Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Denmark 01 01 - Liquidity Support DKK 2,211,659,372 327,433,628
Denmark 01A 01A - Short-term lending DKK 2,211,659,372 327,433,628 European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_810 (accessed 14 May 2020).

May 5, EUR296 million in investment or working capital loans to startups to be provided only until the end of the year.

Denmark 01B 01B - Support policies for short-term lending DKK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

(i) March 20, The (Danmarks Nationalbank) DN announced the launch of an ‘extraordinary lending facility’ which will make full-allotment, 1-week, collateralized loans available to banks at -0.5 % interest rate. Starting March 27, this facility will also include 3-month variable rate loans; (ii) March 24, The DN announced the auction of USD liquidity; (iii) the Danish Financial Stability Authority (DFSA) also announced a case by case relaxation of regulation on the LCR requirement.

Denmark 01C 01C - Forex operations DKK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 May 2020).

Denmark’s krone is pegged to the Euro. The fixed exchange rate policy has served Denmark well. The DN has stated its objective of preserving the peg.

Japan 01 01 - Liquidity Support JPY 99,500,000,000,000 927,368,350,975
Japan 01A 01A - Short-term lending JPY 99,500,000,000,000 927,368,350,975 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 27 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200522a.pdf (accessed 26 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200616b.pdf (accessed 16 June 2020).

(i) No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates. On May 22, the BOJ stated it is providing ample yen and foreign currency funds without setting upper limits including the conduct of the U.S. dollar funds-supplying operations. As of June 16, JPY60 trillion has been provided under special funds-supplying operations. (ii) March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of commercial paper with an upper limit of JPY2 trillion. On April 27, the maximum amount of additional purchases of commercial paper was increased to JPY7.5 trillion. (iii) May 22, JPY30 trillion for a new fund-provisioning measure to support financing of SMEs.

Japan 01B 01B - Support policies for short-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020); https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 12 May 2020). https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 11 June 2020).

No amount/estimate: (i) Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement. (ii) April 27, The Bank of Japan (BOJ) strengthened its special funds-supplying operations by (a) expanding the range of eligible collateral to private debt in general, including household debt, and (b) increasing the number of eligible counterparties (to mainly include member financial institutions of central organizations of financial cooperatives). (iii) May 8, Decreased the Benchmark Ratio used to calculate the Macro Add-on Balance in financial institutions' current account balances at the BOJ (to which 0% interest rate is applied) for the May 2020 reserve maintenance period from 32.5% to 30%. On June 9, Decreased the Benchmark Ratio to 28.5% for the June 2020 reserve maintenance period. On July 9, the Benchmark Ratio increased to 31.5% for the July 2020 reserve maintenance period.

Japan 01C 01C - Forex operations JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020).

No amount/estimate: (i) The exchange rate has been allowed to adjust flexibly. (ii) See (i) May 22 in Measure 1A.

Sweden 01 01 - Liquidity Support SEK 80,524,000,000 8,187,202,286
Sweden 01A 01A - Short-term lending SEK 60,700,000,000 6,171,615,652 Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/weekly-market-operations-at-longer-maturities-in-kronor/ (accessed 5 September 2020); Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/purchases-of-corporate-securities/ (accessed 5 September).

(i) March 18, The Riksbank is offering the banks the opportunity to borrow an unlimited amount of money on a weekly basis against collateral at three or six months’ maturity (at an interest rate of the repo rate plus 0.2 percentage points, which was reduced to the repo rate in July). The aim is to strengthen banks' acces to liquidity, and it is a new measure to mitigate the effects of the COVID-19 pandemic. As of August 28, total lending amounted to SEK28.7 billion [update]; (ii) To mitigate the effects of the COVID-19 pandemic on the Swedish economy, the Riksbank intends to purchase securities in an amount of up to SEK500 billion, up to 30 June 2021, in addition to the purchases planned prior to the pandemic. These purchases will include inter alia securities issued by non-financial corporations – commercial paper and corporate bonds. The total holdings of commercial paper is up to SEK32 billion. As of August 28, total purchases of commercial papers amounted to SEK11.8 billion [update].

