Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Canada 01 01 - Liquidity Support CAD 261,201,000,000 187,207,310,518
Canada 01A 01A - Short-term lending CAD 261,201,000,000 187,207,310,518 Canada Mortgage ad Housing Corporation. https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral; Bank of Canada. https://www.bankofcanada.ca/2020/06/bank-canada-announces-changes-term-repo-operations-bankers-acceptance-purchase-facility (all accessed 10 June 2020). Bank of Canada https://www.bankofcanada.ca/2020/09/bank-canada-announces-changes-provincial-money-market-purchase-pmmp/ (accessed 18 September)

All amounts are peak value since March 4; BoC has not announced limits for any facility. (i) CAD38.766 billion (April 8 peak) - Bankers' Acceptance Purchase Facility (BAPF); (ii) CAD7.629 billion (July 1 peak) [update]: The Provincial Money Market Purchase (PMMP) program is an asset purchase facility that will acquire provincially-issued money market securities through the primary issuance market. This program will support a liquid and well-functioning market for short-term provincial borrowing. Under the PMMP, the Bank will purchase up to 40% of each offering of directly-issued provincial money market securities with terms to maturity of 12 months or less. This includes treasury bills and short-term promissory notes of all Canadian provinces. The 40% limit may be adjusted if market conditions warrant. The Bank will make its first purchases under the PMMP on Wednesday, March 25. This facility, combined with the Bank’s other recent actions, will provide a material amount of support to provincial funding markets; effective September 21, the Bank of Canada will reduce the amount it purchases to up to 10% of each accepted offering of directly issued provincial money market securities with maturity of 12-months or less; (iii) CAD2.993 billion (April 29 peak): The Commercial Paper Purchase Program (“CPPP” or “the program”) will be structured as a direct purchase program into a separate account held by the Bank of Canada (“BoC” or “the Bank”). The program will purchase CP new issuance in the primary market via dealers and after issuance from eligible counterparties in the secondary market. The program will purchase from eligible issuers up to three-month CAD-denominated CP, including asset-backed CP (“ABCP”). Draws can be rolled during the operation of the program; (iv) CAD211.227 billion (June 10 peak): (CTRF) Term Repo Facility and other term repos. Up to 1 month repos; Standing Liquidity Facility and Standing Term Liquidity Facility; March 4 level was CAD14.518 billion, so peak = 211.227 - 14.518 = CAD196.709 billion; (v) Advances = CAD9.904B (April 15 peak); (vi) No amount/estimate; the Canada Emergency Business Account (CEBA) will provide interest-free loans of up to CAD 40,000 to small businesses and not-for-profits; (vii) Farm Credit Canada will provide an additional CAD5 billion in lending to producers, agribusiness, and food processors; (viii) Canadian Dairy Commission's borrowing limit increased by CAD200 million; (viii) June 3, Effective June 6, the BoC will reduce the frequency of BAPF operations to bi-weekly; (ix) June 3, Effective June 15 the BoC will reduce the frequency of its Term Repo operations from twice to once per week, and the number of maturity points will be reduced from 4 to 2; (x) Farm Credit Canada was authorized by the government to provide an additional CAD5 billion in lending to producers, agribusiness, and food processors; (xi) November 9; Effective November 16, the BoC will discontinue the PMMP program, with the last operation scheduled for November 13;

Canada 01B 01B - Support policies for short-term lending CAD Bank of Canada. https://www.bankofcanada.ca/2020/04/assets-eligible-collateral-standing-liquidity-facility-090420/; Bank of Canada. https://www.bankofcanada.ca/2020/06/bank-canada-announces-changes-term-repo-operations-bankers-acceptance-purchase-facility/ (all accessed 10 June 2020).

No amount/estimate. (i) Most recent collateral policies, assets aligible as Collateral under the Bank of Canada’s Standing Liquidity Facility (SLF), provides access to liquidity to those institutions that participate directly in the Large Value Transfer System (LVTS).(ii) On April 9, the Bank widened the eligibility requirements of term asset-backed securities accepted as collateral; (iii) April 24, the Bank included term repurchase agreements up to 90 days in its Standing Term Liquidity Facility (STLF); (iii) June 3, eligible securities for collateral in Term Repo operations will be reduced to exclude all large value transaction settlement (LVTS) members' bankers' acceptances or bearer deposit notes (including own name).

