Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Japan 05 05 - Health and income support JPY 243,400,000,000,000 2,268,557,353,039 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); Prime Minister of Japan and His Cabinet. https://japan.kantei.go.jp/ongoingtopics/ (accessed 13 April 2020); Prime Minister of Japan and His Cabinet. https://japan.kantei.go.jp/ongoingtopics/COVID19Response/COVID19April7EEM.pdf (accessed 13 April 2020); Prime Minister of Japan and His Cabinet. https://japan.kantei.go.jp/98_abe/statement/202004/_00002.html (accessed 24 April 2020). WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 21 May 2020). Cabinet Public Relations Office. http://japan.kantei.go.jp/98_abe/actions/202005/_00010.html (accessed 22 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan-stimulus/japan-approves-fresh-1-1-trillion-stimulus-to-combat-pandemic-pain-idUSKBN2323D3; https://www.reuters.com/article/us-health-coronavirus-japan-stimulus-fac/factbox-key-spending-in-japans-second-stimulus-package-of-1-1-trillion-idUSKBN2330GG?il=0 (accessed 27 May). The Japan Times. https://www.japantimes.co.jp/news/2020/06/12/national/extra-budget-coronavirus/#.XuMz8EUzZPY (accessed 12 June 2020). Nikkei Asian Review. https://tinyurl.com/y6rptmr8 (accessed 21 July 2020).

(i) April 7, The Government of Japan adopted the Emergency Economic Package Against COVID-19 of JPY117.1 trillion (21.1% of gross domestic product [GDP]) and subsumed the remaining part of the previously announced packages (the December 2019 stimulus package (passed in January 2020) and the two COVID-19-response packages announced on February 13 and March 10, respectively). The April package aims at five objectives: (a) Develop preventive measures against the spread of infection and strengthen treatment capacity (expenditure of 0.5% of GDP); (b) Protect employment and businesses (15.1% of GDP); (c) Regain economic activities after containment (1.6% of GDP); (d) Rebuild a resilient economic structure (3% of GDP); and (e) Enhance readiness for the future (0.3% of GDP; the key measures under the package comprise cash handouts to affected households and firms, and deferral of tax payments and social security contributions). (ii) As of April 17, cash payment of JPY100,000 per person will be given to all citizens nationwide, from previously planned JPY300,000 to each household in need whose income has declined significantly so that the total amount of cash payments will expand significantly, from the scale of JPY6 trillion to more than JPY14 trillion. (iii) May 14, The government announced another set of new measures to be included in the formulation of the second supplementary budget: (a) enhance the Employment Adjustment Subsidies by raising the maximum payment to 15,000 yen per day as a special measure and establish a new scheme that allows employees themselves to directly apply for and receive the money; (b) establish a new assistance scheme to further reduce rents, a fixed cost that is posing a major burden on micro-, small- and medium-sized business operators (SMEs); (c) establish a new mechanism for supporting students, including university students; (d) with government outlays, cover the total expenditure of the comprehensive support subsidy for medical systems and increase the amount significantly; and (e) provide adequate liquidity support for large companies and those relatively smaller ones, in addition to small- and medium-sizes enterprises. We will also implement measures to strengthen financial functions such as increasing the allocation of special lending by the Japan Finance Corporation and crisis response lending by the Development Bank of Japan, as well as strengthen the financial base with capital funds including subordinated loans. (iv) May 19, Exemption of customs duty and (domestic) consumption tax for imported goods which are proved to be provided free of charge. (v) June 12, Parliament enacted the second supplementary budget worth JPY31.91 trillion which includes financial assistance to medical staff, and small firms and single proprietors. These direct spending measures are part of the JPY117 trillion stimulus package approved by the Cabinet on May 27 which brings the total amount of stimulus from all economic packages to JPY234 trillion (over 40% of GDP). (vi) JPY1.3 trillion in domestic tourism subsidies aimed at helping coronavirus-battered local economies.

Japan 05A 05A - Health support JPY
Japan 05B 05B - Income support JPY
Japan 09 09 - International Assistance Provided JPY 2,892,895,512,639 26,962,610,463
Japan 09A 09A - Swaps JPY 2,763,864,000,000 25,760,000,000 Bank Indonesia. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-07042020.aspx (accessed 11 April 2020). BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5115&lang=en (accessed 24 September 2020).

(i) April 7, USD22.76 billion bilateral currency swap arrrangement with Bank Indonesia. (ii) September 18, The BOJ signed a bilateral swap arrangement with Bank Negara Malaysia which eanbles them to swap their local currencies for up to USD3 billion for both countries. [update]

Japan 09B 09B - International loans/grants JPY 129,031,512,639 1,202,610,463 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020). ADB https://www.adb.org/news/japan-support-adb-developing-member-countries-response-covid-19-challenges (accessed 19 May 2020). The Edition. https://edition.mv/news/16489; https://edition.mv/news/16827 (accessed 23 May 2020). BusinessWorld. https://www.bworldonline.com/phl-obtains-p23-5-b-loan-from-japan-for-pandemic-response/ (accessed 1 July 2020). epartment of Finance (Philippines). https://www.dof.gov.ph/phl-japan-sign-50-b-yen-post-disaster-standby-loan-accord/ (accessed 17 September 2020).

Japan as donor: (i) Additional USD100 million contribution to the International Montary Fund’s Catastrophe Containment and Relief Trust as immediately available resources supports the Fund’s capacity to provide grant-based debt service relief for the poorest and most vulnerable countries to combat COVID-19; (ii) April 16, Japan announced that it is aiming at doubling its contribution to the Poverty Reduction and Growth Trust (PRGT) SDR 7.1 billion of which SDR 1.8 billion will be made available immediatrly while the additional SDR 1.8 billion will follow once other member countries make their contributions. (iii) May 18, USD150 million to the ADB to strengthen developing member countries' capacity to contain COVID-19 through the Japan Fund for Poverty Reduction (JFPR) and the Asia Pacific Disaster Response Fund (APDRF). (iv) Assistance to Maldives: (a) May 2, USD541,400 emergency grant for COVID-19 response thru the United Nations Children's Fund and Maldives Red Crescent; and (b) May 21, USD1.4 million grant through the United Nations Development Programme to support Maldives' economic recovery. (v) July 1, JPY50 billion loan under the COVID-19 crisis response emergency support of the Japan International Cooperation Agency (JICA) and JPY2 billion grant aid for medical equipment and laboratories for the Philippines. (vi) September 15, JICA provided another JPY50 billion loan to the Philippines under the second phase of the Post-Disaster Standby Loan.

Japan 11 11 - Other Economic Measures JPY OECD. https://www.oecd.org/coronavirus/en/ (accessed 6 May 2020).

May 27, The Cabinet approved a new stimulus package worth JPY117 trillion, mostly comprising financial aid for companies along with JPY33 trillion in direct spending, to be funded by a second supplementary budget; this brings the total amount of stimulus from all economic packages to JPY234 trillion (over 40% of GDP).