Overall, a favorable assessment can be made that the payment and settlement systems in Japan withstood the turmoil in the financial market, operating effectively as designed. At a minimum, unfavorable issues in payment and settlement systems did not trigger a chain of defaults among Japan’s financial institutions.
It is true that the financial crisis revealed some tasks that still need to be  BIS Review 155/2009  1  addressed. Nevertheless, I would like to emphasize that the systems have demonstrated a high level of robustness, and praise the patient efforts that the relevant parties have made to improve the systems over the years.