Canada 01C 01C - Forex operations CAD
Canada 02 02 - Credit creation CAD 559,725,000,000 401,164,665,830
Canada 02A 02A - Financial sector lending/funding CAD 219,725,000,000 157,480,738,219 Bank of Canada. https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/market-operations-programs-and-facilities/canada-mortgage-bond-purchase-program/#marketFunctioning; Bank of Canada. https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/market-operations-programs-and-facilities/provincial-bond-purchase-program/ (all accessed 10 June 2020).

(i) Increase in Mortgage Bonds = CAD9.725 billion (peak November 25) [update] - Canada Mortgage Bond Purchase Program (CMBP) will target CAD 500 million in purchases per week; (ii) CAD 50 billion limit; CAD13.286 billion (peak November 25) [update]. The Provincial Bond Purchase Program (“PBPP” or “the program”) will be structured as a direct purchase program into a separate account held by the Bank of Canada (“BoC” or “the Bank”), managed by BMO Global Asset Management Inc. (“BMO GAM” or “the Asset Manager”) and supported by Canadian Imperial Bank of Commerce Mellon (“CIBC Mellon” or “the Custodian”) as a custodian. The program will support the liquidity and efficiency of provincial government funding markets. The program’s parameters may be expanded if conditions warrant. (iii) CAD10 billion limit. Beginning May 26, the Corporate Bond Purchase Program (CBPP) will purchase eligible corporate bonds in the secondary market. The program size will be capped at CAD10 billion and will be restricted to senior secured and unsecured bonds originated by Canadian incorporated companies with a remaining maturity of up to 5 years and a minimum credit rating of BBB or equivalent; as of November 25, bonds purchased through the CBPP were CAD181 million [update]; (iv) CAD150 billion; the government's Insured Mortgage Purchase Program (IMPP) purchases insured mortgage pools through the Canada Mortgage Housing Corporation (CMHC); (v) April 28, The Bank of Canada began offering 24-month repurchase operations (amount included in repurchase operations in 1A). (vi) As of November 25, the PBPP and CBPP are authorized for a combined CAD60 billion in purchases, while combined purchases to date are CAD13.467 billion, leaving CAD46.533 billion unutilized.

Canada 02B 02B - Support policies for long-term lending CAD 300,000,000,000 215,015,230,245 Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Financial_Market. BoC https://www.bankofcanada.ca/wp-content/uploads/2020/06/fad-press-release-2020-06-03.pdf (all accessed 10 June 2020). OSFI https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/FRI20200828_let.aspx (Accessed 2 September). BoC https://www.bankofcanada.ca/2020/10/fad-press-release-2020-10-28/ (accessed Oct 31)

(i) The Office of the Superintendent of Financial Institutions (OSFI) announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets to 1%, effective immediately. This action will allow Canada’s large banks to inject CAD300 billion of additional lending in to the economy; (ii) June 3, the BoC maintained its targets at 0.5% for the Bank Rate (penalty rate) and 0.25% for both the deposit rate (interest on reserves) and the overnight rate target; (iii) no amount/estimate; August 31, the Office of the Superintendent of Financial Institutions (OSFI) extended regulatory flexibility for insurers for 6 more months, including relaxing requirements for insurers regarding capital requirements for premiums or insured loans that are delinquent or for which a payment deferral has been given; (iii) October 28, the BoC announced that it will maintain its overnight rate target at the lower bound (interest on reserves) rate of 0.25% until "the 2 percent inflation target is sustainably achieved. In our current projection, this does not happen until 2023"; (iv) October 28, the BoC announced that its quantitative easing program (QE) will continue purchasing government securities, though "total purchases will be gradually reduced to at least CAD4 billion per week," a reduction from the previous rate of CAD5 billion per week;

Canada 02C 02C - Loan guarantees CAD 40,000,000,000 28,668,697,366 Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).

