Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel200909a.pdf (accessed 9 September 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201009a.pdf (accessed 28 October 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201109a.pdf (accessed 12 November 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. On August 7, the benchmark ratio decreased to 29.0% for the August 2020 reserve maintenance period. On September 9, the benchmark ratio decreased further to 24.0% for the September 2020 reserve maintenance period. On October 9, the benchmark ratio declined to 20.5% during the October 2020 reserve maintenance period. On November 9, the benchmark ratio declined to 15% during the November 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.

Japan 02 02 - Credit creation JPY 10,500,000,000,000 97,862,991,811
Japan 02A 02A - Financial sector lending/funding JPY 10,500,000,000,000 97,862,991,811 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 19 May 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 26 May 2020).

March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of corporate bonds with an upper limit of JPY3 trillion, respectively. On April 27, the maximum amount of additional purchases of corporate bonds was increased to JPY7.5 trillion.

Japan 02B 02B - Support policies for long-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).

No amount/estimate: (i) The government expanded the volume of concessional loan facilities (interest free without collateral) primarily for micro, small, and medium enterprises affected by COVID-19 through the Japan Finance Corporation and other institutions; (ii) The government will also enhance access to loans with the same conditions from local financial institutions, such as local banks; (iii) To support borrowers during this period of stress, the Financial Services Agency has reassured that banks can assign zero risk weights to loans guaranteed with public guarantee schemes, use their regulatory capital as needed to support funding of affected businesses, and draw down their capital conservation and systemically important bank buffers to support credit supply; (iv) April 27, In relation to Measure 1B, the BOJ applied a positive interest rate of 0.1 percent to the outstanding balances of current accounts held by financial institutions at the Bank that correspond to the amounts outstanding of loans provided through special funds-supplying operation.

Japan 02C 02C - Loan guarantees JPY Nikkei Asian Review. https://asia.nikkei.com/Economy/Nissan-s-record-loan-guarantee-spotlights-lack-of-transparency?utm_campaign=RN%20Free%20newsletter&utm_medium=JP%20update%20newsletter%20free&utm_source=NAR%20Newsletter&utm_content=article%20link&del_type=4&pub_date=20200908090000&seq_num=2&si=02106253 (accessed 8 September 2020).

No amount/estimate: As of July 2020, loan guarantees from the Japan Finance Corp. for JPY130 billion in emergency response loans extended by the Development Bank of Japan to Nissan Motor between March and July.

Japan 03 03 - Direct long-term lending JPY
Japan 03A 03A - Long-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020)

Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19; see Measure 5).

Japan 03B 03B - Forbearance JPY
Japan 04 04 - Equity support JPY 12,180,000,000,000 113,521,070,501 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 6 May 2020).

An increase in the annual pace of the Bank of Japan’s purchases of Exchange Traded Funds (ETFs) and Japan-Real Estate Investment Trusts (J-REITs) up to about JPY12 trillion (2.2% of GDP) and JPY180 billion (0.03% of GDP), respectively.

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 06 06 - Budget reallocation JPY
Japan 07 07 - Central bank financing government JPY
Japan 07A 07A - Direct lending and reserve drawdown JPY
Japan 07B 07B - Secondary purchase: government securities 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).

No amount/estimate: The BOJ will purchase a necessary amount of JGBs without setting an upper limit so that 10-year JGB yields will remain at around 0%.

Japan 08 08 - International Assistance Received JPY 24,230,911,564,286,000 225,839,000,000,000
Japan 08A 08A - Swaps JPY 24,230,911,564,286,000 225,839,000,000,000 Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 17 May 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020). Bank of Japan. https://www.boj.or.jp/en/announcements/release_2020/rel200320a.pdf (accessed 18 April 2020). US Fed. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm (accessed 31 July 2020).

