The difference is mainly due to the fact that, in Germany, only 20% to 25% of equities are held by households. The volume of total shares outstanding in relation to GDP is well below the US figure. Second, I would like to point to the fact that a decline in equity prices also has an effect on corporate finance.
As I have explained so far, improvements have been seen in a number of indicators since the introduction of QQE; thus, I can hardly believe the claim that Japan's economy would have improved even without QQE.