This paper examines the reason why cash holdings are promoted in Japan. In Japan, an unconventional monetary policy started in 2001, and capital movements from cash to risky assets should have occurred. However, such phenomenons have not occurred strongly. Both short- and long-term interest rates have still impacts on currency holdings. All of the sample periods in this study are extraordinary low or almost zero interest rates ones. However, currency holdings are still related to interest rates. On the other hand, stock prices and exchange rates are not significantly associated with currency holdings. However, convertible bond (CB) is related to currency holdings significantly in some periods. Finally, the day when monetary policies are conducted does not impact currency holdings at least on the short-term (i.e., on the same day). Market participants would accept these policies in a calm manner.