For example, at present the required reserves for financial institutions amount to some 4 trillion yen per day, but the Bank has been providing more liquidity than the required amount. Recently, we offered to supply funds to the market through our daily operations, but there was not enough demand.
The Bank tried to provide additional liquidity, but the market responded “enough.” This evidences, in our view, the abundance of liquidity in the market. Another example. For the past three years, money supply has increased by 60 trillion yen, which is more than ten times the 5 trillion yen increase in nominal GDP.