As a  BIS central bankers’ speeches  5  result, the total size of the Asset Purchase Program will be increased by about 10 trillion yen to about 111 trillion yen in 2014 and is expected to be at least maintained thereafter.
When the cycle finally turned in 2008, it set in train a turbulent decade of deleveraging and derisking, consisting of a number of different phases. The first phase was similar across advanced economies. It was characterised by the financial panic and abrupt liquidity crisis triggered by the collapse of Lehman Brothers in September 2008.