The left panel in Slide 14 shows that Japan's yield curve generally stays lower than those in the United States and Germany. A comparison with the German  6  yield curve reveals that, while shorter rates are lower in Germany, long-term rates are kept lower in Japan than in Germany. The right panel compares 10-year bond yields in the major economies.
It is mainly due to the fact that in services competition is relatively limited, unlike in industry, which is much more exposed to the challenges of globalisation. An excess of regulatory obstacles and a variety of barriers impede free competition and the completion of the Single Market in services, including segments of the market for financial services.