Note: Household Saving in Japan

David W. Campbell* Wako Watanabe**

Second Revision May 2006

*

Former Visiting Overseas Research Scholar of the Ministry of Public Management, Home Affairs, Posts and Telecommunications

**

Graduate School of Economics and Management, Tohoku University

We are very grateful to Masashi Nishikawa of the Institute for Posts and Telecommunications Policy of the Ministry of Posts and Telecommunications for research assistance. Currently he is at the Faculty of Economics of Saitama University.

With Campbell and Watanabe (2001) it is indisputable that the Japan-is-different hypothesis has succumbed and that the aggregate saving is done by a small number of very wealthy or high-income households.

The new tables--the upper tails of the influential

households, net wealth, and income distributions--are useful and detailed.1

Finally, the inheritances are “extraordinary high,” and

lump sum pensions in 1994, in our view, are importance of total positive saving but the amounts of pensions are not known.2,3

2 Notes 1

See the sampling adjustment in Campbell and Watanabe (2001) or (1999). For instance, the sub-sample regional distribution of two or more person real asset owning households was adjusted to match the corresponding entire sample distribution: Hokkaido Tohoku Kanto 1 Kanto 2 Hokuriku Tokai Kinki 1 Kinki 2 Chugoku Shikoku Kita Kyushu Minami Kyushu

.0440 .0735 .2276 .0885 .0753 .1091 .1143 .0318 .0634 .0588 .0686 .0451

The twelve regions are comprised of the prefectures; note Table 12 (p. 44) of the 1994 Basic Survey on National Life. 2

For inheritances, p. 249, Campbell and Watanabe (2001).

3

Note the lump sum pensions of Question 24 in Campbell (1999).

3 REFERENCES Campbell, D. W. (1999) Translation (from Japanese to English) of Survey of Household Finances and Savings (Kakei to Chochiku ni kansuru Chosa), Nihon Research Center, November 1994. See the 1994 Survey on the Financial Asset Choices of Households. ---- (2004) Explaining Japan’s Saving Rate, Journal of Asian Economics, 15:4, pp. 797-818. Campbell, D. W. and W. Watanabe (1999) Household Saving in Japan, revision, Institute for Posts and Telecommunications Policy, Ministry of Posts and Telecommunications. ---- and ---- (2000) A Comparison of Household Asset/Saving Surveys in Japan, Economic Review, Vol. 51, pp. 61-72. ---- and ---- (2001) Household Saving in Japan, Japanese Economic Review, Vol. 52, pp. 243-250. Watanabe, W. (forthcoming) Prudential Regulation and the “Credit Crunch”: Evidence from Japan, Journal of Money, Credit and Banking.

Table 1 Shares of Saving by Influential Households (10,000 yen) Positive Saving Mean: 3430 Obs.

Hhs.

Median: 1128 Pos. Saving

Pct. of Pos. Saving

Pct. of Net Saving

67471

42.061

72.523

644.7932200.801 7163 643.99 1.812 12106 642.18 0.338 1191 641.84 1.391 4452 640.45 0.775 2021 639.68 0.462 1089 639.21 1.886 4232 720 637.3332650.338 636.99 0.338 710 636.65 0.753 1499 635.9031790.756 1140 635.1462 2.478 3430 632.66 1.095 1361 631.57 1.406 1704 630.16 1.754 1978 628.414051.155 726 627.25 1.812 1083 625.44 1.281 744 624.1634180.338 180 623.826711.754 891 622.079172.899 1288

4.466 7.547 0.742 2.776 1.260 0.679 2.639 0.449 0.442 0.934 0.711 2.138 0.848 1.062 1.233 0.453 0.675 0.464 0.112 0.555 0.803

7.700 13.013 1.280 4.786 2.172 1.171 4.549 0.774 0.763 1.618 1.225 3.687 1.462 1.831 2.127 0.780 1.164 0.799 0.194 0.958 1.384

Inherit.a or Lump Sum Pens.b

Net Wealth

Income

Super Influential 646.6132161.812

67049a

96509 (645.80 3.178%)

3805 (620.29 .770%)

Influential 7205a 12141a pensionb pensionb

pensionb 1688a pensionb pensionb

9292 (595.31 .306%) 14365 (550.15 .473%) 1420 (419.60 .047%) 5927 (422.64 .195%) 2527 (370.31 .083%) 4027 (559.58 .133%) 8738 (440.39 .288%) 3779 (588.70 .124%) 1961 (479.32 .065%) 3217 (423.39 .106%) 13070 (622.04 .430%) 18513 (543.51 .610%) 2332 (291.37 .077%) 3139 (301.76 .103%) 5693 (369.53 .187%) 23928 (630.52 .788%) 5464 (347.95 .180%) 9503 (540.70 .313%) 12650 (634.99 .417%) 2763 (257.94 .091%) 14453 (456.76 .476%)

480 (278.68 .097%) 362 (31.79 .073%) 51 (20.25 .010%) 1670 (536.43 .338%) 465 (276.60 .094%) 555 (537.65 .112%) 1132 (275.49 .229%) 1707 (628.96 .345%) 379 (515.02 .077%) 374 (186.85 .076%) 610 (387.03 .123%) 3470 (571.33 .702%) 876 (385.05 .177%) 727 (218.00 .147%) 175 (10.77 .035%) 667 (250.43 .135%) 951 (224.69 .192%) 1204 (436.94 .244%) 754 (620.63 .153%) 5437 (626.44 1.100%) 5625 (611.50 1.138%)

Obs.

