With lingering uncertainty about the supply of electricity, firms have pursued various technological innovations and established new business models under the slogans of “creating energy”, “saving energy”, and “storing energy”. Such positive initiatives are expected to create new demand and consequently raise Japan’s growth potential in the medium to long term. Fourth, financial system stability was maintained.
Despite the tremendous shock caused by the earthquake, we have managed to maintain the working of the financial system and secure the smooth operation of payment and settlement systems. The Bank of Japan Financial Network System, or BOJ-NET, which plays a core role in the payment and settlement of funds and Japanese government securities, has maintained stable operations after the quake without any disruptions.