Household Consumption in Japan – Role of Income and Asset Developments
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Summary:
We study Japanese household consumption at a disaggregated level focusing on the role of income and asset dynamics. Stagnation of real per capita consumption is widespread acrosslabor market groups, age groups and regions. Consumption-to-income ratios have been mildly increasing due to the rising share of pensioners with significant assets. Evidence therefore suggests that assets have become more important in financing consumption. However, the short-term consumption dynamics remain quite sensitive to income growth but not to asset market movements.
Series:
Working Paper No. 2017/023
Subject:
Aging Consumption Disposable income Financial services Household consumption Income National accounts Real interest rates
English
Publication Date:
January 31, 2017
ISBN/ISSN:
9781475573084/1018-5941
Stock No:
WPIEA2017023
Pages:
33
Please address any questions about this title to publications@imf.org