A range of factors have been pointed to regarding the slow emergence of the J-curve effects; namely, cyclical factors such as the sluggishness in emerging economies and structural factors such as the increase in the relocation of production overseas by Japanese manufacturers.
The medium-term objective at present is to make the call and term money market purely inter-bank market for banks, while non-bank participants, who are not subject to reserve requirements, can have free access to other money market instruments and operate through repos in a variety of instruments.