After the introduction of  BIS central bankers’ speeches  11  the new coordinated arrangement of the six central banks at the end of November, however, the US dollar funding market has remained calm, especially for Japanese banks (Chart 21). Money markets have also been relaxed (Chart 22).
Long-term yields on Japanese government bonds (JGBs) have shown further deceleration thanks to increased demand for them as safer assets (Chart 23). Like European stocks, nonetheless, Japanese stocks are in decline (Chart 24). The direct impact of the European sovereign debt crisis has been felt mainly through exchange rates.