Yale School of Management Stock Market Confidence Indexes™

Japanese Investor Confidence Indices - Data Tables

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Japan - Crash Index Date Index Value Standard Error Oct 1989 48.55 4.25 Oct 1990 20.90 3.51 Apr 1991 44.26 4.50 Oct 1991 34.75 4.38 Apr 1992 19.19 3.96 Oct 1992 18.35 3.71 Apr 1993 33.62 4.39 Oct 1993 40.34 3.70 Apr 1994 38.61 3.87 Oct 1994 35.00 3.77 Apr 1995 24.84 3.49 Oct 1995 32.17 3.91 Apr 1996 36.55 4.00 Oct 1996 39.74 3.92 Apr 1997 25.56 3.78 Oct 1997 32.17 3.91 Apr 1998 28.33 4.11 Oct 1998 18.63 3.85 Apr 1999 27.84 4.55 Oct 1999 25.49 4.32 Apr 2000 25.97 5.00 Oct 2000 29.73 5.31 Apr 2001 33.33 5.94 Oct 2001 24.56 4.03 Dec 2001 22.81 3.93 Apr 2002 24.42 4.63 Oct 2002 33.00 4.70 Apr 2003 34.65 4.74 Oct 2003 30.68 4.92 Apr 2004 45.00 5.56 Oct 2004 48.57 5.97 Feb 2005 44.23 6.89 Aug 2005 50.00 0.00 Feb 2006 48.57 0.00

Japan - Valuation Index Date Index Value Standard Error Oct 1989 70.63 4.06 Apr 1990 29.36 4.36 Oct 1990 52.00 4.47 Apr 1991 82.05 3.55 Oct 1991 85.71 3.21 Apr 1992 76.04 4.36 Oct 1992 87.85 3.16 Apr 1993 64.55 4.56 Oct 1993 59.77 3.72 Apr 1994 67.97 3.77 Oct 1994 53.16 3.97 Apr 1995 46.71 4.05 Oct 1995 72.30 3.68 Apr 1996 79.29 3.43 Oct 1996 81.63 3.19 Apr 1997 75.74 3.68 Oct 1997 86.03 2.97 Apr 1998 74.17 4.00 Oct 1998 86.00 3.47 Apr 1999 74.19 4.53 Oct 1999 77.89 4.26 Apr 2000 66.67 5.80 Oct 2000 92.65 3.17 Apr 2001 85.00 4.61 Oct 2001 91.96 2.57 Apr 2002 87.07 3.12 Oct 2002 95.92 2.00 Dec 2002 91.95 2.92 Apr 2003 98.04 1.37 Oct 2003 90.70 3.13 Apr 2004 94.94 2.47 Oct 2004 98.61 1.37 Feb 2005 100.00 0.00 Aug 2005 100.00 0.00 Feb 2006 95.83 2.35

Japan - One-Year Index Date Index Value Standard Error Oct 1989 91.94 2.45 Apr 1990 90.00 3.00 Oct 1990 87.96 3.13 Apr 1991 97.12 1.64 Oct 1991 93.64 2.33 Apr 1992 94.68 2.31 Oct 1992 88.89 3.31 Apr 1993 93.33 2.43 Oct 1993 95.12 1.68 Apr 1994 99.31 0.69 Oct 1994 94.67 1.83 Apr 1995 86.67 2.93 Oct 1995 92.97 2.29 Apr 1996 92.19 2.37 Oct 1996 93.99 2.06 Apr 1997 93.50 2.22 Oct 1997 94.53 2.01 Apr 1998 87.72 3.07 Oct 1998 92.93 2.58 Apr 1999 88.17 3.35 Oct 1999 92.86 2.60 Apr 2000 88.89 3.70 Oct 2000 96.77 2.24 Apr 2001 90.74 3.94 Oct 2001 97.17 1.61 Dec 2001 93.94 2.40 Apr 2002 93.82 2.67 Oct 2002 93.10 2.72 Apr 2003 93.33 2.63 Oct 2003 88.75 3.53 Apr 2004 89.74 3.44 Oct 2004 95.59 2.49 Feb 2005 96.08 2.72 Aug 2005 97.95 0.00 Feb 2006 90.76 0.00

Japan - Buy-On-Dips Index Date Index Value Standard Error Oct 1989 60.82 4.96 Oct 1990 53.42 5.84 Apr 1991 49.28 6.02 Oct 1991 65.75 5.55 Apr 1992 36.21 6.31 Oct 1992 40.32 6.23 Apr 1993 57.69 5.59 Oct 1993 53.13 4.41 Apr 1994 53.47 4.96 Oct 1994 41.00 4.92 Apr 1995 52.08 5.10 Oct 1995 62.79 5.21 Apr 1996 59.80 4.85 Oct 1996 54.96 4.72 Apr 1997 55.43 5.18 Oct 1997 64.44 5.05 Apr 1998 72.60 5.22 Oct 1998 45.90 6.38 Apr 1999 63.33 6.22 Oct 1999 68.25 5.86 Apr 2000 63.64 7.25 Oct 2000 51.16 7.62 Apr 2001 39.39 8.51 Oct 2001 53.85 6.18 Dec 2001 71.01 5.46 Apr 2002 55.36 6.64 Oct 2002 50.00 6.25 Apr 2003 60.87 5.88 Oct 2003 64.41 6.23 Apr 2004 64.40 6.59 Oct 2004 74.47 6.36 Feb 2005 82.05 6.15 Aug 2005 70.00 7.24 Feb 2006 84.78 5.29