Hhs.

619.174880.833 618.34 0.352 617.98 1.202 616.7834221.812 614.9723711.812 613.16 1.630

Pos. Saving

Pct. of Pos. Saving

Pct. of Net Saving

370 155 515 766 710 615

0.231 0.096 0.321 0.477 0.442 0.384

0.398 0.166 0.553 0.823 0.763 0.661

Inherit.a or Lump Sum Pens.b

Net Wealth

10069 1395 2609 23376 33878 5085

(596.49 (411.20 (296.18 (600.61 (629.36 (354.96

Income

.332%) .046%) .086%) .770%) 1.116%) .167%)

583 232 721 1000 2555 1837

(340.77 (300.44 (273.61 (241.40 (573.94 (518.02

Total Super Influential and Influential 35.072 120307.4 8.139% (hhs. of pos. saving)

75.000% 129.316% 88083 160409.86 93033.82 (total of (total of pos. net saving) saving)

339682 11.187%

38404 7.770%

.118%) .047%) .146%) .202%) .517%) .372%)

Negative Saving Mean: -1203 Obs.

Hhs.

Median: -819 Neg. Saving

Pct. of Neg. Saving

Pct. of Net Saving

-90 -162 -448 -166 -251 -414 -176 -502 -133 -214 -300 -184 -185 -131 -91 -88 -141 -142 -144 -234 -101 -315 -367 -160 -225 -159 -112 -114 -307

0.133 0.240 0.665 0.246 0.373 0.614 0.261 0.744 0.197 0.318 0.445 0.273 0.275 0.195 0.135 0.130 0.209 0.211 0.213 0.348 0.150 0.468 0.545 0.237 0.334 0.236 0.166 0.169 0.456

-0.097 -0.174 -0.482 -0.178 -0.270 -0.445 -0.189 -0.539 -0.143 -0.230 -0.322 -0.198 -0.199 -0.141 -0.098 -0.094 -0.151 -0.153 -0.154 -0.252 -0.109 -0.339 -0.394 -0.172 -0.242 -0.171 -0.121 -0.122 -0.330

Inherit.a Net Wealth or Lump Sum Pens.b

Income

Influential 42.02311 0.259 41.76 0.462 41.30 1.281 40.02 0.462 39.5613520.692 38.8611531.095 37.77 0.462 37.3117231.281 36.0338110.338 35.69 0.541 35.15 0.756 34.39 0.462 33.93 0.462 33.47 0.327 33.14 0.226 32.91 0.216 32.70 0.338 32.3637300.338 32.0233120.338 31.68 0.541 31.1416370.224 30.9213110.692 30.2330060.801 29.43 0.338 29.09 0.462 28.62 0.327 28.30 0.224 28.0732980.226 27.85 0.594

4021 (614.10 .132%) 1748 (396.33 .058%) 7925 (503.38 .261%) 462 (206.89 .015%) 7556 (586.65 .249%) 19788 (627.55 .652%) 1345 (341.84 .044%) 21091 (615.72 .695%) 5688 (618.67 .187%) 1622 (345.81 .053%) 3400 (434.92 .112%) 1414 (349.70 .047%) 841 (276.85 .028%) 867 (328.41 .029%) 185 (198.88 .006%) 970 (434.16 .032%) 2915 (559.12 .096%) 4418 (601.49 .145%) 2349 (522.24 .077%) 1839 (375.86 .061%) 224 (206.43 .007%) 7603 (587.34 .250%) 59911 (646.61 1.973%) 2079 (497.19 .068%) 570 (229.77 .019%) 2859 (559.91 .094%) 135 (173.78 .004%) 339 (251.07 .011%) 97 (73.02 .003%)

176 (306.80 .036%) 280 (279.56 .057%) 1198 (434.86 .242%) 539 (524.45 .109%) 1142 (597.04 .231%) 824 (359.62 .167%) 324 (341.23 .065%) 694 (234.78 .140%) 688 (612.76 .139%) ----- ----- ----907 (537.19 .183%) 345 (352.03 .070%) 28 (4.97 .006%) 314 (440.97 .064%) 215 (438.13 .043%) 256 (525.63 .052%) 295 (410.98 .060%) 352 (487.50 .071%) 507 (583.69 .103%) 54 (9.02 .011%) 682 (624.68 .138%) 557 (386.28 .113%) 2009 (622.23 .407%) 308 (429.36 .062%) 462 (468.34 .094%) 196 (275.82 .040%) 188 (398.77 .038%) 339 (583.35 .069%) 570 (441.57 .115%)

Obs.

Hhs.

