Second, in response to the plunge in demand, prompt economic stimulus measures also from the fiscal front have been carried out. A typical example was the policy to enhance purchases of new automobiles implemented in many countries. And third, as a result of the private firms' significant cutbacks in production, inventory adjustments have progressed at a rapid pace.
Finally, the introduction of the so-called deferred-amortisation loans has meant that the homeowners' debt service can be limited to interest payments for a number of years. In other words, deferred-amortisation loans represent an easier way of achieving the same results as with supplementary mortgage credit. The gradual liberalisation has made it easier for existing homeowners to weather situations of financial tightness.