Based on previously formulated emergency procedure, the Bank of Japan immediately set up a disaster management team with me as head. This task was completed 14 minutes after the earthquake struck. The most important thing for a central bank during a crisis is to ensure the stability of settlement systems and financial markets.
The Bank of Japan Financial Network System, or BOJ-NET – Japan’s core settlement system for funds and government securities – has been operating without any problems the entire time since the earthquake struck.