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.
This means that, while a great deal of money is poured into financial institutions, not much flows directly to firms actually doing business. Funds raised through initial public offerings (IPOs) and public offerings (POs) in Japan in 2019 remained small, amounting to about 10 billion U.S. dollars, which is only one tenth of the amount raised in the United States.