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 DisseminationStandards Bulletin Board Reviews of the Fund's Data Standards' Initiatives (Reviews) Special Data Dissemination Standard Site (SDDS) Introduction Metadata Data What's New Contact Us General Data Dissemination System Site (GDDS) Data Quality Reference Site (DQRS) |
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| The Data: Coverage, Periodicity, and Timeliness | ||||||||||||
| Coverage characteristics | 5.1.1 Statistical presentation “The Monthly Report on the Corporate Goods Price Index” (CGPI) provides indexes for the Domestic Corporate Goods Price Indexes (DCGPI), Export Price Index (EPI), Import Price Index (IPI), Index by Stage of Demand and Use and the DCGPI using Chain-weighted Index Formula. Such series exist for All commodities, Major groups and Groups. The preliminary indexes are presented along with the weights, the monthly, yearly, and quarterly price changes and the previous month’s indexes (and whether it was revised or not). There is a graph of the major indexes for the user’s convenience. | |||||||||||
| Periodicity | 4.1.1 Periodicity Monthly. | |||||||||||
| Timeliness | 4.1.2 Timeliness In principle, preliminary figure indexes are released on the eighth working day of the month following the survey month. The revised figures are released in line with the next month’s preliminary figure indexes. In April and October, the indexes are released on the ninth working day to release the periodic retroactive revisions. | |||||||||||
| Access by the Public | ||||||||||||
| Advance dissemination of release calendar | 5.1.3 Advance release calendar The precise release date is generally announced in Statistical Releases and Publications Scheduled for the Next Six Months, which is published at the end of every quarter and is available to all. These statistical releases are also available on the BOJ's websites: http://www.boj.or.jp/type/schedule/index.htm (in Japanese), http://www.boj.or.jp/en/type/schedule/index.htm (in English). In addition, an advance release calendar, which gives four-weeks-ahead notice of the approximate release dates, and provides the precise release dates no later than the last working day of the week prior to release, is disseminated on the IMF's DSBB. | |||||||||||
| Simultaneous release to all interested parties | 5.1.4 Simultaneous release The data are released simultaneously to all interested parties at 8:50 a.m. on the day of release by issuing a press release entitled, “Monthly Report on the Corporate Goods Price Index.” The press release can also be obtained simultaneously on the BOJ’s website http://www.boj.or.jp/type/stat/boj_stat/cgpi/index.htm (in Japanese), http://www.boj.or.jp/en/type/stat/boj_stat/cgpi/index.htm (in English). The data released at 8:50 a.m. meet the SDDS requirements on coverage. More detailed data, which are not available in the press release, can be obtained at 8:50 a.m. on the BOJ Time-Series Data Search http://www.stat-search.boj.or.jp/index.html (in Japanese), http://www.stat-search.boj.or.jp/index-en.html (in English). | |||||||||||
| Integrity | ||||||||||||
| Dissemination of terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information | 0.1.1 Responsibility for collecting, processing, and disseminating statistics The BOJ is responsible for compiling the CGPI, which is a “notified statistics” under Article 8 of the Statistics Law (SL). Under Article 8, it is necessary for governmental bodies to notify the Minister for Internal Affairs and Communications, in the event of compiling statistics other than those designated by Article 2, which is called “designated statistics.” The BOJ accordingly notifies the Minister as to its compilation of the CGPI. To ensure appropriate implementation of monetary policy, the BOJ must have an accurate understanding of the overall economic and financial conditions in Japan. To this end, the BOJ compiles various statistics, including the CGPI, the Corporate Services Price Index (CSPI), TANKAN (Short-term Economic Survey of Enterprises in Japan), Money Stock and Flow of Funds. 0.1.2 Data sharing and coordination among data producing agencies The BOJ, as a part of official statistics compilers in Japan, has close contact with the statistical departments of the government through several meetings in cooperation with the government statistical services. For example, the Director of the Research and Statistics Department was appointed a member of Statistics Committee and attends meetings to discuss the coordination among the related governmental bodies. In compiling price data for the CGPI, the BOJ draws on two main surveys as source data for the weights—“the Census of Manufacturers” (CM) and “Japan Exports and Imports” (See 2.3.1). The CM is a designated statistics under the Statistics Law (SL) and is published by the Ministry of Economy, Trade, and Industry (METI). Trade statistics are derived from administrative records compiled by the Ministry of Finance (MOF) and Customs under the provision of the Custom Law and relevant international conventions. The BOJ uses the data released by the ministries for weights, and has meetings with these data-producing agencies. In case of major methodological changes, for instance, the BOJ exchanges opinions with the statistical department of the government. 