Chart 1. SSM risk map for 2019  As you can see from the chart above, NPLs rank higher than cybercrime and IT disruptions, and are second only to geopolitical uncertainties both in terms of risk impact and risk probability.
4  4  Alert readers will notice that the Bank of Japan is not included above. The reason for that is that the zero lower bound for interest rates was a binding constraint in Japan – hence there was a long period of unchanged rates. Had it been feasible to lower rates further, the Bank of Japan would surely have done so.