Japan BOJ Household Inflation Expectations
Households' perception of price changes over the past year and their price outlook one and five years ahead, including the average and median expected inflation rate, views on land prices, Japan's growth potential and the price stability target.
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Present Price Levels Compared with One Year Ago5 | ||||||||||||||
| Have gone up significantly | 68.5 | 68.3 | 70 | 69.4 | 75.3 | 73.7 | 69.2 | 63.8 | 65.8 | 62 | 65.6 | 68.4 | 66.3 | |
| Have gone up slightly | 26.8 | 26.7 | 25.2 | 25.4 | 20.8 | 22.4 | 25.9 | 30.9 | 29.2 | 32.4 | 29.4 | 27.1 | 29.2 | |
| Have been almost unchanged | 2.7 | 3.2 | 2.8 | 3 | 1.7 | 2.2 | 3.4 | 3.3 | 3.2 | 3.4 | 3.2 | 3 | 2.1 | |
| Have gone down slightly | 0.6 | 0.6 | 0.7 | 0.6 | 0.5 | 0.3 | 0.2 | 0.6 | 0.6 | 0.6 | 0.7 | 0.3 | 0.5 | |
| Have gone down significantly | 0.3 | 0.4 | 0.5 | 0.5 | 1 | 0.7 | 0.7 | 0.4 | 0.5 | 0.3 | 0.3 | 0.3 | 0.5 | |
| Opinions of the Price Rise3 | ||||||||||||||
| Rather favorable | 2.8 | 2.9 | 3.3 | 2.7 | 2.6 | 2.5 | 2.9 | 3.3 | 3.1 | 4.6 | 3.6 | 3.7 | 2.8 | |
| Rather unfavorable | 86.2 | 85.1 | 85.8 | 85.9 | 87.4 | 86 | 86.7 | 83.6 | 84.3 | 81 | 84.5 | 84.7 | 86 | |
| Difficult to say | 10.8 | 11.7 | 10.5 | 11.2 | 9.8 | 11.3 | 10 | 13 | 12 | 13.9 | 11.6 | 11.3 | 10.8 | |
| Opinions of the Price Decline3 | ||||||||||||||
| Rather favorable | 20 | 28.6 | 7.7 | 9.5 | 3.2 | 9.5 | 0 | 18.2 | 13.6 | 16.7 | 9.1 | 0 | 18.2 | |
| Rather unfavorable | 55 | 47.6 | 61.5 | 61.9 | 51.6 | 47.6 | 52.6 | 45.5 | 27.3 | 38.9 | 68.2 | 64.3 | 54.5 | |
| Difficult to say | 15 | 14.3 | 19.2 | 19 | 12.9 | 9.5 | 15.8 | 18.2 | 22.7 | 33.3 | 18.2 | 7.1 | 13.6 | |
| Present Price Levels Compared with One Year Ago (Specific Figures)2 | ||||||||||||||
| Average | 16.5 | 17.3 | 17.8 | 16.9 | 19.5 | 19.1 | 17 | 14.5 | 15.7 | 14.2 | 16.1 | 15 | 14.7 | |
| Median | 10 | 10 | 15 | 10 | 15 | 15 | 12.5 | 10 | 10 | 10 | 10 | 10 | 10 | |
| Outlook for Price Levels One Year from Now5 | ||||||||||||||
| Will go up significantly | 40.5 | 29.2 | 28.2 | 32.1 | 33.4 | 33 | 31.1 | 25.5 | 33.1 | 24.3 | 23 | 31.6 | 28.2 | |
| Will go up slightly | 49.9 | 54.5 | 57.8 | 55.9 | 51.7 | 53.7 | 54.6 | 60.1 | 54.4 | 59 | 56.3 | 55.2 | 58.1 | |
| Will be almost unchanged | 6.7 | 12.4 | 11.1 | 9.3 | 11.8 | 10.4 | 10.8 | 11.5 | 10.2 | 14 | 17.1 | 9.9 | 10.5 | |
| Will go down slightly | 1.5 | 2.7 | 1.9 | 1.2 | 1.7 | 1.5 | 2 | 1.8 | 1.5 | 1.5 | 2.4 | 1.9 | 1.8 | |
| Will go down significantly | 0 | 0.3 | 0.1 | 0.4 | 0.3 | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 | 0 | 0.2 | 0.1 | |
| Outlook for Price Levels One Year from Now (Specific Figures)2 | ||||||||||||||
| Average | 13.1 | 11.4 | 11.6 | 11.9 | 12.8 | 12.2 | 11.5 | 10 | 11.5 | 9.4 | 10 | 10.7 | 10.5 | |
| Median | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 8 | 10 | 5 | 8 | 10 | 10 | |
