Measures to stabilize financial markets in Japan  As I mentioned earlier, at the time of the crisis, the Japanese government bond (JGB) and credit markets have remained relatively stable. This was because the Japanese financial system, which had experienced a financial crisis in the 1990s, showed relative resilience compared with the systems in the United States and Europe.
In addition, the introduction of a delivery-versus-payment (DVP) mechanism for settlement of JGBs eliminated principal risk. Furthermore, a JGB clearing institution, the Japan Government Bond Clearing Corporation (JGBCC), accepted transactions between parties as a CCP, assumed the seller’s obligation to every buyer and the buyer’s obligation to every seller, and provided guarantee for settlement of those obligations.