I should emphasize that what I am going to show you here is only a tentative empirical result. For an outline of an analytical method used here and the details of empirical results, please see the appendix. In the basic models, production, the monetary base, stock prices, the foreign exchange rate, and the inflation rate were used. For analysis, I used three sample periods.
First, March 2001 to March 2006, when the QE policy was implemented. Second, March 2001 to March 2007, extending the period for one year. And third, March 2002 to March 2007, shortening the second period by one year. The second period took into account the possibility that the easing effect would increase as the exit approached.