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June 29, 2018
Research and Statistics Department
Bank of Japan
The Bank of Japan has started a full-scale development of the "Wholesale Services Price Index (WSPI)," intending to launch the index in mid-2019.
The transaction amount of wholesale services accounts for the largest portion of that of services not incorporated in Japan's "Services Producer Price Index (SPPI)," produced and published every month by the Research and Statistics Department of the Bank of Japan. Therefore, the Bank had conducted the experimental survey for the WSPI since 2014 to accumulate practical know-how. The Bank's new step also responds to the recent increasing needs of service sector's statistical development for improving the accuracy of the GDP statistics in Japan.
This paper explains the methodology of compiling the WSPI (subject to change as the WSPI is currently under development), and provides a preview of the Japanese WSPI compiled by using data provided by cooperating companies as of May 2018.
price index, wholesale service, GDP, statistical reform in Japan
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