The Bank of Japan implemented new monetary policies during financial turbulence in the late 1990s and early 2000s. These policies provided liquidity to the money market but were not effective in classical macroeconomics. The BOJ acted as a lender of last resort and Lombard lending facility, but lost this role under quantitative easing. The policies helped stabilize the call market and reduced risk premiums, especially with intensified quantitative easing. Overall, extreme monetary policies improved macroeconomic performance, like average stock prices.