The Bank of Japan, in close cooperation with the Japanese Financial Services Agency, has participated in the international discussions leading to the agreement on the new Principles and is firmly committed to implementing them as soon as practicable. Along with this international push for more robust and resilient market infrastructures, there have also been efforts that reflect Japanese domestic experiences.
While the failure of Lehman Brothers did not cause much disruption in Japan, and hence cross-border spillovers were minimal, it was found that the crisis resolution mechanism at the Japan Government Bond Clearing Corporation (JGBCC) could be further improved. It took herculean efforts at the JGBCC to come up with securities and funds that Lehman Brothers could not deliver after its bankruptcy filing.