Notes of Historical Statistics

Index

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1. Bank of Japan

2. Financial Markets

(1)Loan Interest Rates by Prefecture

This database provides statistics on (high and low) loan interest rates by prefecture during the period from July 1886 through December 1940.

The source of this data is Ginko-kyoku Nenpo (Annual Report of the Banking Bureau; Nos.9-65), issued by the Banking Bureau of the Ministry of Finance. This data source was issued through No.65 during the prewar period. Its title changed over the years, from Ginko-ka Hokoku (Report of the Banking Department; No.1) to Ginko-kyoku Hokoku (Report of the Banking Bureau; Nos.2-12), Ginko Eigyo Hokoku (Report on Banking Business; Nos.13-29), and Ginko Oyobi Tanpo-tsuki Shasai Jigyo Hokoku (Report on Banking and Secured Bond Business; Nos.30-39), before it became Ginko-kyoku Nenpo (Annual Report of the Banking Bureau) in 1916 (No.40).

Although this source provided loan interest rates in the "List of High and Low Interest Rates by Region" starting with No.7, the regions surveyed differed significantly, from 50 locales in No.7 to 26 locales in No.8. With certain omissions, 47 prefectures were established as the standard regions surveyed from No.9 (not including overseas territories).

Therefore, this database provides data from Ginko-kyoku Nenpo from No.9. In accordance with the original source, monthly data is provided for the period July 1886 through 1922, and June and December data for the years 1923 through 1940. Loan interest rates are provided for the period July 1886 through 1925, while three rates are provided for the years 1926 through 1940: rates for loans on deeds, loans on bills, and overdrafts.

In the original source, interest-rate tables were provided in the "Finance"¹ (Nos.9-13) or "Financial Conditions"² (Nos.14-65) sections. The titles of these tables changed over the years, from "Regional Interest Rates" ³ (No.9) to "Table of High and Low Loan Interest Rates by Region" ⁴ (Nos.10-11), "Table of High and Low Loan Interest Rates" ⁵ (No.12), "High and Low Loan Interest Rates by Region" ⁶ (Nos.13-21), "High and Low Fixed-Term Loan Interest Rates by Region" ⁷ (Nos.22-40), "High and Low Loan Interest Rates by Region" ⁸ (Nos.41-47), and "High and Low Interest Rates on Fixed-Term Deposits and Loans and Discount Rates by Region" ⁹ (Nos.48-65).

1 Kinyu (in Japanese)

2 Kinyu no Keikyo (in Japanese)

3 Chiho Kinri Soba (in Japanese)

4 Kashitsukekin Risoku Ko Tei Chihobetsu Hyo (in Japanese)

5 Kashitsukekin Risoku Ko Tei Hyo (in Japanese)

6 Kashitsukekin Risoku Ko Tei Chihobetsu (in Japanese)

7 Teiki Kashitsukekin Risoku Ko Tei Chihobetsu (in Japanese)

8 Kashitsukekin Risoku Ko Tei Chihobetsu (in Japanese)

9 Teiki Yokin Risoku Kashitsukekin Risoku oyobi Waribiki Buai Ko Tei Chihobetsu (in Japanese)

Although the original source gave annual interest rates in decimal notation, these have been converted to percentages (%) for this database. As used in the original source, the daily rate represented the amount of interest per day on a loan of 100 yen. For example, "3.53" in an interest-rate table represents an interest of 3.53 sen (0.0353 yen). In certain cases, the daily rates are multiplied by 365 to convert these amounts to annual interest rates. For example, Showa 17-nen Shirabe Kinyu Jiko Sanko-sho (Reference Book of Financial Matters, 1942), published by the Financial Bureau of the Ministry of Finance, includes a table on converting annual and daily rates (p.18). In addition, the data in the original source has been corrected for apparent typographical errors and for obvious oversights, such as instances in which the low rate exceeds the high.

