The average real GDP growth fell from 5% to 4 % in the 70s and 80s to around 1% in the 90s and 2000s. This implies the expected rate of return on investment in the 2000s is low, especially for small to medium-sized firms depending on domestic demand.
In contrast, money (bank deposits) becomes relatively attractive as a store of value, given the price-stability pledge of the central bank. Ironically, this leads to an apparent breakdown of the historically-proven quantity-theoretic relationship between real activity and money stock. Moreover, not only is the policy rate very low, but so too are longer risk-free rates, judged by historical standards.