VCs are not legal tender and are not backed by a central bank. Moreover, their prices are too volatile to establish a reference value. But the lack of acceptance as a unit of account is also down to the third function of money – being a store of value. VCs exhibit wild fluctuations in value.
Furthermore, the continued decline in wages and the recent appreciation of the yen may exert downward pressure on prices. Hence, prices are likely to be on a downtrend for some time. In the financial markets, responding to the further monetary easing by the Bank of Japan on September 9, short-term interest rates declined as a whole after mid-September.