

Japan's household savings rate decreased during the 1980s due to the progress in upgrading the nation's social security system and the aging of Japanese society, but has turned to a gradual increase in the 1990s. Households may be increasing precautionary savings amid growing uncertainty (risk)...

Japan's external financial assets increased in 2013 due to an increase in their yen value reflecting the yen's depreciation compared to the previous year end as well as due to net acquisitions of foreign financial instruments by Japanese investors. Meanwhile, Japan's external liabilities also...

The monetary operations of central banks generally consist of the following three components: reserve requirements, open market operations, and standing facilities. However, details differ depending on operating targets, financial market environments and historical factors. Subject to the...

Japan's balance of payments (BOP) in 2004 recorded a current account surplus of 18.6 trillion yen, increased from a surplus of 15.8 trillion yen in 2003. This represents a new record high for the second consecutive year. The capital and financial account recorded a net inflow of 1.5 trillion...