In that regard, during the financial crisis since the late  BIS Review 23/2009  3  1990s, Japan adopted a blanket guarantee of all liabilities of financial institutions. While that was an extraordinary measure, it was quite effective in averting the collapse of the financial system. 4.
Yet, risks related to currency moves, capital flows and overall financial market volatility will have to be closely monitored in coming quarters. BIS central bankers’ speeches  5