(2)Outstanding Amounts of Government Securities and Corporate Bonds

This database provides information on monthly amounts issued, amounts redeemed, and amounts outstanding (end of month) for government securities and corporate bonds, shown separately for internal and external bonds, during the period April 1919 - December 1941. These include government bonds, treasury bills, government rice-purchase notes, government silk-purchase notes, local government bonds, bank bonds, and corporation bonds. Internal government bonds, here, include special exchequer notes. The value derived by subtracting the amount redeemed from the amount issued will not necessarily equal the end-of-month balance, even when adding the balance as of the end of the previous month.

The source for this data is Statistics of Loans and Debentures, published by the Research Department of the Bank of Japan. Statistics of Loans and Debentures was published beginning April 1919. Its title changed in January 1925 to Statistics of Loans, Debentures and Shares. Later, beginning August 1938 it was combined with Statistics of Business Enterprises Plans for Promotion and Extension, Statistics on Capital Payments, A Survey on the Capital of Corporations, and Statistics of Warehouse Inventories into Statistics of Business Enterprises Plans, Issue/Redemption of Loans and Debentures, Capital Payments, Capital of Corporations, and Warehouse Inventories. Beginning in September 1938 this was changed to Statistics on Business Enterprises Plans, Issue/Redemption of Loans and Debentures, Capital Payments, and Capital of Corporations, which was published through December 1941.

(3)Index of Average Values of Securities

This database provides the price indexes for shares, government bonds, municipal bonds, bank bonds, and corporation bonds for the period from January 1925 until July 1938. Data are taken from Statistics of Loans, Debentures and Shares prepared by the Bank of Japan, Research Department.

Price indexes were calculated with January 1925 as the base and with a base value of 100. The number of issues used in the calculation of the price indexes varies over time. As of January 1925, 100 shares, 58 government bonds, 28 municipal bonds, 33 bank bonds, and 56 corporation bonds were in use. For shares, price indexes were categorized by industry for 15 industrial sectors. As of January 1925, sectors and numbers of issues as follows: Banking 15, Railway & Tramway 9, Shipping, Shipbuilding & Transportation 8, Insurance 9, Mining & Refining 3, Electric & Gas Works 6, Paper 2, Spinning & Weaving 8, Woollen Cloth 4, Sugar 6, Petroleum 1, Chemicals 5, Cement, etc. 5, Exchanges 9, Miscellaneous 10. Price indexes of shares, government bonds, municipal bonds, bank bonds, and corporation bonds for the period from January 1925 until December 1928 display only integral numbers and from January 1929 until July 1938 include the first decimal place. Similarly, industrial share price indexes for the period from January 1925 until September 1930 display integral numbers only and for the period from October 1930 until July 1938 include the first decimal place. Errors deemed misprints in the source materials have been corrected.

(4)Foreign Exchange Rates

Foreign Exchange Rates: Demand Draft (1893-1926)

This database provides foreign exchange rates (high, low, average) by location where payable for the period from January 1893 until September 1926. Exchange rates are those for demand draft (i.e., a bill of exchange paid in the foreign currency upon presentation at the place of payment), payable, respectively, in London, Paris, Berlin (changed to Hamburg from September 1920 onward), New York / San Francisco, Bombay (starting from January 1897), Hong Kong, and Shanghai.

The data originate from the "Reference Book of Financial Matters" of the Financial Bureau of the Ministry of Finance. In accordance with the source materials, foreign exchange rates payable in Hong Kong are displayed per 100 Hong Kong dollar stated in yen, while foreign exchange rates payable in locations other than Hong Kong are displayed per 1 yen (or per 100 yen) stated in the respective foreign currency.

