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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsThe Bank of Japan treated the global AI boom as one contributor to stronger economic activity—not as the sole cause of easier financial conditions. In February 2026, Deputy Governor Ryozo Himino discussed AI-fueled investment alongside expansionary monetary and fiscal policies, while noting that unusually strong activity could add inflation pressure. In April, the BOJ assessed Japan’s financial system as stable overall but examined how a sharp fall in AI-related asset prices could amplify market stress.
What the BOJ said about AI and financial conditions
In a February 26, 2026 speech, BOJ Deputy Governor Ryozo Himino described increased investment fueled by the global AI boom as one factor that could support a global recovery. He discussed it alongside synchronized expansionary monetary and fiscal policies, rather than presenting AI as a standalone cause of easier financial conditions.
Himino also said Japan’s financial conditions remained accommodative after the BOJ’s December 2025 policy-rate increase, with significantly negative real short-term interest rates. The speech cautioned that excess economic uplift and resulting inflationary pressure warranted attention. In other words, investment and supportive financing can bolster activity, but they can also add to demand and price pressures.
“At the same time, as shown in Chart 5, fiscal expansion has taken place in regions such as the United States, Europe, and China, producing expansionary effects in combination with monetary accommodation.”
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The statement is from Himino’s February 26, 2026 speech. It underscores the broader policy backdrop he discussed; it does not say that AI alone eased conditions.
What the BOJ said about Japan’s financial stability
The BOJ’s April 21, 2026 Financial System Report said Japan’s financial system was maintaining stability overall. It reported that banks had sufficient capital and stable funding bases to withstand several specified stress situations. The report nevertheless called for continued attention to geopolitical risks, foreign non-bank financial intermediaries and other potential sources of impact.
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What the AI-related stress scenario assumes
The report’s “rises in foreign interest rates scenario plus” was a hypothetical stress test, not the BOJ’s baseline forecast. It combined higher crude-oil prices, a substantial decline in AI-related stock prices, impairment in related investment and lending, and higher long-term interest rates in Japan and the United States. It also assumed that shocks would be amplified by non-bank financial intermediaries and that risky-asset prices would fall significantly.
The scenario included WTI crude-oil futures temporarily reaching $200 per barrel. That figure is an assumption in the BOJ’s 2026 scenario, not an observed price or a forecast.
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How a fall in AI stocks could affect other markets
A decline in AI-related shares would directly reduce the value of those assets. Stress could spread further if investors or financial firms have leveraged positions, exposure to related lending and investments, or rules that force them to cut risk as prices move against them.
The full Financial System Report discusses leveraged trend-following and multi-strategy or macro-strategy hedge-fund positions. It warns that if a significant adjustment in risky-asset prices breaches funds’ internal risk-management limits, their responses could amplify volatility and transmit stress to bond markets. This is a possible transmission channel the BOJ examined—not a claim that such a chain reaction has occurred or is inevitable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What later BOJ comments add
In a separate speech on August 27, 2026, Himino said AI-related demand was putting upward pressure on economic activity and prices, with signs of spillover to Japanese exports and broader activity. That later comment offers additional context about demand; it should not be attributed to the February speech or treated as a finding from the April Financial System Report. The August speech was a separate assessment.
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