Sweden 01B 01B - Support policies for short-term lending SEK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 21 May 2020).

No amount/estimate: (i) Easing rules for the use of covered bonds as collateral; (ii) Possibility for banks to temporarily breach the liquidity coverage ratio (LCR) for individual currencies and for total currencies.

Sweden 01C 01C - Forex operations SEK 19,824,000,000 2,015,586,634 Riksbank. https://bit.ly/2CiLMHg (accessed 21 May 2020); Riksbank. https://bit.ly/2Z7qh4f (accessed 24 July 2020); Riksbank. https://www.riksbank.se/en-gb/statistics/riksbanks-balance-sheet/the-riksbanks-assets-and-liabilities-the-weekly-report/ (accessed 22 August 2020).

Up to USD60 billion auction by the Riksbank against collateral to monetary policy counterparties (auctions: March 26; April 2, 16, 23, 30; May 14, 28; June 11, 25; July 9, 23; August 6, 20). Peak claims on residents inside Sweden denominated in foreign currency amounted to SEK19.824 billion.

Denmark 01 01 - Liquidity Support DKK
Denmark 01A 01A - Short-term lending DKK
Denmark 01B 01B - Support policies for short-term lending DKK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

(i) March 20, The (Danmarks Nationalbank) DN announced the launch of an ‘extraordinary lending facility’ which will make full-allotment, 1-week, collateralized loans available to banks at -0.5 % interest rate; (ii) March 19, The DN expanded this facility to include 3-month variable rate loans which will be available March 27, 2020; (iii) March 24, The DN announced the auction of USD liquidity; (iv) the Danish Financial Stability Authority (DFSA) also announced a case by case relaxation of regulation on the LCR requirement.

Denmark 01C 01C - Forex operations DKK
Japan 01 01 - Liquidity Support JPY
Japan 01A 01A - Short-term lending JPY International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates and temporary increase of targeted purchases of commercial papers.

Japan 01B 01B - Support policies for short-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

No amount/estimate: Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement.

Japan 01C 01C - Forex operations JPY

No amount/estimate: The exchange rate has been allowed to adjust flexibly.

Sweden 01 01 - Liquidity Support SEK 74,524,000,000 7,577,157,905
Sweden 01A 01A - Short-term lending SEK 54,700,000,000 5,561,571,271 Riksbank.https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/weekly-market-operations-at-longer-maturities-in-kronor/ (accessed 26 June 2020); Riksbank. https://www.riksbank.se/en-gb/monetary-policy/monetary-policy-instruments/purchases-of-commercial-paper/ (accessed 26 June 2020).

March 18, The Riksbank is offering the banks the opportunity to borrow an unlimited amount of money on a weekly basis against collateral at three months’ maturity at an interest rate of 0.20 percentage points above the repo rate. The aim is to strengthen banks' acces to liquidity, and it is a new measure to mitigate the effects of the corona pandemic. As of April 15, total lending amounted to SEK22.7 billion [update]; (ii) To mitigate the effects of the COVID-19 pandemic on the Swedish economy, the Riksbank intends to purchase securities in an amount of up to SEK300 billion, in addition to the purchases planned prior to the pandemic. These purchases will include inter alia securities issued by non-financial corporations – commercial paper and corporate bonds. The total holdings of commercial paper may not exceed SEK32 billion. As of April 17, total purchases of commercial papers amounted to SEK3.5 billion [update].

Sweden 01B 01B - Support policies for short-term lending SEK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 17 April 2020).

No amount/estimate: (i) Easing rules for the use of covered bonds as collateral; (ii) Possibility for banks to temporarily breach the liquidity coverage ratio (LCR) for individual currencies and for total currencies.

Sweden 01C 01C - Forex operations SEK 19,824,000,000 2,015,586,634 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 17 April 2020).

Up to USD60 billion auction by the Riksbank against collateral to monetary policy counterparties (auctions: March 26; April 2, 16). Peak claims on residents inside Sweden denominated in foreign currency amounted to SEK19.824 billion [update].