18  19  -20 CY12  "Unfavorable"  13  14  15  16  17  18  19  4  Chart 5  I. Economic Developments  BOJ's Forecasts of Real GDP (April 2019 Outlook Report) 560  s.a., ann., tril.
A wide literature (I have in mind for example a very recent piece of empirical research by Langfield and Pagano, 2015), shows that economic growth tends to be lower in economies with a bank-based financial structure, particularly at times of falling asset prices, and systemic risk to be higher. A “bank bias”, as L&P dub it, is bad, in any circumstance.