Isn't that the point of the article ? They had a nice curve that didn't need to include those elements because everything else followed so they ended up with a nice equation with only money supply and interest rate in it that controlled the key to heaven.

Now they need a new model, probably one or more extra variable in the existing one. However we are at macro-economic level, that's not obvious how to put parent observation in a number.

But the Bank of Japan former director is more or less saying something like that: not all money is equal, money from saving does not trigger the same boost to the economy as money from wage. Or maybe it is just a moral stuff like they suggest too - inflation is a measure of optimism - pessimistic player money just drive inflation down.