As a consequence, the proportion of households that have been able to take advantage of declining rates to refinance their mortgages or to borrow to purchase new homes has probably been lower than in past recoveries. In addition, pronounced uncertainty about economic conditions has weighed on capital spending decisions and may have blunted the normal effect of lower interest rates on business investment.
Next, let us look at how nominal GDP has recovered since 2009, the trough following the outbreak of the global financial crisis in September 2008. Following the drop in 2009, Japan's nominal GDP stagnated until 2012 but then recovered from 2013, when QQE was introduced.