How have Japanese banks fared with zero interest rates?

The weakening of banks due to zero interest rates has given rise to much debate in the euro zone. But interest rates have been very low in Japan for 20 years: how have Japanese banks weathered this situation? We look at the change over time in the ir balance sheet structure and in their intermediation margins. We see that the profitability of Japanese banks was fairly high until 2014, after which it declined. This is explained by the structure of their balance sheets: Until 2013, they invested in bonds, with decent yields ; Since 2013, they have deposited their excess reserves at the central bank with a zero yield .