The notations to represent the high and low points of foreign exchange rates in the Reference Book of Financial Matters are different across volumes and, therefore, the "highs" and "lows" have been switched around from the data in source materials in the cases mentioned below. The source materials up until and including the 1922 volume use different notations from those in the volumes from 1924 forward, except for foreign exchange rates payable in Hong Kong. Up until the 1922 volume, a peak in the value of the foreign currency against the yen is represented as a "high" and a trough in the value of the foreign currency against the yen is represented as a "low." Thus, "lows" exceed "highs" for exchange rates payable in places other than Hong Kong in terms of the relative dimensions of the numbers displayed in the statistics, while "highs" exceed "lows" in the case of foreign exchange rates payable in Hong Kong (the exceptions are cases where "highs" and "lows" are of the same value). From the 1924 volume forward, except for exchange rates payable in Hong Kong, the source materials indicate a "high" ("low") when the yen marks a peak (trough) value against the foreign currency. Consequently, beginning with the data of the 1924 volume, the "highs" and "lows" appear inverted compared with the data stated in the volumes up to 1922. In this database, the "highs" and "lows" have been switched around for the data in the volumes up to 1922, except for foreign exchange rates payable in Hong Kong.

Errors deemed misprints in the source materials have been corrected. In instances where data are represented as zeros, the spaces have been left blank, consistent with the cases when no data exist.

With regard to foreign exchange rates payable in London, shillings and pence are stated in separate columns since the pound sterling at the time was not decimalized (the pound was divided into 20 shillings each of which consisted of 12 pence).

Foreign Exchange Rates:Telegraphic Transfer Selling Rates Quoted by the Yokohama Specie Bank (1912-1941)

This database provides telegraphic transfer foreign exchange selling rates (high, low and average), by location of payment, quoted by the Yokohama Specie Bank (those between January 1932 and August 1933 are market rates provided by the Bank of Japan). The exchange rates shown are those payable, respectively, in New York, London, Paris, Shanghai (to September 1938) and Bombay.

The data source is the Reference Book of Financial Matters of the Financial Bureau of the Ministry of Finance. In accordance with the source materials, foreign exchange rates are displayed per 1 yen (or per 100 yen) and stated in the respective foreign currency.

Errors deemed misprints in the source materials have been corrected. In instances where data are represented as zeros, the spaces have been left blank, consistent with those cases when no data exist.

With regard to foreign exchange rates payable in London, shillings and pence are stated in separate columns since the pound sterling at the time was not decimalized (the pound was divided into 20 shillings each of which consisted of 12 pence).

3.Prices

Tokyo Wholesale Price Index

The Wholesale Price Index, currently the Corporate Goods Price Index, compiled by the Bank of Japan covers every year since January 1887. Reflecting changing economic conditions, the Index has undergone several revisions in base period, coverage, calculation formulas, and other aspects.

Tokyo Wholesale Price Index on January 1887 Base

In response to the price hikes resulting from the Sino-Japanese War (1894-1895), the Kahei seido chosakai (Committee on the Monetary System) in 1895 created Japan's first price index; that same year the Ministry of Agriculture and Commerce released its Price Index of Important Commodities, and other institutions followed in creating their own price indexes. As a part of this trend, the Bank of Japan created the Tokyo Wholesale Price Index on January 1887 Base and began releasing it in 1897. At the beginning, it used Ministry of Agriculture and Commerce data as well in its price samples. Covering 30 commodity items (gradually rising to 40 over the period from mid-1887 to 1898), the Tokyo Wholesale Price Index on January 1887 Base is comprised of individual commodity indexes and a simple arithmetic average index of all commodities.

The data source is Hundred-year Statistics for Wholesale Price Indexes in Japan, issued by the Research and Statistics Department at the Bank of Japan.

Tokyo Wholesale Price Index on October 1900 Base

In October 1900, the Bank of Japan began to tabulate a Price Index of Important Commodities in Major Cities - a new index covering eight major cities: Tokyo, Osaka, Kyoto, Moji, Nagoya, Hakodate, Otaru, and Fukushima. Published for the first time in July 1902, this Index from 1913 excluded figures for Tokyo, tabulating these figures in a separate Tokyo Wholesale Price Index with a base of October 1900. Covering 56 commodity items, the Tokyo Wholesale Price Index was comprised of individual commodity indexes and a simple arithmetic average index of all commodities.

