There are certainly question marks as how strong these effects are in the euro area. We do not have precedents and therefore empirical data for an economy such as ours, which has a different financial structure from the US or Japan. But there is no question as to the sign of the effects – it is clearly positive.
As a result, the amount outstanding of net borrowings -- calculated by subtracting deposits from borrowings -- decreased from about 210 trillion yen to about 168 trillion yen.