In response to the global financial crisis, which exerted a significantly negative impact on the global economy, the United States and Europe counteracted this shock with monetary easing that pushed down the policy interest rates by 4 to 5 percentage points to around 0 percent.
On that occasion, although Japan also reduced the policy interest rate to around 0 percent, as the United States and Europe did, it was only able to exert limited monetary easing effects of 0.5 percentage point. As you remember, the real GDP in Japan dropped more significantly than that in Europe and in the United States, the epicenter of the crisis.