BANK OF JAPAN
Challenges in moving to micro-data based external
sector sta s cs― Japan’s case
Hidetoshi Takeda, Bank of Japan
Workshop on Integrated Management of
Micro-databases
20 - 21 June, 2013
Porto, Portugal
Parallel Session E.
Balance of Payments/ International
Investment Position
Structure of Presentation
1. Japan’s Statistical System
2. Current Data Sources of BOP/IIP
3. Some Conclusions
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1. Japan’s Statistical System
(1)General Features
•Highly de-centralized statistical system
Category of Statistics
Compiling Institutions
National Accounts
Cabinet Office (CO)
BOP/IIP
Ministry of Finance (MOF),
Bank of Japan (BOJ)
Monetary statistics
BOJ
Consumer Price Index
Ministry of Internal Affairs and
Communication (MIAC)
Producer Price Index
BOJ
(Corporate Goods Price Index)
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1. Japan’s Statistical System
No effective control tower for all statistics area.
The CO is officially assigned the control tower
function by the Statistical Act. But its grip is
limited.
(E.g.,)
BOP/IIP are governed by the Foreign Exchange
and Foreign Trade Act (the Act), rather than
Statistical Act. Therefore, BOP/IIP are not directly
regulated by the Statistical Act and the CO.
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1. Japan’s Statistical System
(2) BOP/IIP (external sector statistics)
• The MOF and the BOJ shares responsibility for compiling and
disseminating these statistics.
– The Act stipulates that the MOF should compile BOP/IIP and report them to the
Cabinet Meeting.
– The Act allows the MOF to entrust its duties under the Act to the BOJ. BOP/IIP
compilation has been actually entrusted to the BOJ.
• As a result, the MOF is responsible for compiling BOP/IIP and
authorized to collect information for the purpose, but they entrust all
operations to the BOJ.
• The BOJ actually collects source data, compiles statistics, makes
analysis, and provides the MOF with BOP/IIP for their dissemination
and press releases.
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2. Current data sources for BOP/IIP
• Mixture of ITRS and direct reports + some other
sources, including trade statistics from customs (see
appendix).
• No security-by-security reporting system for portfolio
investment. Aggregated data are reported via several
direct reports.
• No access to micro-data that collected outside of the
BOP reporting system (e.g., bank supervisory data
collected by BOJ’s other department).
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3. Some conclusions
(1) Points to be considered
• Difficult to compile a full set of a macroeconomic statistics based on micro-DBs; such
attempts would be ineffective, costly, and
impossible to find everything in micro-DBs.
• Possible discontinuity comes from outside of
the BOP ; e.g., abolishment of
embarkation/disembarkation cards in Japan.
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3. Some conclusions
(2) Challenges
• Need to get access to micro-DBs outside of the
BOP framework.
• Many barriers for accessing official micro-DBs.
Such barriers include confidentiality, lack of
interests of DB owners on external sector
statistics, and limited cooperation among
statistical institutions.
• Some legal solutions need to be implemented for
allowing access to many micro-DBs existing
outside of the BOP framework.
• The hurdle is very tough to overcome.
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3. Some conclusions
(3) Way forward
• Need to be realistic.
• Expand and make use of the micro-data within the BOP framework
in the short run. Also, should make use of and keep an eye on
future chances to expand access to other micro-data DBs.
• Expanding collection of micro data within the BOP framework.
a) ITRS reports
– Typically, reports on individual settlement includes micro-information.
– Current computer system (BOP compilation system) includes part of
micro data reported via ITRS reports.
– This DB can be expanded to include more micro data and can be used
as a micro-DB.
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3. Some conclusions
b) Introduction of security-by-security reporting
system for portfolio investment.
• Big challenge, but can put the target at the time
of introducing the BPM7 (mid 2020?).
• Need to start studying on pros & cons, and
communication with/education of users now.
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appendix
Data sources for Japan's BOP
(Current and capital account)
Goods
Travel and
passenger
transport
Merchandise
transport
Other services
Compensation of
employees,
current and
capital transfers
Investment
income
General
Government
Monetary
authorities
−
Banks
• ITRS
•Trade statistics
• Direct reports
from
OFI
- air and shipping
operators
- other businesses
• Direct reports
from
- air and shipping
- banks and OFI
- air and shipping
operators
- insurance companies
- government agencies
- etc.
operators
• ITRS
•ITRS
Nonfinancial
corporations
• Direct reports
from
• ITRS
• ITRS
• Direct reports
from
• Direct reports
from
- government agencies
- banks (for workers’
remittance)
- air and shipping
operators
- etc.
-
banks and OFI
government agencies
FDI position reports
etc.
• Travel survey
• Direct reports
from
- air and shipping
operators
Households &
NPISHs
• ITRS
• Other statistics
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appendix
Data sources for Japan's BOP
(Financial account)
Foreign Direct
Investment
Portfolio Investment
Derivatives
−
Monetary
authorities
Banks
OFI
• Direct reports on PI
(from banks and
OFIs)
• ITRS
• Direct reports from
government
agencies
• Direct reports
• Direct reports
• Direct reports
• ITRS
• Direct reports on PI
• ITRS
• ITRS
• Direct reports on PI
• ITRS
• Direct reports on
derivative
• ITRS
• Direct reports on
derivative
• FDI position reports
Nonfinancial
corporations
Households &
NPISHs
• ITRS
• Direct reports on PI
(from banks and
OFIs)
Reserve Assets
• ITRS
• ITRS
General
Government
Other Investment
−
• Direct reports
• ITRS
• Direct reports on
loans, deposits,
repos, etc.
• ITRS
• Direct reports on
loans, deposits,
repos, etc.
−
• ITRS
• ITRS
• Direct reports on
deposits
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