Notwithstanding such an official position, in the last half of the 1980s, as the call for international policy coordination necessitated the maintenance of a low interest rate environment with a view to expanding domestic demand, the Bank of Japan attempted to respond to signs of financial excesses through the tightening of window guidance.
As a result, the growth of bank lending slowed gradually, but large corporates were still able to raise funds from outside the banking sector through the issuance of bonds (Chart 6).