Neg. Saving

27.2531050.352 -184 26.90 0.462 -242 26.44 0.265 -139 26.17 0.141 -76 26.03 0.327 -177 25.71429 0.216 -118 25.49 0.692 -379 24.80 0.327 -183 24.47 0.141 -85 24.33133 0.510 -341 23.8239950.338 -228 23.4818640.520 -351 22.9610550.216 -149 22.75 0.327 -230 -266 22.4228300.352 22.07407 0.216 -173 21.85 0.462 -374 21.3940842.232 -1833 19.1610760.541 -497 1828 18.62 0.338 -324 18.2834480.338 -335 17.94 0.141 -141 -542 17.80832 0.541 17.26 0.462 -528 16.80 0.541 -641 16.26 1.420 -1860 14.84 0.510 -709 14.32980 1.281 -1863 13.04 0.224 -331 2320 12.82 0.338 -528 12.48 1.430 -2263 11.0532950.338 -541 10.7138740.338 -606 10.3838210.338 -697

Pct. of Neg. Saving

Pct. of Net Saving

0.273 0.359 0.207 0.112 0.262 0.175 0.563 0.271 0.126 0.506 0.338 0.521 0.222 0.341 0.395 0.256 0.555 2.720 0.738 0.481 0.497 0.209 0.804 0.784 0.951 2.760 1.053 2.765 0.491 0.784 3.359 0.803 0.899 1.035

-0.198 -0.260 -0.150 -0.081 -0.190 -0.127 -0.408 -0.197 -0.091 -0.366 -0.245 -0.377 -0.161 -0.247 -0.286 -0.186 -0.402 -1.970 -0.535 -0.348 -0.360 -0.152 -0.583 -0.568 -0.689 -1.999 -0.762 -2.002 -0.356 -0.568 -2.433 -0.581 -0.651 -0.749

Inherit.a Net Wealth or Lump Sum Pens.b 4100 (595.66 .135%) 1664 (384.75 .055%) 265 (206.21 .009%) 61 (146.52 .002%) 599 (277.69 .020%) 2167 (572.64 .071%) 4161 (485.64 .137%) 87 (102.72 .003%) 62 (146.66 .002%) 5703 (588.36 .188%) 3674 (585.62 .121%) 3082 (482.65 .101%) 2155 (571.97 .071%) 2438 (541.03 .080%) 4452 (598.44 .147%) 5431 (633.78 .179%) 1001 (294.98 .033%) 118541 (643.99 3.904%) 3345 (502.10 .110%) 7115 (631.07 .234%) 4901 (606.92 .161%) 157 (217.80 .005%) 16198 (634.65 .533%) 3107 (521.10 .102%) 2758 (461.60 .091%) 1487 (216.36 .049%) 1115 (296.70 .037%) 53792 (637.37 1.772%) 319 (246.60 .011%) 3245 (570.12 .107%) 5557 (404.54 .183%) 9715 (634.11 .320%) 7944 (633.56 .262%) 3685 (585.96 .121%)

Income

148 (145.41 .030%) 509 (509.36 .103%) 86 (78.21 .017%) 92 (297.44 .019%) 251 (365.52 .051%) 82 (111.56 .017%) 461 (302.80 .093%) 262 (383.95 .053%) 90 (290.80 .018%) 414 (388.08 .084%) 237 (341.92 .048%) 865 (597.90 .175%) 175 (393.82 .035%) 213 (297.77 .043%) 246 (341.58 .050%) 416 (604.09 .084%) 546 (525.42 .110%) 6507 (624.46 1.317%) 1052 (612.04 .213%) 468 (568.05 .095%) 406 (537.99 .082%) 130 (430.66 .026%) 35 (5.51 .007%) 453 (451.05 .092%) 270 (214.07 .055%) 611 (148.53 .124%) 557 (501.03 .113%) 1960 (589.36 .396%) 101 (163.52 .020%) 260 (366.32 .053%) 1044 (348.64 .211%) 562 (597.38 .114%) 514 (588.08 .104%) 266 (375.66 .054%)

Obs.

Hhs.

10.04 1.281 8.7622673.237 5.5210380.216 5.30 3.712 1.59 0.541 1.05 0.510 0.54 0.541

Neg. Saving

Pct. of Neg. Saving

Pct. of Net Saving

-3055 -7878 -547 -9985 -1466 -1589 -2026

4.535 11.694 0.811 14.821 2.175 2.358 3.007

-3.384 -8.469 -0.587 -10.733 -1.575 -1.708 -2.178

Inherit.a Net Wealth or Lump Sum Pens.b 859 153290 4498 10067 1902 732 1957

(185.05 (641.76 (630.73 (337.05 (380.16 (248.28 (385.30

Income

.028%) 768 (277.88 .155%) 5.048%) 4607 (577.18 .932%) .148%) 193 (422.53 .039%) .332%) 4083 (513.07 .826%) .063%) 410 (361.37 .083%) .024%) 431 (399.69 .087%) .064%) 469 (407.97 .095%)

Total Influential 42.020 -50532.056 75.000% -54.316% 0.000 19.480% -67376.1 93033.82 (hhs. of (total of (total of neg. neg. net saving) saving) saving)

621649 20.473%

45699 9.246%

Total Net Saving Mean: 905 Hhs.

