The mix of factors at work is quite a potent one, and includes again the aftermath of a period in which the financial system (among other things) did not function as it should have. Asset prices have fallen massively since the heady peak reached in the “bubble economy” period a decade or so ago.
Hence the value of collateral for bank loans has also collapsed, putting enormous strain on corporate borrowers and the financial system. The general level of prices is declining. Government finances are strained to the limit after a long sequence of fiscal packages.