What forms can flight from money take?

When central banks build up large portfolios of risky assets, trust in the value of money can decline, and this can lead to a "flight from money". What forms can the flight from money take? Purchase of risk-free assets (government bonds); Purchase of "real assets" (equities, real estate); Purchase of foreign currencies. In the first case, long-term interest rates fall sharply ; in the second case, share prices and real estate prices rise ; in the third case, the currency depreciates . We examine whether there has been a flight from money, and what form it has taken, in the cases of Switzerland and Japan, countries where the central bank's balance sheet has become very large, and where its assets entail major risks. We find that there have been: In Switzerland and Japan, purchases of risk-free assets and real assets; Only in Japan, purchases of foreign currency assets.