In the 1990s and early 21st century Japan was struggling with deflation and used a policy known as quantitative easing, which is establishing a zero interest rate and also injecting reserves into the banking system and a rapid pace.

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Quantitative easing (QE) is a monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective. Japan, facing deflation and economic stagnation in the 1990s and early 2000s, adopted QE, which involved setting interest rates at or near zero and increasing the money supply by buying government securities and other financial assets to inject liquidity into the banking system.

In the 1990s and Early 21st Century Japan Was Struggling