After the Bank of Japan (Japanese central bank) introduced unprecedented monetary policy in March 2011, it continuously conducted aggressive monetary policy to boost the economy. Moreover, it started to conduct stronger monetary policy in January 2013. It planned to double the monetary base to combat deflation and promote economic growth. The effectiveness of this large and unprecedented monetary base rule, which is not interest rate as used in traditional monetary policies targeted to boost the economy, has received much attention not only in Japan but also all over the world. This article empirically examines whether or not this monetary base rule would have achieved stock price rising in Japan. The results show no relationship between stock prices and monetary policy. The effect of monetary base expansion on Japanese stock prices was not found. Stock prices and exchange rates in the United States, on the other hand, have had significant effects on Japanese stock prices.