But even in these cases, capital, asset quality and profitability remain very sound. The money market is functioning more smoothly than it was six months ago, with short-term interbank spreads relative to official interest rates down a little. There are also signs that the securitisation market, which effectively closed late last year, is moving closer to re-opening.
Next, I will explain what has occurred as a result of these monetary easing measures, as well as the problems with them. II. Consequences of the monetary policy shift  Trends in production, consumption, and investment First, I will talk about trends in production, consumption, and investment over the period of around two and a half years since the introduction of QQE.