In this article, financial anxieties over the economy of Japan have been investigated. Some researchers analyzedthis anxiety using the level economic variables in TARCH model without showing time series properties. If the time series involved are nonstationary, naive application of time series analysis may yieldspurious correlation. So, an attempt has been made to recalculate the anxieties in a more optimum way over the period1976-2005. Our results are able to capture the anxieties consistent with the economic point of views. Further discussions are given for the difference of financial anxieties between all enterprises andsmall ones, focusing our attention on the public financial institutions that played the special role for small enterprises