Median: -375 Net Saving

77.092 69775.35 11.923%

Pct. of Net Saving

Inherit.a or Lump Sum Pens.b

Net Wealth

Income

75.000% 93033.82 (total of net saving)

88083

961331 31.660%

84103 17.016%

Note 430.90 households out of 646.61 households in the sample saved positive amounts, a ratio of .6664. 215.71 households out of 646.61 households in the sample dissaved, a ratio of .3336. Total positive saving, total negative saving, and total net saving are respectively 160410, 67376, and 93034 (units: 10,000 yen). Of net wealth (income) the top 11.923 (12.258)% of households are underlined; see red observation (run_no.).

Table 2 Shares of Net Wealth by the Top 11.923 Percentile of Households (10,000 yen) Mean: 19616 Obs.

Hhs.

646.6130060.801 645.8032161.812 643.9940842.232 641.7622673.237 638.52 1.155 637.37980 1.281 636.09 1.095 634.9934180.338 634.65832 0.541 634.1132950.338 633.78407 0.216 633.5638740.338 633.2235550.338 632.88 1.812 631.0718280.338 630.7310380.216 630.52405 1.155 629.3623711.812 627.5511531.095 626.46 1.430 625.03 0.510 624.52 2.478 622.0431790.756 621.28 0.801 620.4823401.812 618.6738110.338 618.3341660.801

Median: 14511 Net Wealth

Pct. of Net Wealth

Pos. Saving

Neg. Saving

59911 96509 118541 153290 50134 53792 41987 12650 16198 9715 5431 7944 7531 39323 7115 4498 23928 33878 19788 25837 9208 43990 13070 13731 30969 5688 13345

1.973 3.178 3.904 5.048 1.651 1.772 1.383 0.417 0.533 0.320 0.179 0.262 0.248 1.295 0.234 0.148 0.788 1.116 0.652 0.851 0.303 1.449 0.430 0.452 1.020 0.187 0.439

-367 (30.23 .545%) 67471 (646.61 42.061%, inheritance) -1833 (21.39 2.720%) -7878 (8.76 11.694%) 303 (590.21 .189%) -1863 (14.32 2.765%) -141 (91.99 .210%) 180 (624.16 .112%) -542 (17.80 .804%) -541 (11.05 .803%) -173 (22.07 .256%) -606 (10.71 .899%) -90 (53.86 .134%) 60 (309.83 .038%) -324 (18.62 .481%) -547 (5.52 .811%) 726 (628.41 .453%) 710 (614.97 .442%) -414 (38.86 .614%) 174 (480.34 .109%) 3 (222.56 .002%) 225 (431.24 .140%) 1140 (635.90 .711%) 20 (291.89 .013%) 261 (501.91 .162%) -133 (36.03 .197%) -34 (159.14 .050%)

Income

2009 (622.23 .407%) 3805 (620.29 .770%) 6507 (624.46 1.317%) 4607 (577.18 .932%) 1408 (539.94 .285%) 1960 (589.36 .396%) 1226 (514.69 .248%) 754 (620.63 .153%) 35 (5.51 .007%) 562 (597.38 .114%) 416 (604.09 .084%) 514 (588.08 .104%) 565 (598.24 .114%) 1268 (331.34 .257%) 468 (568.05 .095%) 193 (422.53 .039%) 667 (250.43 .135%) 2555 (573.94 .517%) 824 (359.62 .167%) 1430 (465.98 .289%) 173 (81.78 .035%) 1232 (186.10 .249%) 610 (387.03 .123%) 749 (435.66 .152%) 2446 (567.71 .495%) 688 (612.76 .139%) 1123 (572.13 .227%)

Obs.

Hhs.

617.53 1.812 615.7217231.281 614.4434100.338 614.10311 0.594 613.51 3.237 610.27 0.801 609.4740680.338 609.1334260.801 608.333151.406 606.9234480.338 606.58 1.812 604.77 0.833 603.9440430.338 603.6028900.833 602.77 1.281 601.4937300.338 601.158900.541 600.6134221.812 598.80 0.352 598.4428300.352 598.09 0.801 597.29 0.801 596.494880.833 595.6631050.352 595.3132200.801 594.51 1.812 592.69 1.420 591.27 0.615 590.66 0.801 589.86 1.155 588.7032650.338 588.361330.510 587.85 0.510 587.3413110.692

Net Wealth 30070 21091 5408 9205 49047 11984 5034 11648 20393 4901 25833 11853 4699 11168 17034 4418 7058 23376 4475 4452 10059 9736 10069 4100 9292 20963 16345 7069 9005 12940 3779 5703 5635 7603

Pct. of Net Wealth 0.990 0.695 0.178 0.303 1.615 0.395 0.166 0.384 0.672 0.161 0.851 0.390 0.155 0.368 0.561 0.145 0.232 0.770 0.147 0.147 0.331 0.321 0.332 0.135 0.306 0.690 0.538 0.233 0.297 0.426 0.124 0.188 0.186 0.250

Pos. Saving

Neg. Saving -355 -502 -105 -206

(71.50 (37.31 (45.72 (42.35

Income

.526%) .744%) .156%) .305%)

868 (593.98 .541%) -47 (134.52 .070%) -59 (75.01 .087%) 68 (420.08 .043%) 23 (261.90 .014%) -335 (18.28 .497%) -227 (97.66 .337%) 47 (369.20 .030%) -111 -30 -17 -142 -156