(i) No amount/estimate: March 20, The BOJ in coordination with the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank enhanced the provision of US dollar liquidity on March 15, by lowering the pricing on the standing US dollar liquidity swap arrangements by 25 basis points; and (ii) As of May 27, USD225.839 billion peak outstanding amount at the U.S. Fed's liquidity swap facility. On July 29, The U.S. Federal Reserve announced the extension of its dollar liquidity swap lines and FIMA repo facility to March 31, 2021.

Japan 08B 08B - International loans/grants JPY
Japan 08B1 08B1 - Asian Development Bank JPY
Japan 08B2 08B2 - Other JPY
Japan 09 09 - International Assistance Provided JPY 2,893,895,512,639 26,971,930,748
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.

Japan 09B 09B - International loans/grants JPY 130,031,512,639 1,211,930,748 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). Embassy of Japan in Egypt. https://www.eg.emb-japan.go.jp/itpr_en/11_000001_00081.html (accessed 5 November 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. (vii) October 21, The Government of Japan has provided a JPY1 billion grant for the procurement of medical equipment by the Government of Egypt.

Japan 10 10 - No breakdown JPY
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).

Japan 12 12 - Non-Economic Measures JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020). NHK. https://www3.nhk.or.jp/nhkworld/en/news/20200514_33/ (accessed 15 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan/japan-to-lift-emergency-state-for-osaka-kyoto-hyogo-economy-minister-idUSKBN22X07J (accessed 21 May 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan-stimulus/japan-to-end-tokyos-state-of-emergency-eyes-fresh-930-billion-stimulus-idUSKBN2300SW (accessed 25 May). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan-tokyo/city-of-tokyo-issues-stay-home-alert-after-jump-in-new-virus-infections-idUSKBN2391VK?il=0 (accessed 2 June 2020). Nikkei Asian Review. https://asia.nikkei.com/Spotlight/Coronavirus/Tokyo-set-to-drop-all-coronavirus-business-restrictions-on-June-19?utm_campaign=RN%20Free%20newsletter&utm_medium=daily%20newsletter%20free&utm_source=NAR%20Newsletter&utm_content=article%20link&del_type=1&pub_date=20200611190000&seq_num=2&si=%%user_id%% (accessed 11 June 2020). Reuters. https://www.reuters.com/article/us-health-coronavirus-japan-travel/japan-to-ease-entry-for-vietnam-thailand-australia-new-zealand-report-idUSKBN23P1BQ?il=0 (accessed 18 June 2020). euters. https://www.reuters.com/article/us-health-coronavirus-japan-tourism/japan-lifts-coronavirus-travel-curbs-to-help-economy-bounce-back-idUSKBN23Q0BM?il=0 (accessed 19 June 2020). Nikkei Asian Review. https://asia.nikkei.com/Spotlight/Japan-immigration/Japan-finally-lifts-COVID-based-reentry-ban-for-foreign-residents (accessed 1 September 2020). Nikkei Asia. https://asia.nikkei.com/Politics/Japan-to-lift-14-day-quarantine-for-reentering-business-travelers (accessed 7 October 2020). Nikkei Asia. https://asia.nikkei.com/Spotlight/Coronavirus/Japan-and-China-restart-business-travel-amid-pandemic (accessed 30 November 2020).

