That included heightened concern over counterparty risk in the money market, the distortion of pricing in financial markets due to a liquidity shortage, and a decline in the functioning of the CP and corporate bond markets. BIS central bankers’ speeches  1  Unfortunately, there are not a few foreign financial institutions that had to cut back their activities in Japan following the crisis.
Michelle W Bowman: The view from here - the outlook for the U.S. economy and implications for monetary policy Speech by Ms Michelle W Bowman, Member of the Board of Governors of the Federal Reserve System, at the Dykhouse Scholar Program Speakers Series in Money, Banking, and Regulation at South Dakota State University, Brookings, South Dakota, 13 October 2021.