On the other hand, stock prices once rose soon after the monetary easing in March but have continuously declined after May, reflecting deterioration in economic activities in general and corporate profits in particular. Stock prices did not respond to the monetary policy change in August.
Looking at foreign exchange rates, against the background of the more than expected slowdown of the US economy, the yen has not depreciated in comparison to the March level. Corporate financing in capital markets The third issue is the effect of a current account balance increase on the corporate financing environment in capital markets such as the CP and corporate bond markets.