The BOJ announced the minutes of the monetary policy decision meeting from January to June 2007, the previous year of the global financial crisis and the Lehman shock.

Among them, at a meeting in February, discussions raised the burning of American subprime mortgage loans for low-income people, and Toshihiko Fukui, then president of the then " "There are aspects that can not be read clearly," he said.

In addition, at the next March meeting, based on the fact that the stock price fell in each country triggered by the management crisis of American housing finance company dealing subprime loan, Vice President Iwata Kazuaki Somewhat dangerous loans exist in the mortgage loan, and investors who have incorporated securitized products there may be hit. "

In addition, at this meeting, the BOJ's Executive Division instructed the BOJ's financial instruments with subprime loans, "Since it has been securitized, we can not understand what it is like to go to anyone in the world. There was also concern about the spread of the influence worldwide as "everyone is feeling".

However, since then, each member gave an opinion such as "attention is necessary, but the impact on the financial system etc. is limited" from each committee, etc. At this point grasp the actual situation of the crisis It was highlighted what did not come to pass.

In the financial market, the so-called "Paribas shock" suddenly announcing that the big French financial group "BNP Paribas" froze investment funds under its umbrella under the influence of subprime loan burst in August It will happen, and this will lead to well-known "Lehman shock".