0.1.3 Confidentiality of individual reporters' data Bank of Japan The Article 29 of the Bank of Japan Act, which took effect as of April 1998, clarifies the rules with respect to the confidentiality as follows: (Article 29) The Bank of Japan's officers and employees shall not leak or misappropriate secrets which they have learned in the course of their duties. The same shall apply even after they have left the Bank. Price index: Producer prices Articles 14 and 15 of the Statistics Law (SL) provide obligations to maintain confidentiality of information on respondents, and this applies to both notified and designated statistics. Article 15.2 of the SL provides that the responses to individual questionnaires, in principle, shall be kept confidential and that they shall not be used for other than statistical purposes. The Price Statistics Section (PSS) of the Research and Statistics Department (RSD) abides by an internal code of conduct: "the rule(s) for handling price statistics-related information” and protects the confidentiality of reported information. Data from reporting companies are protected to ensure the confidentiality; each Commodity index is, in principle, compiled using at least three Sample prices (see 2.4.1) of two companies. Otherwise, Commodity indexes are not released without the reporting company’s agreement. 0.1.4 Ensuring statistical reporting A response to the CGPI survey is not obligated by Statistics Law (SL) because the CGPI is a notified survey under SL. However, most of enterprises in Japan are generally cooperative for the survey. 0.2.1 Staff, facilities, computing resources, and financing The Price Statistics Section (PSS) has approximately 40 staff members whose responsibilities extend to the compilation of the CGPI. Most of the PSS staff works more than three years, and the staff participates in training program both internally and externally with job rotation views. Research is undertaken in the BOJ on methodological issues related to the index number methodology including hedonic and other quality adjustment methods. Members of the PSS attend and contribute not only to the Japan Statistical Society, but also to the international research meetings such as a user’s meeting on the “PPI Manual” and the Voorburg Group meeting. The working environment is satisfactory, as are the computing resources. Adequate protection is provided for computer resources, including provision of emergency back-up systems for retrieval of statistical series and updates in the event of natural or other disasters. Funding is reasonably secure for the identified needs of the statistical program, and the budget for the computer system is planned from a medium-term perspective. The funding horizon is flexible to allow for planning for statistical developments over a two- to three-year period. 0.2.2 Ensuring efficient use of resources The BOJ releases “The Bank of Japan’s Action Plans” each fiscal year. The action plan details the issues and concrete action plans that the BOJ intends to tackle during the coming fiscal year, as well as the principles for the Bank’s organizational management and the resources. Each department of the BOJ itemizes its assignment in accordance with the action plan, and each staff sets his/her objectives in accordance with the assignment. With regard to staff objectives, regular staff self-assessments and management assessments of staff take place. Price statistics systems are adequately renovated for upgrading the quality of the statistics with medium- to long-term perspective. 0.3.1 Monitoring user requirements The BOJ obtains expert advice from academics on methodological issues. Information on user’s needs is continuously sought, and public comments are collected every five years at the time of the weight revision. Other than academic circles, occasional discussion with economists takes place additionally.0.4.1 Quality policy “The Bank of Japan's Medium-Term Strategic Framework for Fiscal 2005-2009” points out the BOJ's intention to constantly examine ways to “improve the quality of statistics it publishes with a view to further strengthening its policy planning capabilities.” Japanese official statistics with base year indexes are rebasing every five years in accordance with the directive of Statistics Council, which is the forerunner of Statistics Committee. Selection of commodities, weight calculation, and major methodological changes take place during rebasing. The BOJ started to release the 2005 base CGPI in December, 2007. The BOJ published the figures from January 2005 to September 2007 to show the trends of the new base index prior to the introduction of the 2005 base CGPI. 0.4.2 Quality monitoring The Price Statistics Section (PSS) holds data quality-related meeting each month. At the meeting, industry specialists report on overall price changes for their industry and how they dealt with unusual changes. Individual staff members are given projects, such as to examine the quality of the “unit value” (see 3.3.2) and must report on their progress at following meetings. The monthly compilation process is monitored and reviewed by senior staff through the meeting. All the “replacement of Sample prices” (see 3.3.1) is examined by both senior staff and PSS expert of statistical compilation. PSS manual detailing with every aspect of job procedure is distributed to PSS staff, and ready for reference. 