April 7: (i) Prime Minister Abe declared a state of emergency for seven key prefectures in Japan (including Tokyo, Saitama, Kanagawa, Chiba, Osaka, Hyogo, and Fukuoka) effective from April 8 to May 6 (which, as of May 4, has since been extended until May 31); the declaration will enable prefectural governors in the designated areas to request people to stay at home, order closures of schools and public facilities, build temporary medical facilities, and adopt actions to support medical and food supplies. (ii) The 2020 Tokyo Olympic Games have been postponed to July 23–August 8, 2021. May 13: (iii) The Prime Minister has lifted the state of emergency ahead of schedule in 39 prefectures and kept it in place for 8 others including Tokyo (the lifting of which will be decided on May 21). May 21: (iv) The government lifted the state of emergency in Osaka, Kyoto, and Hyogo while keeping it in place for Tokyo and four other prefectures. (v) The government announced the lifting of the state of emergency for Tokyo and four remaining prefectures by June 1. May 25. (vi) June 2, Tokyo issued a stay-home alert after a jump in new virus infections. On June 11, the alert was lifted and authorities announced a lifting of all business restrictions on June 19. On June 19, all restrictions on domestic travel were also lifted and gatherings of up to 1,000 people in indoor/outdoor events were allowed; domestic travel was also encouraged to support the economy. (vii) June 18, Prime Minister Shinzo Abe announced that the country would ease travel restrictions for people coming from Australia, New Zealand, Thailand and Vietnam. On September 1, The government lifted the reentry ban for all foreign residents who left the country after travel bans were imposed. On October 7, Authorities announced the lifting of mandatory 14-day quarantine for reentering business travelers with residency status and action plans of travel. On November 30, Japan and China restarted business travel without compulsory quarantine provided travelers test negative upon arrival and submit an itinerary of activities. [update]

United States 01 01 - Liquidity Support USD 440,137,000,000 440,137,000,000
United States 01A 01A - Short-term lending USD 440,137,000,000 440,137,000,000 Board of Governors of the Federal Reserve System https://www.federalreserve.gov/newsevents/pressreleases/monetary20200427a.htm; FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200317b.htm New York Fed https://www.newyorkfed.org/markets/commercial-paper-funding-facility/commercial-paper-funding-facility-terms-and-conditions, https://www.federalreserve.gov/monetarypolicy/mmlf.htm, https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200316a.htm FED https://www.federalreserve.gov/releases/h41/ (all accessed as of 26 June 2020). US Treasury https://home.treasury.gov/news/press-releases/sm1190 (accessed 22 November).

(i) March 12, The Federal Reserve (Fed) expanded reverse repo operations, adding liquidity to the banking system; on February 26 outstanding repos were USD143.44 billion while peak amount outstanding from weekly reporting was USD441.945 billion on March 18, resulting in a peak repo loan amount of 441.945 - 143.44 = USD298.505 billion; since the publication of its July 8 balance sheet, the Federal Reserve's outstanding repurchase agreements have fallen to USD0, which is USD143.44 billion below the amount outstanding on February 26; (ii) March 17, the Federal Reserve's Commercial Paper Funding Facility (CPFF) will lend to a special purpose vehicle (SPV) that will purchase highly-rated 3-month commercial paper through the New York Federal Reserve's primary dealers; the US Treasury will take the first USD 10 billion in losses as per the CARES Act; since October 15, the Federal Reserve reports CPFF loans outstanding at USD0; peak loans outstanding from weekly reporting was USD 4.296 billion on June 10; (iii) March 17, the Federal Reserve established a Primary Dealer Credit Facility (PDCF) to offer overnight and term funding up to 90 days that may be collateralized by a broad range of investment grade debt securities including commerical paper, municipal bonds, and a broad range of equity securities; as of November 25, the PDCF had USD240 million in loans outstanding [update]; peak loans outstanding from weekly reporting was USD 33.409 billion on April 15; (iv) March 23, the Federal Reserve's Money Market Fund Liquidity Facility (MMLF) lends to money market mutual funds (MMMFs) against eligible collateral that includes US Treasury securities, securities issues by fully guaranteed US agencies, by US government sponsored enterprises, and against highly rated asset backed commerical paper, unsecured commercial paper, negotiable certificates of deposit, municipal short-term debt, and so on; as of November 25 the MMLF has USD3.692 billion in loans outstanding [update]; peak loans outstanding for the MMLF were USD 53.171 billion on April 8; (v) as of November 11, loans reported for the Federal Reserve's discount window for Primary and Secondary Credit were USD2.304 billion and USD 0 respectively [update]; peak amounts outstanding from weekly reporting were USD50.768 billion for Primary Credit on March 25 and USD 1 million on June 24 for Secondary Credit (these were USD13 million and 0, respectively, on February 26). (vi) November 19; Treasury Secretary Mnuchin sent a letter to Fed Chair Powell requesting a 90-day extensoin of the CPFF, PDCF, MMLF, and the PPPLF [update].