(i) No amount/estimate: Loan Guarantee for Small and Medium-Sized Enterprises through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to CAD6.25 million to small and medium-sized enterprises (SMEs); Canadian Government reports on August 11 that the amount of loan guarantees is CAD40 billion

Canada 03 03 - Direct long-term lending CAD 49,705,000,000 35,624,440,065
Canada 03A 03A - Long-term lending CAD 49,705,000,000 35,624,440,065 Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).

(i) CAD25 billion- Expanding the Canada Emergency Business Account (CEBA) to businesses that paid between CAD20,000 and CAD1.5 million in total payroll in 2019 (updated in (ii)); (ii) August 11: From the Canadian Government's "Fiscal Summary" cited in 5B below, Canada student loans--CAD1.93 billion; Alternative Credit Support for Businesses Unable to Access other Emergency Measures--CAD1.232 billion; Canada Emergency Business Account--CAD41.25 billion; Credit support for the agricultural sector--CAD5.2 billion; National Ecosystem Fund--CAD93 million;

Canada 03B 03B - Forbearance CAD Bank of Canada. https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral (accessed 10 June 2020). Canada Department of Finance https://www.canada.ca/en/department-finance/news/2020/06/government-announces-extension-of-rent-relief-program-for-small-businesses.html (accessed 1 July 2020).

(i) Mortgage Payment Deferral from the Canada Mortgage and Housing Corporation, in which interest on mortgage deferrals is added to the principal; no amount/estimate; (ii) Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75% for small businesses that have been affected by COVID-19; June 30, CECRA was extended by one month to cover small business rents for July and, to simplify the application process, the government is removing the requirement to claw-back insurance proceeds and provincial rent supports from the CECRA forgivable loan amount for both existing and new applicants; This will provide important relief for small businesses that continue to experience financial hardship, and also allow property owners to maintain rental income and keep tenants in their commercial properties as the economy gradually restarts; (iii) No amount/estimate: Deferring payments for tourism operators on commercial leases and licenses of occupation;

Canada 04 04 - Equity support CAD 537,000,000 384,877,262 Department of Finance Canada. https://www.canada.ca/en/department-finance/economic-response-plan.html (accessed 10 June 2020).

(i) CAD287 million to support rural businesses and communities by providing them with much-needed access to capital through the Community Futures Network. (ii) CAD250 million to assist innovative, early-stage companies that are unable to access other COVID-19 business supports through the Industrial Research Assistance Program (IRAP).

Canada 05 05 - Health and income support CAD 321,301,500,000 230,282,386,669
Canada 05A 05A - Health support CAD 25,174,000,000 18,042,644,687 Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/05/government-provides-tariff-relief-to-importers-of-certain-medical-goods.html (accessed 10 June 2020).

(i) Immediate public health response--CAD50 million; COVID-19 response fund--CAD1.025 billion; Personal protective equipment and supplies-CAD2 billion; Safe Restart Agreement--CAD19.351 billion; Personal protective equipment for essential workers--CAD511 million; Support for Health Canada and Public Health Agency of Canada--CAD88 million; Reducing import costs for critical medical goods--CAD 281 million; Health and Social Support for Northern Communities--CAD115 million; Medical research and vaccine development--CAD1.127 billion; Consular assistance--CAD100 million; Virtual care and mental health tools--CAD241 million; Enhancing public health in Indigenous communities--CAD285 million [update]

Canada 05B 05B - Income support CAD 296,127,500,000 212,239,741,982 Department of Finance Canada.. https://www.canada.ca/en/department-finance/economic-response-plan.html?topic=ex-col-faq (accessed 10 June 2020). Department of Finance https://www.canada.ca/en/department-finance/news/2020/07/supporting-canadian-workers-and-businesses-with-a-redesigned-canada-emergency-wage-subsidy.html (accessed 20 July 2020). Department of Finance https://www.canada.ca/en/department-finance/news/2020/07/government-legislation-to-support-canadian-workers-businesses-persons-with-disabilities-and-legal-rights-receives-royal-assent.html (accessed 31 July 2020). Department of Finance https://www.canada.ca/en/department-finance/news/2020/07/government-announces-new-extension-of-rent-relief-for-small-businesses.html (accessed 1 August 2020). Canadian Government https://www.canada.ca/en/department-finance/economic-response-plan/fiscal-summary.html (accessed 27 September 2020).

