The depressed capital markets seemed to have played a role inasmuch as there has to be some balance between debt and equity. Equity raised by the corporates was significantly lower in 1996-97 than in 1995-96.
In that regard, the Bank of Japan was the first to experience a financial crisis, and, thus, was the first to employ unprecedented measures. Since the late 1990s, the Bank of Japan has been moving aggressively as a lender of last resort, including the funds provision to the securities firm.