Market participants are thus motivated by varying degrees of confidence, as well as by fear and greed. When serious crises arise, such as the one that we have been in since 2007–08, they expose weaknesses as sure as x-rays show up the skeleton inside the body.
Thus, financial conditions in Japan are rapidly becoming less accommodative on the whole. There are risks to the outlook for economic activity and prices. Global financial markets remain under intense strain, although there has been some improvement in money markets in response to the various measures taken so far by governments and central banks.