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

Seisaku Kameda
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Seisaku Kameda: Bank of Japan

No 22-E-1, Bank of Japan Review Series from 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.

Date: 2022-01-21
New Economics Papers: this item is included in nep-ban and nep-big
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