Between September 2, 2008 and January 12, 2009, the US dollar has appreciated by 7.7 percent and 16.5 percent against the Euro and Pound respectively. There were also “flight-to-safety” concerns in the wake of the global financial crisis as banks dumped asset backed securities and preferred US Bills and Bonds.
The output gap is based on staff estimations. Sources: Ministry of Internal Affairs and Communications; Bank of Japan. II. The Bank's Conduct of Monetary Policy  7  Chart 8  The Bank's Measures in Response to COVID-19 Supporting Corporate Financing Special Program to Support Financing in Response to COVID-19 Purchases of CP and corporate bonds: amount outstanding of about 20 tril.