United States 01B 01B - Support policies for short-term lending USD FED. https://www.federalreserve.gov/newsevents/pressreleases/other20200423a.htm, https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200424a.htm (both accessed as of 15 June 2020). https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200505a.htm (accessed 6 May 2020).

(i) No amount/estimate: March 16, the Federal Reserve encouraged banks to borrow at its discount window, which they are historically reluctant to do; (ii) No amount/estimate: On April 23, the Federal Reserve temporarily suspending uncollateralized intraday credit limits and waived overdraft fees for financial institutions eligible for the Primary Credit program, and created a streamlined procedure for other credit institutions to request collateralized intraday credit; (iii) No amount/estimate: April 24, the Federal Reserve eliminated the six-per-month limit on transfers from savings and money market accounts to demand deposits on an interim basis; since the former have no reserve requirement, this effectively reduces bank reserve requirements to 0; (iv) No amount/estimate: On May 5, the FED regulatory agencies announced an interim final rule that modifies the agencies' Liquidity Coverage Ratio (LCR) rule to support banking organizations' participation in the Federal Reserve's Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility. The interim final rule facilitates participation in these facilities by neutralizing the LCR impact associated with the non-recourse funding provided by these facilities;

United States 01C 01C - Forex operations USD
United States 02 02 - Credit creation USD 3,278,999,000,000 3,278,999,000,000
United States 02A 02A - Financial sector lending/funding USD 2,193,499,000,000 2,193,499,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/smccf.htm (accessed May 30); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200429a.htm (accessed 29 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200608a.htm (both accessed 26 June 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Further-Extends-Buying-Loans-in-Forbearance-&-COVID-Related-Loan-Processing-Flexibilities.aspx (accessed 2 September) FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20201030a.htm (accessed Nov 22). US Treasury https://home.treasury.gov/news/press-releases/sm1190 (accessed 22 November). Fed https://www.federalreserve.gov/newsevents/pressreleases/monetary20201130a.htm (accessed 30 November 2020)

