Investors' risk sentiment deteriorated rapidly in global financial and capital markets, and stock prices worldwide plunged, including in Japan, with their volatility increasing to a level observed for the first time since the GFC. Long-term interest rates also temporarily declined substantially, with those in the United States and Germany reaching historically low levels.
In order to address the overall risks of the  industry, and to properly risk-profile individual banks, we revised the current risk based supervision framework to take account of the current developments in the global banking environment.