As such, under the circumstances where the credit creation function  2  BIS Review 68/2001  of financial institutions is inactive, economic activity cannot be robust, as evidenced by nominal GDP growth of only 0.6% a year and the Consumer Price Index being almost flat.
Such figures illustrate the fact that even if the Bank of Japan provides ample liquidity to the market and guides nominal interest rates to an extremely low level of virtually zero percent, such action itself cannot lift economic activity.