In what follows, I talk about the roles both direct and indirect financing are expected to play in terms of firms' fund raising. D. Expected Roles for Direct Financing First, let me talk about direct financing, in which firms issue stocks to raise funds directly.
As of the end of September 2020, Japanese households held about 1,900 trillion yen in financial assets, of which about 1,000 trillion yen was in cash and deposits and about 500 trillion yen  9  was in insurance and pension plans.