Let me address this first. The initial claim that I replied to was that 'low interest were causing loans to be inaccessible'. That claim just doesn't make sense. I'm comfortable my claim that low interest rates makes loans more accessible is correct.

Beyond that narrow claim I'm not nearly as certain.

So why are there fewer new businesses if it is not financing?

Now this is an interesting question and one I don't know the answer to (and I haven't seen an answer too). That might make a good Phd thesis. A SWAG would be that its got to do with suppressed aggregate demand. I don't know if the data exists for Japan in the 1990's but would give you one data point. It kinda of makes sense that new business formation would slow during stagnant growth ... but the opposite could be true. People could be forced to start businesses because the conventional career path is less attractive. Anyway, I have to put this in the 'I don't know' category for me.