Companies whose shares are in the doldrums cannot turn to the stock market for cheap capital.

These savings are then available as cheap capital for industry.

If rates rise significantly, a big source of that cheap capital may dry up.

The effect of apparently cheap capital was not as simple as it might appear.

Thanks to these accounts, Japanese industry had ready access for many years to a vast reserve of cheap capital.

Some wonder how long the trend, spurred by cheap capital on open markets, can continue.

With increasing competition and the continuing availability of cheap capital, prices are rising.

Second, investors must respond to cheaper capital by investing more.

Moreover, the days of easy access to cheap capital for Japanese companies are clearly over.

Now many are finding that their access to cheap capital is being painfully squeezed as well.