(xv)  E-banking: There is a big surge among the banks including NCBs to upgrade their technology and on-line banking services. During the last three years there has been a large expansion in the ATMs and at present about 700 ATMs are working throughout the country.
In the past, the Bank of Japan (BoJ) took a variety of initiatives, including the adoption of unconventional measures ahead of other central banks, such as a zero interest rate policy, quantitative easing, and – in the latest wording – forward guidance. Nevertheless, while those policies were effective in terms of stimulating economic activity, they could not change people’s persistent deflationary expectations.