(42.91 .165%) (163.86 .045%) (194.44 .025%) (32.36 .211%) (49.72 .232%)

766 (616.78 .477%) -101 (50.07 .150%) -266 (22.42 .395%) 22 (295.17 .014%) -28 (166.27 .042%) 370 (619.17 .231%) -184 (27.25 .273%) 7163 (644.79 4.466%, inheritance) 71 (324.22 .045%) -466 (44.33 .692%) 61 (443.70 .038%) 60 (408.92 .037%) 171 (504.88 .107%) 720 (637.33 .449%) -341 (24.33 .506%) -11 (179.64 .017%) -315 (30.92 .468%)

1993 694 710 403 2858 500 507 1281 6610 406 2175 617 575 1725 514 352 789 1000 307 246 749 621 583 148 480 1442 756 738 299 374 1707 414 529 557

(508.10 (234.78 (618.48 (306.80 (420.72 (284.44 (583.12 (595.14 (628.62 (537.99 (535.04 (351.05 (599.38 (617.63 (44.48 (487.50 (581.98 (241.40 (410.65 (341.58 (433.58 (370.36 (340.77 (145.41 (278.68 (379.48 (230.21 (529.43 (106.07 (77.26 (628.96 (388.08 (484.47 (386.28

.403%) .140%) .144%) .081%) .578%) .101%) .103%) .259%) 1.337%) .082%) .440%) .125%) .116%) .349%) .104%) .071%) .160%) .202%) .062%) .050%) .151%) .126%) .118%) .030%) .097%) .292%) .153%) .149%) .061%) .076%) .345%) .084%) .107%) .113%)

Obs.

Hhs.

586.6513520.692 585.9638210.338 585.6239950.338 585.2822683.237 582.0532511.812 580.23 0.833 579.40 0.510 578.89 0.801 578.09 4.050 574.0429880.801 573.24 0.594 572.644290.216 572.4311700.462 571.9710550.216 571.75 0.833 570.92 0.801 570.1223200.338 569.78 0.216 569.56 0.055

Net Pct. of Wealth Net Wealth 7556 3685 3674 35108 19571 8833 5359 8298 41919 8165 6040 2167 4644 2155 8150 7776 3245 2015 513

0.249 0.121 0.121 1.156 0.645 0.291 0.176 0.273 1.381 0.269 0.199 0.071 0.153 0.071 0.268 0.256 0.107 0.066 0.017

Pos. Saving

Neg. Saving

Income

-251 (39.56 .373%) -697 (10.38 1.035%) -228 (23.82 .338%) 199 (384.21 .124%) 202 (459.60 .126%) -74 (117.34 .109%) -118 (60.36 .176%) -68 (118.36 .100%) 231 (373.25 .144%) 49 (380.98 .031%) -149 -118 -99 -149

(56.00 (25.71 (64.17 (22.96

.222%) .175%) .147%) .222%)

130 (523.19 .081%) -56 (126.49 .084%) -528 (12.82 .784%) -36 (77.22 .053%) 5 (424.68 .003%)

1142 266 237 6604 2809 837 500 672 3929 1641 519 82 601 175 998 708 260 242 14

(597.04 (375.66 (341.92 (615.99 (593.65 (470.39 (450.58 (398.54 (448.28 (616.79 (411.58 (111.56 (563.89 (393.82 (526.47 (421.52 (366.32 (515.24 (56.76

.231%) .054%) .048%) 1.336%) .568%) .169%) .101%) .136%) .795%) .332%) .105%) .017%) .122%) .035%) .202%) .143%) .053%) .049%) .003%)

Total 77.0971 11.923%

1512320.66

49.806% 82499 3036396 51.430% (total of net wealth)

-22061 32.743%

94690 19.158%

Note Of positive and negative saving (income) the top 11.923 (12.258)% of households are underlined; see red observation (run_no.). Net saving is 60438 (82499-22061), and the percent is 64.963.

Table 3 Shares of Income by the Top 12.258 Percentile of Households (10,000 yen) Mean: 1784 Obs.

Hhs.

628.9632650.338 628.62315 1.406 627.21 0.775 626.44671 1.754 624.6816370.224 624.4640842.232 622.2330060.801 621.43 0.801 620.6334180.338 620.2932161.812 618.4834100.338 618.14 0.510 617.6328900.833 616.7929880.801 615.9922683.237 612.7638110.338 612.42 0.378 612.0410760.541 611.50917 2.899 608.60 0.801 607.80 3.709 604.09407 0.216 603.88 0.801 603.08 2.899 600.18 0.801 599.3840430.338 599.04 0.801 598.2435550.338

Median: 1535 Income

Pct. of Income

Positive Saving

1707 6610 2797 5437 682 6507 2009 1883 754 3805 710 1059 1725 1641 6604 688 756 1052 5625 1553 7166 416 1521 5509 1441 575 1341 565

0.345 1.337 0.566 1.100 0.138 1.317 0.407 0.381 0.153 0.770 0.144 0.214 0.349 0.332 1.336 0.139 0.153 0.213 1.138 0.314 1.450 0.084 0.308 1.115 0.292 0.116 0.271 0.114

