The subprime loan problem in the United States precipitated a global financial crisis beginning in 2008, which in turn impacted the real economy and sent countries worldwide plummeting into a simultaneous economic recession. The crisis became especially severe for developing countries, many of them in Asia, when investors in the United States and Europe withdrew massive amounts of funds, undermining the financial systems of those countries and causing stock prices and exchange rates to plummet, and when reduced spending cut into exports. In response, JBIC has entered the fray to help overcome the crisis, employing its various financing tools to promote Japanese government emergency measures aimed at stabilizing the international financial system and supporting the business operations of Japanese companies. JBIC is also providing multifaceted support through tie-ups with such institutions as the Asian Development Bank (ADB) and the International Finance Corporation (IFC).