This is evident in Chart 2. At the same time, it was clear that the Japanese economy was suffering from a significant productivity slowdown from its peak in the 1980s. So when and how did Japan’s adverse feedback loop stop?
Specifically, we are focused on aligning our expectations with existing best practices, such as the National Institute of Standards and Technology’s Cybersecurity Framework, and identifying opportunities to further coordinate cyber risk supervisory activities for firms subject to the authority of multiple regulators. We support industry efforts to improve harmonization across the sector, which are complementary to achieving our regulatory safety and soundness goals.