It made a transition to stable growth, triggered by the oil shocks, but was on a constant growth path until a bubble burst at the beginning of the 1990s. After the burst of a bubble, things changed completely and the average growth rate declined substantially to around 1.5 percent in the 1990s and around 0.5 percent in the 2000s.
The history of securities markets developed in tandem with such a long-term trend in the real economy. During the high growth period, firms’ buoyant fund demand was mainly supported by indirect finance.