Implementation of Phase 2 is scheduled for November 2011 in coordination with the next upgrade of the Zengin System. With such implementation, virtually all large-value interbank payments in Japan will be processed on an RTGS basis. Another example of enhancements to BOJ-NET is the planned development of the new BOJNET system.
Such losses appeared possible in the early days of the 2020 crisis, although they ultimately did not materialize. In our stress tests, we have considered severe stress scenarios that produced losses on banks' books, including outsized credit losses.