200111
1
2
MMF 984 MMF 20016 3.7 1.3 MMF MMF 3
ETF 20017 225 TOPIX S&P/TOPIX150 8 ETF 200010 ETF 3,000 ETF 2001111 4
9812 5 5
6
9812 7
20013 2 8
9
9812 98 10
91 3,288 3 2000 2,309 90 15.3 4 2000 9.4 90 1 11
1997 97 10 98 4 7 10 99 4 00 4 01 3 01 4 00 10 SBCM SMBC 01 7 UFJ 12
12 34 6 10 2000 13
5,000 984 2000 14
250 2000 60 70 60 3,000,000 2,500,000 50 40 30 20 2,000,000 1,500,000 1,000,000 10 500,000 0 1998.6 9 12 99.3 6 9 12 00.3 6 9 12 01.3 6 9 0 15
20019 5 3 30 16
9712 98 12 96 97 98 99 00 01 17
18
9911 2000 6 2000 3 164 2001 8 19
20
80 90 200110 300 2001 10 21
99 90 NYSE 22
20019 2,129 2001 9 23
24
90 25
1,440 20016 8 10% FRB Flow of Fund Accounts 20016 26
60 % 50 40 30 20 10 0 1955 1960 1965 1970 1975 1980 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 27