Including software and R&D investments and excluding land purchasing expenses (R&D investment is not included before the March 2017 survey). There is a discontinuity in the data in December 2009 due to a change in the survey sample. 4 Sources: Ministry of Finance; Bank of Japan. Chart 5  I.
Part of the inertia may have to do with the initial days of the IBC; but part of it was also the typical (and severe) agency and moral hazard problems of not resolving NPAs when the banking sector is majorly government-owned. 8.