| Outlook for Price Levels over the Next Five Years5 | ||||||||||||||
| Will go up significantly | 51.3 | 46 | 45.7 | 48.6 | 43.3 | 44.3 | 45.8 | 41.5 | 44.6 | 40.5 | 34.5 | 38.7 | 37.1 | |
| Will go up slightly | 34.8 | 36.6 | 37.3 | 36.2 | 39.8 | 39.2 | 36.7 | 42.1 | 37.4 | 40.1 | 42 | 42 | 41.9 | |
| Will be almost unchanged | 9 | 11.5 | 10.8 | 9.8 | 10.5 | 11.3 | 11 | 10 | 11.6 | 12.5 | 14.9 | 11.8 | 13.6 | |
| Will go down slightly | 2.6 | 4.1 | 4.4 | 2.9 | 4.1 | 3.1 | 4 | 4.5 | 4.5 | 4.5 | 6.2 | 5.7 | 4.8 | |
| Will go down significantly | 0.4 | 0.4 | 0.5 | 0.2 | 0.7 | 0.4 | 0.3 | 0.2 | 0.4 | 0.4 | 0.3 | 0.2 | 0.4 | |
| Reason(s) for Considering That Prices Will Go Up over the Next Five Years5 | ||||||||||||||
| Prices have gone up recently | 82.2 | 78.1 | 79.9 | 81.6 | 82.5 | 81.7 | 81.7 | 76.5 | 80.9 | 78.6 | 76.5 | 79.3 | 79.8 | |
| The present price levels are too low | 3.8 | 3.6 | 4.2 | 4.3 | 4.2 | 5.8 | 4.6 | 6 | 7 | 6 | 6.2 | 5.8 | 6.5 | |
| Prices should go up in the medium to long term | 35.4 | 35.9 | 37.1 | 36 | 37 | 33.1 | 35.4 | 36.5 | 33.3 | 34.5 | 35.1 | 30.7 | 35.1 | |
| Economic conditions will improve over the same period | 6 | 9.7 | 9.9 | 7.1 | 5.8 | 8.6 | 7.8 | 10 | 9.9 | 13.5 | 9.4 | 8.2 | 10.6 | |
| Other | 8.3 | 7.6 | 6.1 | 6.1 | 6.8 | 6.8 | 6.3 | 6 | 5.8 | 6.2 | 7.7 | 7.6 | 6.7 | |
| Reason(s) for Considering That Prices Will Go Down over the Next Five Years5 | ||||||||||||||
| Prices have gone down recently | 1.7 | 5.5 | 3 | 1.6 | 0 | 1.4 | 4.3 | 2 | 1.9 | 4.1 | 4.4 | 1.7 | 2.8 | |
| The present price levels are too high | 73.3 | 71.4 | 77.8 | 80.3 | 74 | 75.3 | 67.4 | 68.6 | 66.7 | 66 | 68.9 | 74.8 | 66.1 | |
| Prices should go down in the medium to long term | 23.3 | 17.6 | 23.2 | 19.7 | 14.6 | 15.1 | 16.3 | 28.4 | 15.2 | 17.5 | 20.7 | 21 | 24.8 | |
| Economic conditions will worsen over the same period | 25 | 20.9 | 10.1 | 34.4 | 15.6 | 11 | 20.7 | 12.7 | 16.2 | 26.8 | 20 | 16 | 23.9 | |
| Other | 13.3 | 9.9 | 7.1 | 8.2 | 11.5 | 9.6 | 7.6 | 6.9 | 6.7 | 9.3 | 5.2 | 11.8 | 5.5 | |
| Outlook for Price Levels over the Next Five Years (Specific Figures)2 | ||||||||||||||
| Average | 10.8 | 10.3 | 9.8 | 10 | 9.9 | 9.6 | 9.2 | 7.9 | 8.7 | 7.5 | 7.6 | 8 | 7.5 | |
| Median | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |
| Outlook for Land Prices4 | ||||||||||||||
| Will go up | 54.4 | 53.7 | 55.6 | 48.6 | 47.8 | 45.8 | 45.1 | 42.5 | 45.3 | 43.4 | 40.4 | 37.8 | 38.4 | |
| Will remain the same | 29.9 | 29.8 | 29.5 | 33.2 | 32.8 | 34.1 | 33.7 | 34.5 | 34.7 | 33.8 | 35.4 | 37.8 | 38.2 | |
| Will go down | 13.3 | 14.1 | 13.5 | 15.7 | 16.8 | 17.6 | 19 | 20.5 | 17.4 | 19.9 | 21.5 | 21.7 | 20.8 | |
| D.I. | 41.1 | 39.6 | 42.1 | 32.9 | 31 | 28.2 | 26.1 | 22 | 27.9 | 23.5 | 18.9 | 16.1 | 17.6 | |
| Perception of the Japanese Economy's Growth Potential4 | ||||||||||||||
