Looking at the developments thereafter, supply-side constraints were removed at a pace faster than expected and, around the summer, economic activity almost recovered to the pre-quake level. Together with the restoration of damaged facilities, firms made various efforts and attempts, including producing in alternative facilities at home and abroad as well as ensuring parts procurement from alternative sources.
Where firms and individuals take and demonstrate enhanced responsibility for customer and client outcomes, we can focus more on outcomes-based supervisory engagement, underpinned by clarity as to accountabilities. The fourth theme of our strategy is being an open and engaged regulator.