The Bank of Japan’s Information and Services Bureau has released the results of the “Survey on Awareness of Living Conditions,” conducted from May 11 to June 6, 2023. The survey targeted individuals aged 20 and above across the country, with a total of 4,000 respondents and 2,110 valid responses, resulting in a response rate of 52.8%.
The survey used a stratified two-stage random sampling method and employed a postal survey approach, allowing participants to choose between mail or internet-based responses.
Regarding economic sentiment, the survey compared the respondents’ perception of the current economic conditions to the previous year. In the 94th edition (June 2023), 13.7% of respondents believed that the economic situation had improved, while 36.3% believed it remained unchanged, and 49.6% believed it had worsened.
Looking ahead, respondents were also asked about their expectations for the economy one year from now. In the 94th edition, 16.6% expected improvement, 50.5% expected no significant change, and 32.4% expected a deterioration in economic conditions.
The survey also examined the respondents’ assessment of their current living conditions compared to the previous year. In the 94th edition, 4.1% reported increased comfort, 38.3% felt that their situation remained unchanged, and 56.8% reported a decrease in comfort.
Furthermore, the survey gauged the respondents’ perception of price changes. In the 94th edition, 66.3% of respondents believed that prices had significantly increased, while 29.2% perceived a slight increase, and only 2.1% felt that prices had remained almost unchanged.
The survey also explored the respondents’ awareness of the Bank of Japan’s objectives, such as price stability and their knowledge of the “2% inflation target.” Additionally, it assessed respondents’ familiarity with the Bank’s measures, including “active monetary easing” and “quantitative and qualitative monetary easing.”
Lastly, the survey measured the level of trust in the Bank of Japan. In the 94th edition, 11.1% expressed trust, 32.2% leaned towards trust, 45.4% were neutral, 7.4% leaned towards distrust, and 3.2% expressed a lack of trust.
These survey results provide valuable insights into the economic sentiment, living conditions, price perceptions, and public awareness regarding the Bank of Japan’s policies.