0.4.3 Quality planning As mentioned (see 0.4.1), revisions for the most part take place during rebasing every five years. All the revisions are discussed both internally and externally. And public comments are sought if necessary.1.1.1 Impartiality of statistics The Bank of Japan Law mandates the professional independence of the Bank and its activities from external intervention: “In light of the public nature of its business and property, the Bank of Japan shall endeavor to conduct its business in a proper and efficient manner” (Article 5.1) and “In implementing this Law, due consideration shall be given to the autonomy of the Bank's business operations” (Article 5.2). Further, Articles 23 and 24 clearly define "appointment of executives" and "executives' term of office," and Article 25 stipulates that executives of the BOJ shall be protected from dismissal against their will, during their term of office. In addition, Article 2 of the BOJ’s Internal Rule of Staff states that staff of the BOJ must recognize the public mission of the BOJ and perform their duties fairly and smoothly. 1.1.2 Selection of sources, methodology, and modes of dissemination Selection of sources: In principle commodities are selected by the objective standards in proportion to the total value of either producer’s shipment, exports or imports in the year of weight calculation (see also 3.1.1). Methodology: With respect to statistical techniques, the CGPI generally follows “PPI manual” and its methodologies are almost the same as those of other countries. In case of major methodological changes, public comments on the changes are sought beforehand. Modes of dissemination: The data are released simultaneously to all interested parties at 8:50 a.m. on the day of release by issuing a press release entitled, “Monthly Report on the Corporate Goods Price Index.” The press release can also be obtained simultaneously on the BOJ's website. 1.1.3 Commenting on erroneous interpretation and misuse of statistics The Price Statistics Section (PSS) holds a press conference on the day of release. The BOJ does not add any policy judgments or interpretations to the statistics it releases. If there are misuses of statistics in the media, the PSS corrects them through the Secretariat of the Policy Board, which is in charge of contacting the media. 1.2.1 Disclosure of terms and conditions for statistical collection, processing, and dissemination A complete set of documents presenting the terms and conditions under which the Price Statistics Section (PSS) implements its statistical activities is available to the public from the BOJ’s website. The BOJ website has details of the principles governing its economic statistics.1.3.1 Guidelines for staff behavior Bank of Japan “Rules of Ethical Conduct for Executives and Staff of the Bank of Japan” (available in Japanese only) is applied to the work of the statistics. The Article 32 of the Bank of Japan Act clarifies the rules with respect to the ethical discipline as follows: (Article 32 )The Bank of Japan shall, in light of the public nature of its business and in order to ensure the proper execution of their duties by its officers and employees, establish rules on service for its officers and employees, such as rules on the obligations to devote themselves to their duties and to separate themselves from private enterprises, and shall report such rules to the Minister of Finance and, at the same time, make them public. The same shall apply when making any change to the rules. Moreover, the statistical sections have developed rules, notably on data confidentiality. | |||||||||||
| Identification of internal government access to data before release | 1.2.2 Internal governmental access to statistics prior to release Access to price statistics data before their release is strictly restricted to the staff members of the Price Statistics Section (PSS). | |||||||||||
| Identification of ministerial commentary on the occasion of statistical releases | 1.2.3 Attribution of statistical products All statistical products are identified as produced by the BOJ’s Research and Statistics Department. | |||||||||||
| Provision of information about revision and advance notice of major changes in methodology | 4.3.1 Revision schedule The release schedule for the preliminary and the revised CGPI, along with the revision policy, are provided on the BOJ’s website. http://www.boj.or.jp/theme/research/stat/stat_pub/pi_geppo/cr/index.htm (in Japanese), http://www.boj.or.jp/en/theme/research/stat/stat_pub/pi_geppo/cr/index.htm (in English) Some figures are revised in order to incorporate belated reports and corrections from reporting companies. Periodic retroactive revisions of published indexes are conducted twice a year in April and October, when the preliminary figures of March and September are released. These periodic retroactive revisions apply to figures up to 18 months in principle. In addition, figures are revised on the subsequent monthly release if the belated reports and corrections from reporting companies are likely to cause a large impact on the original publication, such as those resulting in changes at the index level of “All commodities.” 4.3.2 Identification of preliminary and/or revised data In principle, preliminary figure indexes are released on the eighth working day of the month following the survey month. The revised figures are released in line with the next month’s preliminary figure indexes; revised data are marked with the symbol “r.”1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques. As mentioned (see 1.1.2), the BOJ provides advance notice of major changes in methodology and public comments on the changes are sought beforehand. Revisions for the most part take place during rebasing every five years, and these, along with accompanying major methodological changes, are discussed with various statistics users: experts from universities, specialists from trade association and government ministries.