Items i through vii are from the Canadian Government's "Fiscal Summary" posted online, August 11: (i) Support for individuals: Canada Emergency Response Benefit (CERB) - CAD80.473 billion; Canada Emergency Wage Subsidy (CEWS)-CAD83.6 billion; 10% temporary wage subsidy--CAD2.08 billion; Temporary enhanced GST Credit - CAD5.515 billion; Temporary Enhanced Canada Child Benefit - CAD1.997 billion; Canada Student Loan Payments - CAD190 million; Waiving employment insurance waiting period for people in imposed quarantine--CAD5 million; Advertising campaign for government COVID-19 response plan--CAD10 million; COVID-19 communications and marketing--CAD50 million (ii) Support for student and recent graduates: Youth employment and skills development programs--CAD 1.008 billion; Canada Emergency Student Benefit--CAD5.250 billion; Canada Student Service Grant--CAD900 million; (iii) One-time payment to OAS and GIS recipients--CAD2.509 billion; New Horizons for Seniors Program expansion--CAD20 million; Lower RRIF minimum withdrawal--CAD495 million; United Way contribution--CAD9 million; (iv) Support for Vulnerable Groups: Indigenous Community Support Fund--CAD380 million; Support for the On Reserve Income Assistance Program--CAD270 million; Support for people experiencing homelessness (through Reaching Home) - CAD157.5 million; Support for women’s shelters and sexual assault centres including on reserve - CAD50 million; Protecting and supporting Indigenous women and girls fleeing violence--CAD29 million; Kids Help Phone--CAD8 million; Support for food banks and local food organizations--CAD100 million; Support for charities and non-profits serving vulnerable people--CAD100 million; Support for persons with disabilities--CAD865 million; Support for Red Cross--CAD100 million (v) Support for Business and Sector Specific Groups: CAnada Emergency Business Account (CEBA) 25% incentive--CAD13.75 billion; Support for Indiginous economies and Indigenous tourism--CAD133 million; Support for Indigenous businesses and Aboriginal financial institutions--CAD307 million; Financial relief for Fist Nations through the First Nations Finance Authority--CAD17 million; Enhancements to the Work-Sharing Program--CAD12 million; Canada Emergency Commercial Rent Assistance (CAD2,974 million less Provincial contributions of CAD569 million = CAD2,405 million); Woment Entrepreneurship Strategy--CAD15 million; Parks Canada Rent Relief & Revenue Replacement--CAD74 million; Granville Island Emergency Relief Fund--CAD17 million; Wage subsidy for staff of the non-public funds, Canadian forces--CAD6 million; Support for Federal Bridge Corporation--CAD3 million; (vi) Support for sectors: Air transportatoin--CAD331 million; Food inspection--CAD20 million; Firms that hire temporary foreign workers--54 million; Emergency Support Fund for cultural, heritage, and sport organization to address financial needs of affected organizations so they can continue to support artists and athletes--CAD500 million; Broadcasting industry--CAD35 million; Canada's national museums--CAD26 million; National Arts Centre--18 million; Emissions reduction fund for oil and gas sector--CAD750 million; Cleaning up former oil and gas wells--CAD1.72 billion; Safety measures in forest operations--CAD 30 million; Farmers, food businesses, and food supply--CAD453 million; Fish and seafood processors--CAD63 million; Fish harvesters--CAD469 million; Academic research community--450 million; (vii) Tax support: Income tax payment deferral until after August--CAD55 billion; Sales tax remittance and customs duty payments deferral--CAD30 billion; Supporting safe jobs and safe operations of junior mining companies--CAD50 million; (viii) No amount/estimate: Canada Emergency Response Benefit (CERB) provides a taxable benefit of CAD2,000 every 4 weeks for up to 16 weeks to eligible workers who have lost their income due to COVID-19; (ix) No amount/estimate: Increased payments of 50% to 75% to AgriStability to support farmers that face significant revenue declines; (x) No amount/estimate: Flexibility for individual and corporate taxpayers (tax payment deferral until September); (xi) No amount/estimate; July 20, the Finance Ministry announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that would extend it to December 19, 2020, make the subsidy eligible to a broader range of employers by including those with a revenue decline of less than 30 percent, introduce a top-up subsidy up to an additional 25 percent for employers most adversely affected; (xii) No amount/estimate: July 27, the Department of Finance announced that Bill C-20, An Act Respecting Further COVID-19 Measures, ensures the CEWS continues through December 19, 2020, is now accessible to a broader range of employers, introduces a top-up subsidy of up to an additional 25 percent employers most adversely affected by COVID-19; the Bill also provides a one-time non-taxable payment of up to CAD600 to approximately 1.7 million to eligible disabled individual; (xiii) No amount/estimate: July 31, the Department of Finance announced an extension of rent relief for small businesses by one month through the Canada Emergency Commercial Rent Assistance; (xiv) No amount/estimate: Starting October 5, the Canada Recovery Sickness Benefit will provide CAD500 per week for up to 2 weeks for those that miss work from having COVID-19; (xv) No amount/estimate: Starting October 5, the Canada Recovery Caregiving Benefit will provide CAD500 per week for up to 26 weeks for caregivers; (xvi) No amount/estimate: Starting October 12, the Canada Recovery Benefit provides CAD500 per week for up to 26 weeks for those unemployed but not eligible for employment insurance;