(i) April 8, the Federal Reserve's Paycheck Protection Program Lending Facility (PPPLF) authorizes each of the 12 Federal Reserve Banks to establish and operate the PPPLF, which lends to eligible lenders against loans extended through the Small Business Administration's (SBA) Paycheck Protection Program (PPP) established by the CARES Act; there is no upper limit to the amount of loans the PPPLF can purchase; as of November 25, the PPPLF had USD56.003 billion in loans outstanding according to the Federal Reserve's weekly reporting [update]; the peak figure of USD68.503 billion was reported by the Fed on July 22 [update]; (ii) April 9, the Federal Reserves Secondary Market Credit Facility (SMCCF) will through the New York Federal Reserve lend to a special purpose vehicle (SPV), which will purchase investment-grade (rated as of March 22) corporate bonds in the secondary market; the US Treasury will take the first USD75 billion in losses as per the CARES Act authorization; combined authorized amount for the SMCCF and the PMCCF (in 3A) is USD750 billion; as of November 25, the PMCCF and SMCCF combined have USD 13.642 billion in loans outstanding, which is also the peak loan value from the Federal Reserve's weekly reports [update]; (iii) April 9, The Federal Reserve's Main Street New Loan Facility will include the Main Street Expanded Lending Facility (MSELF) and Main Street Priority Loan Facility (MSPLF); it will lend to a special purpose vehicle (SPV) that will purchase 95% of eligible loans to small and medium-sized businesses made by eligible lenders; the SPV receives up to a USD75 billion equity investment from the US Treasury under the CARES Act; total loans authorized for purchase by the Main Street Lending facilities is USD600 billion; June 8, the Federal Reserve's MSPLF and MSELF were expanded to include more small and medium sized businesses--the changes include lowering the minimum size of certain loans from USD500 thousand to USD250 thousand, increasing the maximum size and delaying principal payments for 2 years rather than 1; July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations; October 30, the Fed announced that the MSLF adjusted terms to better target smaller businesses--(a) reduced minimum loan avialble to for-profit and non-profit borrowers from USD250,000 to USD100,000, and (b) reduced fees to encourage the provision of these smaller loans [update]; as of November 25, the MSLF has USD5.9 billion in loans outstanding, which is also the peak figure for the program [update]; (iv) May 12, the Federal Reserve re-established the Term Asset-Backed Securities Loan Facility (TALF) to help stabilize private issuance of asset-backed securities; the New York Federal Reserve will lend to a special purpose vehicle (SPV) that will then make the loans; the US Treasury under the CARES Act will take the first USD10 billion in losses as per the CARES Act; the TALF SPV will lend to eligible financial institutions and investment funds for up to 3 years against eligible asset-backed securities; the TALF SPV is currently authorized to lend a total of USD 100 billion; as of November 25, the TALF had USD3.779 billion in loans outstanding, which is also the peak figure [update]; (v) as of November 25, the Federal Reserve's mortgage backed securities holdings were USD 2,003.592 billion [update]; the peak figure occurred on October 15 at USD2,046.839 billion, for a total increase in USD equal to USD674.996 billion vs holdings on February 26, which were USD 1,372 billion; (vi) July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations; (vii) no amount/estimate; August 26, The Federal Housing Finance Agency (FHFA) is further extending until September 30, 2020 the period of time during which Fannie Mae and Freddie Mac will buy qualified loans in forbearance and allow several loan origination flexibilities, all in order to continue to support borrowers and lenders; (vii) As of November 25, the Fed's PPLF, SMCCF/PMCCF, and MSLF had a combined authorized use of USD1,450 billion, of which combined respective peak values for each have utilized USD23.321 billion, thus leaving USD1,426.679 billion in combined in unutilized yet authorized purchases [update]. (viii) November 19; Treasury Secretary Mnuchin sent a letter to Fed Chair Powell requesting a 90-day extensoin of the CPFF, PDCF, MMLF, and the PPPLF; the letter also informed Chair Powell that the lending authority of the Fed's SPV's--PMCCF, SMCCF, MLF, MSLP, and TALF--will expire on December 31, 2020, while the total authorized equity positions from the CARES Act of USD454 billion will be available for Congress to re-appropriate [update]; (ix) November 30, the Fed announced an extension through March 31, 2021, of the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Dealer Credit Facility, and the Paycheck Protection Program Liquidity Facility [update].

United States 02B 02B - Support policies for long-term lending USD FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200303a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200326b.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200403a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200406a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200414a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200430b.htm (accessed 6 May 2020). https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200515a.htm (accessed 27 May 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610a.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610b.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625c.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625b.htm (accessed 26 June); FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm (accessed 2 September) FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20201120a.htm (accessed 22 November);