The data source is Hundred-year Statistics for Wholesale Price Indexes in Japan, issued by the Research and Statistics Department at the Bank of Japan.

Tokyo Wholesale Price Index on 1933 Base

The Tokyo Wholesale Price Index with a base of October 1900 continued to be compiled even after World War I. However, subsequent industrial developments had already necessitated revisions in the commodity items covered due to changes in categories of traded commodities, including the introduction of rayon and various other new products. At the same time, rapid progress had occurred in research into the theory of index numbers. Given these developments, the Bank of Japan compiled an index with a base of 1933, publicly introducing this system in December 1936. Under the new system, the number of selected commodity items nearly doubled to 110, while ten indexes were compiled by commodity group, in addition to individual commodity indexes and an all-commodity index. A new weighted arithmetic average method based on fixed weights as of the base year - the Laspeyres Index - replaced the previously-used simple arithmetic average method.

The data source is Hundred-year Statistics for Wholesale Price Indexes in Japan, issued by the Research and Statistics Department at the Bank of Japan.

The Tokyo Retail Price Index

The Tokyo Retail Price Index began with the Tokyo Retail Market-Price Survey, first prepared in 1904 as internal data for use by the Bank of Japan. This study was intended primarily to ascertain overall changes in the level of prices charged by retailers in Tokyo at the product-sale stage. In January 1922, the BOJ began releasing this data as the Tokyo Retail Price Index. The BOJ continued preparing and releasing the Tokyo Retail Price Index through April 1968.

Tokyo Retail Price Index on July 1914 Base

This index, based on July 1914 figures, was first announced in January 1922 in response to price fluctuations following the First World War. In addition to indexes of prices of 100 individual items, commodity group indexes and an average index for all items are calculated using a simple arithmetic average.

Data sources are the Tokyo Retail Market-Price Survey and the Tokyo Retail Price Index Record, both of which are stored in Bank of Japan Archives.

Index of Service Charges(Tokyo) on 1934-1936 Base

For the primary purpose of detecting trends in levels of service charges in Tokyo, the Bank of Japan created the Index of Service Charges (Tokyo) for the years 1926 and beyond, based on 1933 prices. One characteristic of this index is that it covers service transactions not primarily involving the exchange of goods. It indexes 17 charges (electric lighting charges, gas charges, water charges, postal charges, telephone charges, telegraph charges, rail fares, rail freight fares, tramcar fares, bus fares, newspaper charges, radio and television charges, movie admissions, public-bath admissions, hairdressing charges, cleaning charges, and lodging charges) by dividing average monthly charges obtained from survey subjects in Tokyo by the base price for each. No aggregate average index is calculated.

The data source is Index of Service Charges on 1934-1936 Base, from the Bank of Japan Archives. This section provides the index revised to 1934-1936 base.

4.Employment and Wages

Indexes of Employment and Wages in Private Factories (Japan proper)

This database provides Indexes of Employment and Wages in Private Factories (in Japan proper, excluding its colonies) from January 1926 to August 1939: General Indexes, Indexes by Gender, Indexes by District, and Indexes in Chief Industries. The indexes are calculated with monthly average value during 1926 as the base and with a base value of 100.

Employment denotes the total number of employees in the factories surveyed at the end of the month. As for Wages, two indexes are shown: Wage Rates and Earnings. The former index signifies basic wages for a given period of time in the factories surveyed, while the latter is pay per day derived from the total pay of wages and allowances (year-end and seasonal bonuses excluded) actually provided by the factory employers divided by the number of employed actually working in the factories. Earnings, therefore, vary depending on the length of working hours.

The source of this data is the “Bank of Japan Labor Statistics” published by the Research Department of the Bank of Japan in 1940. Some figures with suspected typographical errors, however, have been replaced with those in “Economic Statistics of Japan” (Research Department of the Bank of Japan).