720 23 24 891

Negative Saving

(637.33 .449%) (261.90 .014%) (302.57 .015%) (623.82 .555%) -101 (31.14 .150%) -1833 (21.39 2.720%) -367 (30.23 .545%)

8 (231.23 .005%) 180 (624.16 .112%) 67471 (646.61 42.061%, inheritance) -105 (45.72 .156%) 15 (295.68 .009%) -30 (163.86 .045%) 49 (380.98 .031%) 199 (384.21 .124%) -133 (36.03 .197%) 19 (349.30 .012%) -497 (19.16 .738%) 1288 (622.07 .803%) -53 (130.22 .079%) 255 (394.78 .159%) -173 (22.07 .256%) 160 (559.11 .100%) 436 (516.15 .272%) 74 (433.13 .046%) -111 (42.91 .165%) 26 (308.02 .016%) -90 (53.86 .134%)

Net Wealth 3779 (588.70 .124%) 20393 (608.33 .672%) 2874 (388.88 .095%) 2763 (257.94 .091%) 224 (206.43 .007%) 118541 (643.99 3.904%) 59911 (646.61 1.973%) 4243 (465.92 .140%) 12650 (634.99 .417%) 96509 (645.80 3.178%) 5408 (614.44 .178%) 4283 (555.53 .141%) 11168 (603.60 .368%) 8165 (574.04 .269%) 35108 (585.28 1.156%) 5688 (618.67 .187%) 225 (173.56 .007%) 3345 (502.10 .110%) 14453 (456.76 .476%) 5364 (520.30 .177%) 18217 (452.08 .600%) 5431 (633.78 .179%) 560 (191.28 .018%) 20623 (531.56 .679%) 5900 (537.22 .194%) 4699 (603.94 .155%) 5928 (539.42 .195%) 7531 (633.22 .248%)

Obs.

Hhs.

Income

597.9018640.520 865 597.3832950.338 562 1352 597.04 0.692 1142 596.35 1.212 2000 595.1434260.801 1281 594.34 0.338 528 594.00 0.352 549 3251 593.65 1.812 2809 591.83 2.478 3804 589.36980 1.281 1960 588.0838740.338 514 587.74 4.050 6156 583.6933120.338 507 583.3532980.226 339 583.1240680.338 507 582.78 0.801 1177 789 581.98890 0.541 581.44 4.050 5816 577.39 0.216 308 577.1822673.237 4607 573.9423711.812 2555 4166 572.13 0.801 1123 571.3362 2.478 3470 568.85 0.801 1110 568.0518280.338 468 567.7123401.812 2446 565.90 0.801 1077 565.10 1.212 1588 563.8911700.462 601 563.42 3.184 4139 560.24 1.812 2349 558.43 0.986 1252 557.44 3.712 4677 553.73 1.430 1798 552.30 0.440 552

Pct. of Income 0.175 0.114 0.231 0.405 0.259 0.107 0.111 0.568 0.770 0.396 0.104 1.246 0.103 0.069 0.103 0.238 0.160 1.177 0.062 0.932 0.517 0.227 0.702 0.224 0.095 0.495 0.218 0.321 0.122 0.837 0.475 0.253 0.946 0.364 0.112

Positive Saving

Negative Saving -351 (23.48 .521%) -541 (11.05 .803%) -251 (39.56 .373%)

194 (528.89 .121%) 68 (420.08 .043%) -51 (79.89 .075%) -105 (47.88 .155%) 202 (459.60 .126%) 298 (476.44 .186%) -1863 (14.32 2.765%) -606 (10.71 .899%) 879 (573.82 .548%) -144 (32.02 .213%) -114 (28.07 .169%) -59 (75.01 .087%) 11 (257.52 .007%) -156 (49.72 .232%) 566 (496.47 .353%) -48 (63.29 .071%) -7878 (8.76 11.694%) 710 (614.97 .442%) -34 (159.14 .050%) 3430 (635.14 2.138%, pension) 49 (380.17 .031%) -324 (18.62 .481%) 261 (501.91 .162%) 64 (415.56 .040%) 170 (497.68 .106%) -99 (64.17 .147%) 709 (580.02 .442%) 397 (575.63 .248%) 32 (305.93 .020%) 668 (544.93 .416%) 153 (454.84 .096%) 69 (527.68 .043%)

Net Wealth 3082 (482.65 .101%) 9715 (634.11 .320%) 7556 (586.65 .249%) 909 (195.79 .030%) 11648 (609.13 .384%) 462 (240.42 .015%) 2052 (480.47 .068%) 19571 (582.05 .645%) 9418 (399.61 .310%) 53792 (637.37 1.772%) 7944 (633.56 .262%) 37018 (565.05 1.219%) 2349 (522.24 .077%) 339 (251.07 .011%) 5034 (609.47 .166%) 5404 (521.90 .178%) 7058 (601.15 .232%) 15302 (395.87 .504%) 1170 (471.39 .039%) 153290 (641.76 5.048%) 33878 (629.36 1.116%) 13345 (618.33 .439%) 18513 (543.51 .610%) 3202 (412.00 .105%) 7115 (631.07 .234%) 30969 (620.48 1.020%) 3290 (417.15 .108%) 1879 (256.19 .062%) 4644 (572.43 .153%) 12575 (410.05 .414%) 4530 (320.00 .149%) 199 (86.31 .007%) 20263 (475.10 .667%) 4964 (378.60 .163%) 1973 (433.95 .065%)

Total 77.0971 137559.13 27.831% 12.258% 494259.11 (total of income)

80768 50.351%

-16117 23.921%

998435 32.882%

Note Households that did not report income were excluded from the income. Of positive and negative saving (net wealth) the top 11.923 (11.923)% of households are underlined; see red observation (run_no.). Net saving is 64651 (80768-16117), and the percent is 69.492.

