9  Capital Input: Capital Stock Accumulation through Business Fixed Investment The next issue is capital input. One of the reasons for prolonged low growth after a major crisis is that the accumulation of the necessary capital stock is hampered.
That is, in the aftermath of a crisis in which corporate profits deteriorate, economic uncertainties increase, and the funding environment worsens, business fixed investment will be constrained excessively, and firms' continuing cautious stance will lead to prolonged stagnation in capital accumulation. Let us look at the past business fixed investment stance of firms in Japan (Chart 11).