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Use of Alternative Data in the Bank of Japan's Research Activities

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  • Seisaku Kameda

    (Bank of Japan)

Abstract

The Bank of Japan (BOJ) has recently launched a new page on its website titled, "Alternative Data Analysis." In light of the launch of this page, this paper outlines initiatives taken by the BOJ's research divisions (including but not limited to the Research and Statistics Department) in the field of alternative data analysis. Since the spread of COVID-19, the BOJ has been making active use of high-frequency data - such as mobility trends based on location data - in assessing economic conditions to conduct monetary policy. Moreover, in light of the lessons from the Global Financial Crisis of the late 2000s, the BOJ also has been continuing its efforts to strengthen the collection and use of various individual transaction data in the financial field. Such new forms of big data are called alternative data as opposed to traditional economic and financial statistics. The alternative data employed at the BOJ have been wide-ranging, including high-frequency data, textual data, and granular data; recently, the range of these data has been extending further to cover, for example, climate-related data.

Suggested Citation

  • Seisaku Kameda, 2022. "Use of Alternative Data in the Bank of Japan's Research Activities," Bank of Japan Review Series 22-E-1, Bank of Japan.
    • Handle: RePEc:boj:bojrev:22e01
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    File URL: https://www.boj.or.jp/en/research/wps_rev/rev_2022/data/rev22e01.pdf
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    Cited by:

    1. Kakuho Furukawa & Ryohei Hisano & Yukio Minoura & Tomoyuki Yagi, 2022. "A Nowcasting Model of Industrial Production using Alternative Data and Machine Learning Approaches," Bank of Japan Working Paper Series 22-E-16, Bank of Japan.
    2. Takashi Nakazawa, 2022. "Constructing GDP Nowcasting Models Using Alternative Data," Bank of Japan Working Paper Series 22-E-9, Bank of Japan.
    3. Tomohiro Okubo & Koji Takahashi & Haruhiko Inatsugu & Masato Takahashi, "undated". "Development of "Alternative Data Consumption Index":Nowcasting Private Consumption Using Alternative Data," Bank of Japan Working Paper Series 22-E-8, Bank of Japan.
    4. Jouchi Nakajima & Masato Takahashi & Tomoyuki Yagi, "undated". "An Assessment of Online Consumption Trends in Japan during the COVID-19 Pandemic," Bank of Japan Working Paper Series 22-E-11, Bank of Japan.

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