This is brought about by the significant improvement in overall economic conditions under QQE over the last three years, further supported by the unprecedentedly accommodative financial conditions. Moreover, with regard to housing investment, demand for housing loans has been increasing.
This was confirmed by the result of the July 2016 Senior Loan Officer Opinion Survey on Bank Lending Practices at Large Japanese Banks released recently. Going forward, positive effects of the negative interest rate policy on the real economy will become more evident.