Barring the implementation of both QE and QQE, Japan's nominal GDP growth would have remained in negative territory this whole time since 1998. To make an educated guess, financial institutions' profitability could have deteriorated much further than it actually did.
Very few firms planned for an emergency that would disrupt multiple sites in an entire business district, city, or region. Second, business concentrations, both market-based and geographic, intensified the impact of operational disruptions.