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

Yuichiro Ito, Yasutaka Takizuka and Shigeaki Fujiwara
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Yuichiro Ito: Bank of Japan
Yasutaka Takizuka: Bank of Japan
Shigeaki Fujiwara: Bank of Japan

No 17-E-5, Bank of Japan Research Laboratory Series from 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.

Keywords: Portfolio selection mechanism; relative risk aversion; financial literacy (search for similar items in EconPapers)
JEL-codes: C33 D14 D18 G11 (search for similar items in EconPapers)
Date: 2017-06-22
New Economics Papers: this item is included in nep-fle
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