Source: OECD, "OECD Science, Technology and Industry Scoreboard 2017," November 2017. Chart 15  Household Financial Assets International Comparisons (as of end-March 2022)  Japan 2,200  100 %  tril.
So in a number of cases, that was the binding constraint, not the increased liquidity cost of funding inventory or the leverage ratio. The example of dealer inventories of fixed income is reflected in a number of areas of the market. It has often been the self-imposed limit which has been the binding constraint.