(i) No amount/estimate: March 3, the Federal Reserve's Open Market Committee lowered the target range for the federal funds rate by 0.5% to between 1%-1.25%; (ii) No amount/estimate: March 15, the Federal Reserve's Open Market Committee lowered its target range for the federal funds rate by 1% to between 0%-0.25%; (iii) No amount/estimate: March 20, federal financial regulators redefined "eligible retained income" for a banking organization in order to avoid sudden drops in lending to avoid restrictions on dividend distributions in times of stress; instead this interim rule encourages banks to use existing capital buffers while making prudent lending decisions; (iv) No amount/estimate: March 23, federal financial regulators together allowed borrowers at the MMLF to apply a capital risk weight of 0 to assets pledged as collateral to the facility against the loans; (v) No amount/estimate: March 26, the Federal Reserve allowed financial institutions with USD5 billion or less in total assets 30 additional days to submit its regulator financial statements; federal financial institution regulators and state regulators offered similar reporting relief; (vi) No amount/estimate: March 31, the federal financial regulators enable financial institutions to delay for two years an estimate of Measurement of Credit Losses on Financial Instruments' (CECL) effect on regulatory capitalif they adopt CECL by the end of 2020; (vii) No amount/estimate: April 1, the Federal Reserve excluded US Treasury securities and balances in reserve accounts from from the supplementary leverage ratio rule through March 21, 2021; (viii) No amount/estimate: April 3, the federal financial institution regulatory agencies provided regulatory flexibility to enable mortgage servicers to work with struggling borrowers affected by COVID-19; the agencies will provide flexible supervisory and enforcement during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules; (ix) No amount/estimate: April 6, the federal bank regulatory agencies temporarily reduced the community bank leverag ratio to 8% from greater than 9%; the ratio will be 8% throughout 2020, 8.5% for 2021, and 9% thereafter; (x) No amount/estimate: April 14, the Federal financial regulators issued an interim final rule to temporarily defer real-estate related appraisals and evaluations for up to 120 days; (xi) No amount/estimate: April 30, The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expanded the collateral that can be pledged; PPPLF loans will receive a risk weighting of 0% for regulatory capital requirements; (xii) May 15. US financial regulators temporarily excluded U.S. Treasury securities and banks' deposits at Federal Reserve Banks from the calculation of banks' supplementary leverage ratio. The supplementary leverage ratio generally includes subsidiaries of bank holding companies with more than USD250 billion in total consolidated assets, and requires them to hold a minimum ratio of 3% of capital against their total leverage exposure. Banks must request approval from their primary federal banking regulators before making capital distributions (such as paying dividends) as long as this exclusion is in effect; (xiii) No amount/estimate: June 10, The Fed's Federal Open Market Committee (FOMC) announced that it expected to maintain its target range for the federal funds rate at 0 to 0.25% "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals"; the FOMC's accompanying projections showed members projecting the rate would stay within this range through 2022; (xiv) No amount/estimate: June 25, In light of stress test results the Federal Reserve required large banks to suspend share repurchases, cap dividend payments, and re-evaluate longer-term capital plans during the 3rd quarter of 2020; (xv) No amount/estimate: June 25, Federal regulatory agencies responsible for bank regulation issed a final rule that ended the requirement that entities within the same banking organization hold initial margin for uncleared swaps with each other, known as inter-affiliate swaps; (xvi) No amount/estimate: August 3, Federal Financial Institutions Examination Council issued a joint statement providing prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods applicable to COVID-19; (xvii) no amount/estimate; August 27, The FOMC announced unanimous approval of updates to its STatement on Longer-Run Goals and Monetary Policy Strategy, whereby the FOMC is willing to allow inflation greater than its 2% target rate, temporarily; (xviii) no amount/estimate; November 20, the federal bank regulatory agencies announced an interim final rule that return reporting requirements and certain regulations to those applicable pre-COVID-19 for community banks--due to their participation in federal coronavirus lending programs (such as the PPP, for instance) and increased lending to support the economy, as their assets grow the community banks may cross size thresholds that increases regulations and reporting requirements, which this rule relaxes; the rule applies to community banks with less than USD10 billion in total assets on 31 December 2019, and allows them until 2022 in most cases to reduce their size before being subject to the additional requirements and regulations [update].