Table 4 Shares of Saving by the Top Four Percentile of Households (10,000 yen) Positive Saving Mean: 6451 Obs.

Hhs.

Median: 1128 Pos. Saving

Pct. of Pos. Saving

Pct. of Net Saving

67471

42.061

72.523

644.7932200.801 7163 643.99 1.812 12106 642.18 0.338 1191 641.84 1.391 4452 640.45 0.775 2021 639.68 0.462 1089 639.21 1.886 4232 637.3332650.338 720 636.99 0.338 710 636.65 0.753 1499 635.9031790.756 1140 635.1462 2.478 3430 632.66 1.095 1361 631.57 1.406 1704 630.16 0.794 895

4.466 7.547 0.742 2.776 1.260 0.679 2.639 0.449 0.442 0.934 0.711 2.138 0.848 1.062 0.558

7.700 13.013 1.280 4.786 2.172 1.171 4.549 0.774 0.763 1.618 1.225 3.687 1.462 1.831 0.962

Inherit.a or Lump Sum Pens.b

Net Wealth

Income

Super Influential 646.6132161.812

67049a

96509 (645.80 3.178%)

3805 (620.29 .770%)

Influential 7205a 12141a pensionb pensionb

pensionb 1688a pensionb

9292 (595.31 .306%) 14365 (550.15 .473%) 1420 (419.60 .047%) 5927 (422.64 .195%) 2527 (370.31 .083%) 4027 (559.58 .133%) 8738 (440.39 .288%) 3779 (588.70 .124%) 1961 (479.32 .065%) 3217 (423.39 .106%) 13070 (622.04 .430%) 18513 (543.51 .610%) 2332 (291.37 .077%) 3139 (301.76 .103%) 2576 (369.53 .085%)

480 (278.68 .097%) 362 (31.79 .073%) 51 (20.25 .010%) 1670 (536.43 .338%) 465 (276.60 .094%) 555 (537.65 .112%) 1132 (275.49 .229%) 1707 (628.96 .345%) 379 (515.02 .077%) 374 (186.85 .076%) 610 (387.03 .123%) 3470 (571.33 .702%) 876 (385.05 .177%) 727 (218.00 .147%) 79 (10.77 .016%)

Total Super Influential and Influential 17.236 4.000%

111184

69.312%

119.509%

88083

191392 6.303%

16742 3.387%

Negative Saving Mean: -2686 Obs.

Hhs.

Median: -2690 Neg. Saving

Pct. of Neg. Saving

Pct. of Net Saving

-7566 -547 -9985 -1466 -1589 -2026

11.230 0.811 14.821 2.175 2.358 3.007

-8.133 -0.587 -10.733 -1.575 -1.708 -2.178

Inherit.a Net Wealth or Lump Sum Pens.b

Income

Influential 8.6322673.109 5.5210380.216 5.30 3.712 1.59 0.541 1.05 0.510 0.54 0.541

147211 4498 10067 1902 732 1957

(641.76 (630.73 (337.05 (380.16 (248.28 (385.30

4.848%) 4424 (577.18 .895%) .148%) 193 (422.53 .039%) .332%) 4083 (513.07 .826%) .063%) 410 (361.37 .083%) .024%) 431 (399.69 .087%) .064%) 469 (407.97 .095%)

Total Influential 8.628% -23178 4.000%

34.402%

-24.914%

0.000

166367 5.479%

10011 2.025%

Note Of net wealth (income) the top 11.923 (12.258)% of households are underlined; see blue observation (run_no.).

Table 5 Shares of Net Wealth by the Top Four Percentile of Households (10,000 yen) Mean: 33387 Obs.

Hhs.

646.6130060.801 645.8032161.812 643.9940842.232 641.7622673.237 638.52 1.155 637.37980 1.281 636.09 1.095 634.9934180.338 634.65832 0.541 634.1132950.338 633.78407 0.216 633.5638740.338 633.2235550.338 632.88 1.812 631.0718280.338 630.7310380.216 630.52405 1.155 629.3623711.812 627.5511531.095 626.46 1.430 625.03 0.510 624.52 2.478 622.0431790.756 621.28 0.540

Median: 25966 Net Wealth 59911 96509 118541 153290 50134 53792 41987 12650 16198 9715 5431 7944 7531 39323 7115 4498 23928 33878 19788 25837 9208 43990 13070 9264

