More specifically, on Monday, March 14, the first business day after the disaster, financial institutions’ precautionary demand for funds surged and tensions intensified in the money markets. To address the situation, the Bank provided a total of 21.8 trillion yen in funds, almost three times as much as the largest daily funds provision during the financial crisis after the failure of Lehman Brothers.
Thereafter, the Bank continued to provide ample funds to sufficiently meet market demand. As a result, the outstanding current account balance of the Bank significantly exceeded the high of 36 trillion yen recorded during the period of Japan’s “quantitative easing” policy. The Bank went beyond simply providing a large quantity of funds.