Canada 06 06 - Budget reallocation CAD 15,000,000 10,750,762

(i) Support for Northern Business from existing sources--CAD15 million

Canada 07 07 - Central bank financing government CAD 325,414,000,000 233,229,887,117
Canada 07A 07A - Direct lending and reserve drawdown CAD 115,008,000,000 82,428,238,667

BoC purchases of T-bills were in the primary market as they were auctioned; As of November 25 ,current T-bill holdings have increased by 38.629 CAD billion since the end of February, with the maximum increase since the end of February occurring on July 29 at CAD115.008 billion. [update]

Canada 07B 07B - Secondary purchase: government securities CAD 210,406,000,000 150,801,648,450 Bank of Canada. https://www.bankofcanada.ca/rates/banking-and-financial-statistics/bank-of-canada-assets-and-liabilities-weekly-formerly-b2/ (accessed 10 June 2020).

(i) Government of Canada Bond Purchase Program (GBPP): Purchases will begin with a minimum of CAD5 billion per week across the yield curve. The program will be adjusted as conditions warrant but will continue until the economic recovery is well underway; on October 28, BoC announced purchases would gradually decline to CAD4 billion per week; As of November 25, the increase in government bonds owned by BoC has risen CAD207.715 billion since the purchases in response to COVID-19 began, which is also the peak figure; (ii) June 3, Bank of Canada began purchasing Government of Canada Real Return Bonds; as of November 25, the purchased amount is CAD2.687 billion; the peak value since the end of February was CAD2.691 billion on October 29 (pre-COVID BoC did not hold government real return bonds) [update]

Canada 08 08 - International Assistance Received CAD
Canada 08A 08A - Swaps CAD

No amount/estimate: BoC together with central banks from Japan, Euro Area, UK, US, and Switzerland, announced a coordinated central bank action to further enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements; Starting with the Fed's expansion of its central bank swap lines on March 2, the BoC had not used the swap line to acquire US dollars from the Federal Reserve; [update]

Canada 08B 08B - International loans/grants CAD
Canada 08B1 08B1 - Asian Development Bank CAD
Canada 08B2 08B2 - Other CAD
Canada 09 09 - International Assistance Provided CAD
Canada 09A 09A - Swaps CAD
Canada 09B 09B - International loans/grants CAD
Canada 10 10 - No breakdown CAD
Canada 11 11 - Other Economic Measures CAD
Canada 12 12 - Non-Economic Measures CAD International Monetary Fund. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#C (accessed 10 June 2020).

(i) Travel restrictions; (ii) Social distancing measures; (iii) Declarations of states of emergency; (iv) Closures of non-essential businesses in some provinces; (v) Reopening the economy. On April 28, Prime Minister Trudeau released a joint statement with premiers across Canada on their shared public health approach to support restarting the economy; all provinces have begun to implement plans to reopen.

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.