Very close plot to an all but forgotten 1960s American Sci-Fi TV series produced by Irwin Allen (Voyage To The Bottom Of The Sea, Poseidon Adventure) called Land Of The Giants
imdb.com/title/tt0062578/
It's the same premise because they're ideas based on the same thing. The OP mentioned The Borrowers as inspiration. Well The Secret World of Arrietty is based on The Borrowers. I think it's even called something like "Borrower Arrietty" in Japan as well.