Pct. of Net Wealth 1.973 3.178 3.904 5.048 1.651 1.772 1.383 0.417 0.533 0.320 0.179 0.262 0.248 1.295 0.234 0.148 0.788 1.116 0.652 0.851 0.303 1.449 0.430 0.305

Pos. Saving

Neg. Saving

-367 (30.23 .545%) 67471 (646.61 42.061%, inheritance) -1833 (21.39 2.720%) -7878 (8.76 11.694%) 303 (590.21 .189%) -1863 (14.32 2.765%) -141 (91.99 .210%) 180 (624.16 .112%) -542 (17.80 .804%) -541 (11.05 .803%) -173 (22.07 .256%) -606 (10.71 .899%) -90 (53.86 .134%) 60 (309.83 .038%) -324 (18.62 .481%) -547 (5.52 .811%) 726 (628.41 .453%) 710 (614.97 .442%) -414 (38.86 .614%) 174 (480.34 .109%) 3 (222.56 .002%) 225 (431.24 .140%) 1140 (635.90 .711%) 14 (291.89 .009%)

Income

2009 3805 6507 4607 1408 1960 1226 754 35 562 416 514 565 1268 468 193 667 2555 824 1430 173 1232 610 506

(622.23 .407%) (620.29 .770%) (624.46 1.317%) (577.18 .932%) (539.94 .285%) (589.36 .396%) (514.69 .248%) (620.63 .153%) (5.51 .007%) (597.38 .114%) (604.09 .084%) (588.08 .104%) (598.24 .114%) (331.34 .257%) (568.05 .095%) (422.53 .039%) (250.43 .135%) (573.94 .517%) (359.62 .167%) (465.98 .289%) (81.78 .035%) (186.10 .249%) (387.03 .123%) (435.66 .102%)

Total 25.864 4.000%

863532 28.439%

71005 44.265%

-15317 22.734%

34294 6.938%

Note Of positive and negative saving (income) the top 11.923 (12.258)% of households are underlined; see blue observation (run_no.).

Table 6 Shares of Income by the Top 4.112 Percentile of Households (10,000 yen) Mean: 2423 Obs.

Hhs.

628.9632650.338 628.62315 1.406 627.21 0.775 626.44671 1.754 624.6816370.224 624.4640842.232 622.2330060.801 621.43 0.801 620.6334180.338 620.2932161.812 618.4834100.338 618.14 0.510 617.6328900.833 616.7929880.801 615.9922683.237 612.7638110.338 612.42 0.378 612.0410760.541 611.50917 2.899 608.60 0.801 607.80 3.709 604.09407 0.216 603.88 0.783

Median: 2045 Income

Pct. of Income

Positive Saving

1707 6610 2797 5437 682 6507 2009 1883 754 3805 710 1059 1725 1641 6604 688 756 1052 5625 1553 7166 416 1487

0.345 1.337 0.566 1.100 0.138 1.317 0.407 0.381 0.153 0.770 0.144 0.214 0.349 0.332 1.336 0.139 0.153 0.213 1.138 0.314 1.450 0.084 0.301

720 23 24 891

Negative Saving

(637.33 .449%) (261.90 .014%) (302.57 .015%) (623.82 .555%) -101 (31.14 .150%) -1833 (21.39 2.720%) -367 (30.23 .545%)

8 (231.23 .005%) 180 (624.16 .112%) 67471 (646.61 42.061%, inheritance) -105 (45.72 .156%) 15 (295.68 .009%) -30 (163.86 .045%) 49 (380.98 .031%) 199 (384.21 .124%) -133 (36.03 .197%) 19 (349.30 .012%) -497 (19.16 .738%) 1288 (622.07 .803%) -53 (130.22 .079%) 255 (394.78 .159%) -173 (22.07 .256%) 157 (559.11 .098%)

Net Wealth 3779 (588.70 .124%) 20393 (608.33 .672%) 2874 (388.88 .095%) 2763 (257.94 .091%) 224 (206.43 .007%) 118541 (643.99 3.904%) 59911 (646.61 1.973%) 4243 (465.92 .140%) 12650 (634.99 .417%) 96509 (645.80 3.178%) 5408 (614.44 .178%) 4283 (555.53 .141%) 11168 (603.60 .368%) 8165 (574.04 .269%) 35108 (585.28 1.156%) 5688 (618.67 .187%) 225 (173.56 .007%) 3345 (502.10 .110%) 14453 (456.76 .476%) 5364 (520.30 .177%) 18217 (452.08 .600%) 5431 (633.78 .179%) 548 (191.28 .018%)

Total 25.864 4.112%

62672

12.680%

71297 44.447%

-3291 4.885%

439290 14.467%

Note Of positive and negative saving (net wealth) the top 11.923 (11.923)% of households are underlined; see blue observation (run_no.).

Table 7 Per Household Summary Statistics (10,000 yen)

All Households

Positive Saving Negative Saving Net Wealth Income

372 -312 4696 786

(430.90) (215.71) (646.61) (628.96)

Top 4 (or 4.112) Percentile

6451 (17.24) -2686 (8.63) 33387 (25.86) 2423 (25.86)

Note Numbers in parentheses are sample numbers.

Bottom 96 (or 95.888) Percentile

119 -213 3500 716

(413.66) (207.08) (620.74) (603.10)