My point is not that we were so smart in constructing the standard, but rather that we all still have much to learn. Risk measurement practices are advancing, and they need to. With credit risk, we are all feeling our way, again with the assistance of many large banks.
As for the background to this stability, it is often pointed out that government bond markets in Japan are basically dominated by domestic investors backed by ample excess funds in the household and corporate sectors within the country. However, it is not quite appropriate to discuss this issue only in terms of the supply and demand balance.