20 Prices This chapter covers price indices, prices of goods, services and land. The section on price indices contains domestic corporate prices, export and import prices, agricultural prices, consumer prices, etc. The section on prices contains retail prices and land prices. The year for the base and weights of the present series is 2020. The Corporate Goods Price Index consists of basic grouping indices and reference indices. The basic grouping indices consist of three indices: Producer Price Index, Export Price Index and Import Price Index. These indices are firstly calculated by transforming price of individual goods into indices and, secondly, by consolidating them into a single index by the "Laspeyres-type formula with fixed weights", which means to add up the indices using corresponding weights at the base year. Producer Price Index The index reflects prices of corporate goods that are produced domestically for domestic consumption at the shipping stage from producers. Regarding the weight calculation, the average value of 2019 shipments to domestic market (deducing the export value of 2019 in the Trade Statistics of Japan from the value of shipments in the Census of Manufacture 2019) and 2020 shipments to domestic market (deducing the export value of 2020 in the Trade Statistics of Japan from the value of 2020 shipments estimated by using the percent change from the previous year in dynamic statistics such as the Current Survey of Production, based on the value of shipments in the Census of Manufacture 2019) is used. In cases where the transaction values cannot be calculated from the above data sources (e.g. non-manufacturing products), the Bank uses other statistics published by government agencies or industry organisations accordingly. Number of commodities used for the index is 515, and the prices include the consumption tax. Corporate Goods Price Index The Corporate Goods Price Index, which is compiled monthly by the Bank of Japan, is aimed to grasp demand and supply conditions of commodities and to provide materials for judging business conditions and for formulating monetary policy, by collecting trading prices of commodities traded among enterprises. Export Price Index, Import Price Index The Export Price Index is based, as a principle, on the FOB (free on board) prices, that are the prices of export goods at the time of shipping from Japan, and the Import Price Index is based, as a principle, on the CIF (cost, insurance and freight) prices. The indices are compiled both on a yen basis and a contract currency basis. The weights were calculated using the value of exports from the Foreign Trade Statistics released by the Ministry of Finance for the base year and the average value of imports in 2019 and 2020. Numbers of commodities used for the indices are 184 for export and 210 for import. Index by Stage of Demand and Use The Index by Stage of Demand and Use is compiled by recombining the basic grouping indices, focusing at various stages of demand or uses of goods. It is used for analysing price fluctuations from various aspects such as the analysis of ripple effects of price changes. The index is compiled on a consumption tax free basis. It will be abolished from the 2020 base year. Service Producer Price Index This index measures the change in prices of services traded among companies. This index is used to grasp the conditions of supply and demand of services by summarising the prices of services traded among companies, and to provide basic information for analysing business trend and for the decision of monetary policy. The 20 Prices 471
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