11th Feb 2026
Edinburgh Institute of Diplomacy and Economic Briefings-memo series
despite the surge in NIKKEI225, Japanese people don't benefit from the wealth effect, which is totally different from people in America.
substantial wage moves in a negative range with consumer sentiment still pessimistic.
plunge in spending on nondurable goods illustrates this point.
Consumer spending accounts for 60% of GDP of both countries, but average propensity to consume differs around 20%, which also demonstrates the reason behind Japanese stagnant economy.
<Re:consumer sentiment (消費活動指数）--Bank of Japan>
・耐久財（durable goods)
非耐久財（Nondurable goods)
サービス（Service)
cai.pdf https://lnkd.in/gthd3AcX
<Re:household financial assets and the wealth effect of both coutries-Tokyo Stock Exchange or 東証マネ部>
日（Japan) 米（America) 家計金融資産（household financial asset) リターン（Retun) 円（JPY) ドル（USD) 株式（Equity) 保険（Insurance) 債券（Bond) 現金（Cash)
預金（Deposit) 年金（Pension) 投信（Investment trust)
