Therefore, it is not certain whether the natural rate of interest has turned negative on a permanent basis. In  BIS central bankers’ speeches  7  addition, Saito et al.
In view of this, the underlying tone of private banks’ lending remains sluggish. Issuance of corporate bonds and CPs has been steady. Money stock (M2 + CDs) grew faster in July compared with the previous month on a year-on-year basis. In this financial environment, the lending attitude of financial institutions is perceived by firms as less severe, and corporate financing conditions are easing.