Moreover, this hampered the accumulation of capital stock and innovation, and became one of the factors that lowered Japan's growth potential. 5  A remarkable change in this situation was observed after the introduction of QQE in 2013 (Chart 7). To begin with, corporate profits have improved clearly.
As we discussed these issues with the officials in the United Kingdom who oversee and regulate LIBOR, we also became aware that they were receiving a steady stream of requests, and sometimes demands, from banks seeking to leave the LIBOR panels.