Page 28 - Invited Paper Session (IPS) - Volume 2

IPS178 Kuniko M.
[Table 2] Recent improvements of BOJ Statistics
Monthly/year Statistics Revisions made
Balance of Payments
Mar, 2014 Adoption of BPM6
(BOP)
Services Producer Price Base year revision (from
Jun, 2014
Index (SPPI) 2005 to 2010)
Flow of Funds Accounts
Mar, 2016 Adoption of 2008SNA
(FFA)
Corporate Goods Price Base year revision (from
Feb, 2017
Index (CGPI) 2010 to 2015)
Periodic revision of
sample enterprises and
Mar, 2014, Mar, 2015, Tankan (Short-Term examination of sampling
Mar, 2017, Mar, 2018, Economic Survey of errors. Revisions of
and around 2020 Enterprises in Japan) survey items, sample
design method, etc. See
further detail in 2-2-2.
Services Producer Price Base year revision (from
Jun, 2019
Index (SPPI) 2010 to 2015)

2-2-1. Services Producer Price Index (SPPI)
The Services Producer Price Index (SPPI) is a price index, based on a
statistical survey which measures movements in the prices of service products
traded in the corporate sector. The survey is conducted by the Bank in
accordance with the Statistics Act. The purpose of the index is to facilitate a
better understanding of supply and demand conditions for individual service
products, as well as to provide materials for assessing the state of the economy
and making decisions on monetary policy. The SPPI is also used as a deflator
in calculating real values — i.e., in removing price fluctuations from nominal
value — such as in the estimate of the System of National Accounts (SNA,
hereafter referred to as GDP statistics) compiled by the Cabinet Office, and
cited as a reference for price-setting activities.
The calendar year 2015 is used as the base year for both the index and
weight calculation of the current SPPI. The base year is updated every five
years to ensure the SPPI remains appropriate and accurate, and to improve its
quality as much as possible. The Bank updated its base year from 2010 to 2015
in June 2019. In the rebasing process, the Bank first published the Basic Policy
(available in Japanese only) in May 2018, and asked for feedback. After taking
into account the wide range of opinions and proposals received, the Bank
published the Final Draft (available in Japanese only) in March 2019. The Bank
listed three points as priority themes for the SPPI revision to the 2015 base: (1)
response to changes in economic and industrial structures; (2) initiatives to
improve the accuracy of indexes; and (3) response to the government’s
statistics reform and the needs of deflators.

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