July 3, 2015
Data the ministry of welfare published on July 2 show that 62.4% of families in Japan think that they are experiencing hardships to make ends meet, hitting a record-high.
The percentage of households answering that they feel their financial condition is “very difficult” and “somewhat difficult” was 29.7% and 32.7 %, respectively, while 34.0% said their financial situation is “normal”, as of July 2014. Only 3.7% of the total answered that they are “well-off”.
The data also reveal that the amount of average annual income per household in 2013 decreased by 83,000 yen to about 5.3 million yen, the lowest in the past decade.
In addition to the consumption tax hike and the increasing number of non-regular job positions, rising consumer prices apparently have had a negative impact on people’s lives.
In a questionnaire survey conducted by the Bank of Japan, those who answered they feel that prices went up compared to a year ago account for 86.3%.
The proportion of respondents who said the increase in prices is “not welcome” remains at 81.4%, still comprising the overwhelming majority.
The BOJ is printing more money to meet a 2% inflation target, but the survey results released by the two institutions suggest that the monetary relaxation policy causes further financial hardship to most people.
The percentage of households answering that they feel their financial condition is “very difficult” and “somewhat difficult” was 29.7% and 32.7 %, respectively, while 34.0% said their financial situation is “normal”, as of July 2014. Only 3.7% of the total answered that they are “well-off”.
The data also reveal that the amount of average annual income per household in 2013 decreased by 83,000 yen to about 5.3 million yen, the lowest in the past decade.
In addition to the consumption tax hike and the increasing number of non-regular job positions, rising consumer prices apparently have had a negative impact on people’s lives.
In a questionnaire survey conducted by the Bank of Japan, those who answered they feel that prices went up compared to a year ago account for 86.3%.
The proportion of respondents who said the increase in prices is “not welcome” remains at 81.4%, still comprising the overwhelming majority.
The BOJ is printing more money to meet a 2% inflation target, but the survey results released by the two institutions suggest that the monetary relaxation policy causes further financial hardship to most people.
