Overall, Japanese banks are in stable conditions and we do not see a systemic problem in them. However, Japanese banks have sizable holdings of corporate shares and part of the unrealized gains on those share-holdings constitutes banks’ Tier II capital. Therefore, falling equity prices reduce their capital buffers and constrain the financial intermediation process.
The historical significance of this city hall also extends way beyond Westphalia. It has played host to pivotal events in the history of Europe, having witnessed the negotiation and conclusion of the Peace of Westphalia more than 360 years ago. The Treaty of Münster and the Treaty of Osnabrück formed the basis for the establishment of peace in Europe following the Thirty Years War.