United States 02C 02C - Loan guarantees USD 1,085,500,000,000 1,085,500,000,000 Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package (accessed 16 April 2020). Financial Times. https://www.ft.com/content/304a3b1f-f046-4912-ba33-ef510ad3c0fb (accessed 29 April 2020). US Treasury https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses (accessed 1 May 2020). SBA https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program (accessed June 27); Government Accountability Office https://www.gao.gov/products/GAO-20-625 (accessed June 26). Fed https://www.federalreserve.gov/newsevents/pressreleases/monetary20200728a.htm (accessed 30 July 2020). OCC https://www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-72a.pdf (accessed 7 August 2020). US Treasury https://home.treasury.gov/news/press-releases/sm1190 (accessed 22 November)

(i) April 7, from the CARES Act, Small Business Paycheck Protection Program (PPP) provides USD349 billion in forgivable Small Business Administration loans and guarantees to help small businesses that retain workers; the program provides funds to pay up to 8 weeks of payroll costs including benefits; (ii) From the CARES Act, Treasury's first-loss position in Fed lending facilities of USD454 billion; (iv) April 24, The Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA) appropriates an additional USD321 billion for the PPP; (v) As of August 6, total outstanding loans (that is, not including forgiven loans) from the PPP were USD523,421,099,011; (vi) June 25, the Government Accountability Office (GAO) reported that as of May 31 more than 170,000 PPP loans totaling about USD38.5 billion had been canceled; this amount is subtracted from category 2C and added to category 5B. (vii) No amount/estimate: July 28, the Federal Reserve announced an extension through December 31 of all lending facilities that were previously scheduled to expire on or around September 30; (viii) Not amount/estimate; August 6, the Small Business Administration announces that the Paycheck Protection Program will close at 11:59pm EDT on August 8, 2020.; (ix) As of November 11, the Treasury had provided USD114 billion in equity investments to the Fed's SPVs, leaving USD340 billion in authorized equity investments in the Fed's SPVs unutilized; (x) November 19; Treasury Secretary Mnuchin sent a letter informing Fed Chair Powell that the lending authority of the Fed's SPV's--PMCCF, SMCCF, MLF, MSLP, and TALF--will expire on December 31, 2020, while the total authorized equity positions from the CARES Act of USD454 billion will be available for Congress to re-appropriate [update].

United States 03 03 - Direct long-term lending USD 796,994,805,796 796,994,805,796
United States 03A 03A - Long-term lending USD 796,994,805,796 796,994,805,796 FED. https://www.federalreserve.gov/monetarypolicy/pmccf.htm (accessed 30 May 2020); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200511a.htm , https://www.federalreserve.gov/newsevents/pressreleases/monetary20200512a.htm, https://www.federalreserve.gov/releases/h41/, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200603a.htm (all accessed as of 16 June 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200811a.htm (accessed 18 August 2020); US Treasury https://home.treasury.gov/news/press-releases/sm1190 (accessed 22 November)