| Has greater potential to grow compared to the current level of growth | 5.3 | 7.9 | 6.1 | 3.4 | 2.7 | 2.9 | 3.1 | 3.3 | 3.5 | 3.8 | 2.7 | 3.3 | 2.6 | |
| Has potential to grow at about the current level of growth | 48.3 | 50.9 | 49.1 | 40.5 | 37.5 | 41.5 | 41.4 | 46 | 41.8 | 44 | 40 | 41.3 | 41.6 | |
| Has less potential to grow compared to the current level of growth | 44.7 | 39.4 | 43.5 | 54.4 | 58.6 | 53.8 | 54 | 49.1 | 53 | 50.4 | 55.9 | 53.7 | 53.8 | |
| D.I. | -39.4 | -31.5 | -37.4 | -51 | -55.9 | -50.9 | -50.9 | -45.8 | -49.5 | -46.6 | -53.2 | -50.4 | -51.2 | |
| Outlook for Household Circumstances over the Next Five Years4 | ||||||||||||||
| Will improve | 7.7 | 9.8 | 8 | 5.7 | 5.6 | 5.8 | 6.7 | 6.6 | 7.7 | 7.7 | 6.3 | 5.8 | 6.3 | |
| Will remain almost the same | 54.4 | 55.7 | 54.6 | 55.3 | 53 | 54.9 | 54.2 | 55.9 | 52.8 | 56.8 | 54.5 | 54.6 | 55.3 | |
| Will worsen | 36.5 | 33.6 | 36.6 | 37.9 | 40.5 | 38.3 | 38.1 | 36.3 | 38.2 | 34.1 | 38.2 | 38.3 | 37.2 | |
| D.I. | -28.8 | -23.8 | -28.6 | -32.2 | -34.9 | -32.5 | -31.4 | -29.7 | -30.5 | -26.4 | -31.9 | -32.5 | -30.9 | |
| Concerns regarding Employment and Working Conditions (All Respondents)3 | ||||||||||||||
| Not particularly | 23.9 | 25.2 | 24.3 | 25.3 | 22.8 | 26.1 | 25.1 | 24.7 | 23.6 | 24.1 | 24.3 | 21.5 | 23.6 | |
| Slightly | 46.3 | 44.8 | 45.2 | 42.4 | 45.3 | 44.1 | 44.9 | 45.1 | 43.7 | 46.5 | 45.2 | 45.2 | 45.5 | |
| Quite | 26.4 | 26.2 | 27.5 | 29 | 28.7 | 26.7 | 27 | 27.4 | 29.6 | 26.1 | 27.6 | 29.3 | 27.9 | |
| Concerns regarding Employment and Working Conditions (Workers [Note 6])3 | ||||||||||||||
| Not particularly | 25.4 | 28.2 | 25.6 | 25.2 | 24.2 | 27.4 | 27.4 | 26.2 | 24.7 | 25 | 24.9 | 22 | 24.8 | |
| Slightly | 46.2 | 43.7 | 45.2 | 43.8 | 44.9 | 44.3 | 44.2 | 44.8 | 44.5 | 48.2 | 45.2 | 46.9 | 44.9 | |
| Quite | 27.6 | 27.9 | 28.9 | 30.4 | 30.7 | 28.1 | 28.1 | 28.4 | 30 | 26.6 | 29.6 | 30.7 | 29.7 |
Latest reading
Median stood at 10% in Q2 2026. That is unchanged from Q1 2026 and unchanged from a year earlier. The series on this page is quarterly and runs from Q2 2006 to Q2 2026.
- Latest
- 10%
- Q2 2026
- vs previous period
- 0.0 pp
- Q1 2026
- vs a year earlier
- 0.0 pp
About this data
Households' perception of price changes over the past year and their price outlook one and five years ahead, including the average and median expected inflation rate, views on land prices, Japan's growth potential and the price stability target. Quarterly survey of about 4,000 individuals aged 20 or over across Japan, conducted by the Bank of Japan in March, June, September and December; shares of respondents in percent (reasons allow multiple answers), diffusion indices in percentage points. Continuous series from June 2006 (26th survey). Source: Bank of Japan, Opinion Survey on the General Public's Views and Behavior.
