We have a list of such private attempts, with the fate of the M-LEC among them, as well as the Cooperative Credit Purchase Corporation in Japan in 1993. At the same time, it becomes increasingly difficult and costly for financial institutions with troubled assets to raise capital once the market becomes suspicious.
Thus, Japan’s economy was deprived of vitality and this generated a vicious cycle in which the low vitality made it more difficult to overcome deflation. Due to its long persistence, deflation has become a challenge that is more and more difficult to overcome.