percentage points over the medium term, but the rise is partly offset by higher demand for safe assets amid population aging and …

the highest among the G7 countries, at least until 2000, household assets were also high in Japan, as a result of which … sharp increase over time in both household assets and household net worth, at least until 1990. It is not clear whether the …-cultural factors, but it appears that long-term trends over time in household assets, liabilities, and net worth in Japan can be …

of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets … substitute for conventional interest-rate policy, but purchases of illiquid assets are particularly likely to improve welfare …