(i) April 9, the Federal Reserve's Primary Market Corporate Credit Facility (PMCCF) will use the same SPV as the SMCCF in 2A to purchase corporate bonds in the primary market; the US Treasury will take the first USD50 billion in losses as per the CARES Act; the combined sizes authorized for the PMCCF and the Secondary Market Credit Facility (in 2A) will be USD750 billion (entered in 2A); (ii) The Federal Reserve established the Municipal Liquidity Facility (MLF) that will offer up to USD500 billion in lending to states and municipalities to manage cash flow stresses caused by the coronavirus pandemic; on April 27, the facility, as revised, will purchase notes issued by U.S. states (including the District of Columbia), U.S. counties with a population of at least 500,000 residents, and U.S. cities with a population of at least 250,000 residents; on May 15, the Treasury will accept the first USD35 billion in losses to the MLF as appropriated in the CARES Act; June 8, The MLF is now available to at least 2 cities or counties in each state regardless of population, and continues to be directly open to US states, the District of Columbia, and US cities with a population of at least 250,000, and to US counties with a population of at least 500,000 residents, as well as certain multistate entities; since September 2, the MLF has USD1.651 billion loans outstanding, which is also the peak figure [update]; (iii) From the CARES Act, USD46 billion for loans to air carriers and businesses critical to national security; (iv) from the CARES Act, USD9 billion in loans for relief for aviation workers; (v) From the PPPHCEA, USD 50 billion in additional loans authorized for the SBA's emergency disaster loans program; (vi) No amount/estimate, July 2, The US Treasury and 5 US airlines reached agreement on portions of USD25 billion in loans available from the CARES Act (already incorporated in (iii); (vii) As of July 27, the Small Business Administration's Economic Impact Disaster Loans approved for COVID-19-related dificulties was USD163,818,412,028; as of October 19, the amount has increased to USD191,994,805,796 (viii) No amounts/estimate: 11 August, the Fed announced a reduction in interest rates charged on the Municipal Lending Facility to those entities issuing bonds whose interest payments are exempt from federal taxes--a 0.5% reduction of the interest rate spread (vs previously) over the overnight indexed swap rate (which closely follows the federal funds rate); the interest rate spread is determined by the long-term credit rating; (ix) Since September 2, the Fed's MLF had an authorized use of USD500 billion, of which peak value utilization is USD1.651 billion, thus leaving USD498.349 billion in unutilized yet authorized purchases and loans; (x) November 19; Treasury Secretary Mnuchin sent a letter to inform Chair Powell that the lending authority of the Fed's SPV's--PMCCF, SMCCF, MLF, MSLP, and TALF--will expire on December 31, 2020, while the total authorized equity positions from the CARES Act of USD454 billion will be available for Congress to re-appropriate [update].

United States 03B 03B - Forbearance USD Small Business Administration https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief (accessed 15 June 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Provides-Tenant-Protections.aspx (accessed 1 July 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-COVID-Related-Loan-Processing-Flexibilities-for-Fannie-Mae-and-Freddie-Mac-Customers-Through-August.aspx (accessed 12 July 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/Multifamily-Property-Owners-in-Forbearance-Now-Required-to-Inform-Tenants-of-Eviction-Suspension-and-Tenant-Protections.aspx (accessed August 7). CDC https://www.cdc.gov/coronavirus/2019-ncov/downloads/declaration-form.pdf (accessed 4 September). Federal Housing Finance Agency https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-Foreclosure-and-REO-Eviction-Moratoriums.aspx (accessed September 2)

(i) No amount/estimate: the US Treasury's Small Business Administration (SBA) provides automatic deferral of disaster loans to small businesses through December 31, 2020; interest will continue to accrue. (ii) No amount/estimate: the SBA will pay 6 months of principal and interest (which is category 5B) for all current 7(A), 504, and microloans in regular servicing status as well as new 7(A), 504, and Microloans disbursed prior to September 27, 2020; (iii) No amount/estimate: June 29, Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to 3 months, for a total forbearance of 6 months; while the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent; If a forbearance is extended, once the forbearance period concludes the borrower may qualify for up to 24 months to repay the missed payments; (iv) No amount/estimate: July 9, Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend flexibility in loan origination requirements; (v) No amount/estimate: August 6, Federal Housing Finance Agency announced that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections during the owner's forbearance and repayment periods; additional protections from previously announced (in (iii) above) are for the owner's repayment period after the forbearance has concluded, which include giving tenants at least a 30-day notice to vacate, not charges for late fees or penalties for late payment of rent, and allowing tenants flexibility to repay rent over time and not in a lump sum; (vi) no amount/estimate; September 2, The Center for Disease Control Director signed a declaration determining that evictions of tenants could be detrimental to public health control measures and therefore ordering a temporary halt in evictions due to not paying rent through December 31, 2020; the order requires that tenants have used all available government assistance and are still unable to make full rent or housing payment due to substantial loss of household income; (vii) no amount/estimate; August 27, Fannie Mae and Freddie Mac will extend moratoriums on single-family forecloseures and real estate owned evictions until at least December 31, 2020;

United States 04 04 - Equity support USD