Despite such a practical limit, there would be no problem if liquidity reached corporations which reside outside the financial markets and contributed to rejuvenating economic activity, but regrettably this has not been the case so far. Let me quote some plain numbers which typically illustrate this.
In the last five years, current account deposits which private financial institutions hold with the Bank of Japan increased 12% on an annualized basis. The expectation here is that developments in such accounts affect the credit creation function of financial institutions. Monetary base, which is the sum of Bank of Japan current accounts and banknotes issued, increased as high as 8% a year.