Prior to the introduction of the 2005 base CGPI, the BOJ released “Introduction of the 2005 base Corporate Goods Price Index” in December 2007. The BOJ also released “A Draft of the Principles of the Base Revision of the CGPI” (available in Japanese only) and asked for public comments in April and October 2006. Answers to the comments were released as “The final draft of the revision of the Corporate Goods Price Index” (available in Japanese only) in January 2007. | |||||||||||
| Quality | ||||||||||||
| Dissemination of documentation on methodology and sources used in preparing statistics | 5.2.1 Dissemination of documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques A summary description of the methodology and sources used to compile the CGPI is disseminated on the BOJ’s website
http://www.boj.or.jp/type/exp/stat/pi/excgpi02.htm (in Japanese),
(See also the IMF’s DSBB summary methodology) 5.2.2 Disseminated level of detail The BOJ provides two different explanation of the CGPI for different type of users, on “Statistics, Research and Studies” section of the BOJ’s website. For experts; Explanation of the 2005 Base CGPI http://www.boj.or.jp/type/exp/stat/pi/excgpi03.htm For ordinary users; Outline of "Corporate Goods Price Index (CGPI, 2005 base)" http://www.boj.or.jp/type/exp/stat/pi/excgpi02.htm (in Japanese) http://www.boj.or.jp/en/type/exp/stat/pi/excgpi02.htm (in English) (See also summary methodology) | |||||||||||
| Dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness | 4.2.1 Internal consistency “Monthly Report on the Corporate Goods Price Index”:
The press release “Monthly Report on the Corporate Goods Price Index” (CGPI) publishes major index series (index series of upper classification levels) on monthly data for the latest month:
(a) The Domestic Corporate Goods Price Index (DCGPI): Indexes of (i) All commodities, (ii) Major groups, and (iii) Groups. (Reference) (iv)Electric & electronic products and (v) All commodities excluding extra charges for summer electricity.
(b) The Export Price Index (EPI) and the Import Price Index (IPI): Indexes of (i) All commodities, and (ii) Groups.
(c) The Index by Stage of Demand and Use (ISDU): Indexes classified by stage of demand and use.
(d) The DCGPI using Chain-weighted Index Formula: Same as (a) DCGPI.
“Price Indexes Quarterly”:
In line with the revision of the CGPI to the 2005 base, the BOJ has started to publish the new statistical booklet, “Price Indexes Quarterly”, instead of “Price Indexes Monthly.” 4.2.2 Temporal consistency On revision of the base year, the index of the old base year is linked to that of the new base year to create a long-run time series. The 2005 base Domestic Corporate Goods Price Index (DCGPI), Export Price Index (EPI) and Import Price Index (IPI) go back as far as a price reference period of January 1960 (2005=100). Such series exist for All commodities, Major groups and Groups. The BOJ’s website provides series for two main “reference” price indexes. The first is the “DCGPI excluding consumption tax,” introduced in January 2003. The price reference period is 2005=100, and backdated on a monthly basis to January 1985, progressively linking in runs of series with 1985, 1990, 1995, 2000 and 2005 weights. Similar back series exist for the DCGPI using Chain-weighted Index Formula (2005=100) introduced in 2000 with back series compiled from January 1995. Both indexes have back series for the 22 groups noted above. Historical data for all indexes are available on the BOJ Time-Series Data Search http://www.stat-search.boj.or.jp/index.html (in Japanese), http://www.stat-search.boj.or.jp/index-en.html (in English). 4.2.3 Intersectoral and cross-domain consistency The CGPI is generally consistent with other price statistics.
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