2 It corresponds to the Primary Dealer Credit Facility (PDCF) introduced by the Fed in March 2008. In addition, the Bank of Japan carried out a twist operation – a mixture of liquidity provision and issuance of bills sold, where a central bank acts as a kind of broker in the money market.
Furthermore, it purchased asset-backed securities, and purchased stocks  2  As for the actions taken in 2001, see Bank of Japan, Open Market Operations Division (2001, 2002). BIS Review 67/2008  3  held by banks. All those measures were policy prescriptions aimed at revitalizing the functioning of financial markets and financial system.