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Portfolio Selection by Japanese Households: Investigation Using Japanese and US Households Questionnaire Survey

Author

Listed:
  • Yuichiro Ito

    (Bank of Japan)

  • Yasutaka Takizuka

    (Bank of Japan)

  • Shigeaki Fujiwara

    (Bank of Japan)

Abstract

In Japan, cash and deposits continue to be the main financial assets of households. What keeps Japanese households cautious about portfolio allocations? Elucidating the mechanisms behind household behavior is an important issue in discussing the influence of monetary policy. In this study, we outline the analysis by Ito et al. (2017), who examined mechanisms that influence household portfolio selection, using a questionnaire survey for Japanese and US households. The analysis suggests that further improvements in institutional aspects and an increase in financial knowledge, as well as an improvement in market performance and the mitigation of future concerns, are important factors in making the investment environments in Japan more attractive.

Suggested Citation

  • Yuichiro Ito & Yasutaka Takizuka & Shigeaki Fujiwara, 2017. "Portfolio Selection by Japanese Households: Investigation Using Japanese and US Households Questionnaire Survey," Bank of Japan Research Laboratory Series 17-E-5, Bank of Japan.
    • Handle: RePEc:boj:bojlab:lab17e05
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    More about this item

    Keywords

    Portfolio selection mechanism; relative risk aversion; financial literacy;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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