|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Italy||01||01 - Liquidity Support||EUR||2,000,000,000||2,212,389,381|
|Italy||01A||01A - Short-term lending||EUR||2,000,000,000||2,212,389,381||Mipaaf. https://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/15564 (accessed 12 June 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1478 (accessed 19 August 2020).||
No amount/estimate: June 9, beneficiary farms can submit applications for advance payments to receive an equal amount 70% of the value of the company's securities portfolio. The measure corresponds to the need to provide immediate liquidity to farms taking into account the emergency period resulting from Covid-19; (ii) August 13, EUR2 billion to support trade credit insurance for all companies so that they can secure their commercial exchanges. This will help them address their liquidity needs and continue their activities during and after the crisis. Trade credit insurance protects companies supplying goods and services against the risk of nonpayment by their clients. Given the economic impact of the coronavirus outbreak, the risk of insurers not being willing to issue this insurance has become higher.
|Italy||01B||01B - Support policies for short-term lending||EUR||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).||
No amount/estimate: less significant banks and non-bank intermediaries are allowed to operate temporarily below the level of the Pillar 2 Guidance, the capital conservation buffer and the liquidity coverage ratio. Their deadline to submit their revised non-performing loan reduction plans is postponed to 30 June. Other reporting and inspection deadlines are delayed.
|Italy||01C||01C - Forex operations||EUR|
|Italy||02||02 - Credit creation||EUR||431,480,000,000||477,300,884,956|
|Italy||02A||02A - Financial sector lending/funding||EUR|
|Italy||02B||02B - Support policies for long-term lending||EUR||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#F (accessed 6 June 2020); Banca d' Italia. https://www.bancaditalia.it/media/notizia/aggiornamento-della-raccomandazione-della-banca-d-italia-sulla-distribuzione-di-dividendi-e-sulle-politiche-di-remunerazione-variabile/ (accessed 6 August 2020); Banca d' Italia. https://www.bancaditalia.it/media/comunicati/documenti/2020-02/CS_Raccomandazione_politiche_dividendi.pdf (accessed 6 Agust 2020).||
No amount/estimate: (i) May 20, 2020, to promote the use of credit claims as collateral and to incentivize lending to small and medium-sized enterprises, the Bank of Italy has extended the additional credit claim frameworks to include loans backed by COVID-19-related public sector guarantees; (ii) July 28, Banca d' Italia announced updates to its recommendations on the distribution of dividends and variable remuneration policies. Recommended less significant banks to not pay dividends for 2019 and 2020, to refrain from repurchasing shares with the aim of remunerating shareholders, and to reduce variable remuneration to preserve capital; (iii) July 30, Italian Institute for the Supervision of Insurance recommended companies to not distribute dividends, avoid the repurchase of ordinary shares, and refrain from paying variable pay until January 1, 2021 .
|Italy||02C||02C - Loan guarantees||EUR||431,480,000,000||477,300,884,956||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Reuters. https://www.reuters.com/article/health-coronavirus-italy-decree/update-1-italy-announces-guarantees-for-bank-loans-worth-over-400-bln-euros-idUSL8N2BU5T8 (accessed 16 April 2020); Ministry of Economy and Finance. http://www.mef.gov.it/covid-19/ (accessed 31 May 2020); Banca D'Italia.https://www.bancaditalia.it/media/notizia/ulteriori-misure-di-ampliamento-dello-schema-acc-della-banca-d-italia-in-risposta-all-emergenza-covid-19/ (accessed 16 June 2020).||
(i) EUR10 billion state guarantee for new loans for medium-large firms (based in 500 million 1:20); (ii) EUR21.48 billion for the SMEs Guarantee Fund (based in 1.5 billion 1:14 aprox); (iii) April 9, EUR400 billion in guarantees including EUR200 billion from Treasury to shield banks from losses on 90% of loans to companies of all sizes, and EUR200 billion guarantees from Cassa Depositi e Prestiti CDP (Italy's state lender) and its export agency Sace; (iv) no amount/estimate: further guarantees for firms most affected by the virus. Facilitate guarantees for self-employed workers, freelancers and individual entrepreneurs; (v) No amount/estimate: 9 June, Adopted further measures to extend the Additional Credit Claims (ACC) scheme. The Bank of Italy introduced the possibility of granting guarantees to both consumer and mortgage loans offered to households. These measures will enter into force on June 17, 2020 .
|Italy||03||03 - Direct long-term lending||EUR||450,000,000||497,787,611|
|Italy||03A||03A - Long-term lending||EUR|
|Italy||03B||03B - Forbearance||EUR||450,000,000||497,787,611||Invitalia. https://www.invitalia.it/ (accessed 18 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).||
(i) EUR50 million allocation for one-year suspension in repayment of loans to Invitalia (national development agency owned by the Ministry of Economy) to support SMEs in the most affected municipalities; (ii) EUR400 million for households, moratorium on debt payments, including mortgages.
|Italy||04||04 - Equity support||EUR||45,000,000,000||49,778,761,062||MEF. https://www.mef.gov.it/focus/Decreto-rilancio-le-misure-per-rimettere-in-moto-il-Paese/ (accessed 21 July 2020).||
(i) May 15, EUR45 billion in equity support for companies under the Relaunch Decree.
|Italy||05||05 - Health and income support||EUR||116,405,000,000||128,766,592,920|
|Italy||05A||05A - Health support||EUR||11,450,000,000||12,665,929,204||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020); Milano Today. https://www.milanotoday.it/attualita/coronavirus/decreto-rilancio.html#13 (24 May 2020);||
(i) EUR3.2 billion for the national health service and to support civil protection; (ii) EUR3.25 billion for healthcare as part of the additional additional EUR55 billion rescue package announced on 13 May; (iii) May 15, EUR5 billion support to the health sector under the Relaunch Decree.
|Italy||05B||05B - Income support||EUR||104,955,000,000||116,100,663,717||OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 May 2020); MIPAAF. https://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/15431 (accessed 18 May 2020); Milano Today. https://www.milanotoday.it/attualita/coronavirus/decreto-rilancio.html#13 (18 May 2020) IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#F (accessed 21 May 2020); Bloomberg. https://www.bloomberg.com/news/articles/2020-05-13/italy-government-signs-off-on-55-billion-euro-stimulus-package (accessed 24 May 2020); Ministry of Infrastructure and Transport, Italy. Ministry of Labor and Social Policies. http://www.mit.gov.it/comunicazione/news/coronavirus/coronavirus-da-de-micheli-60-milioni-per-sostegno-locazione (accessed 25 May 2020); https://www.lavoro.gov.it/notizie/pagine/bonus-covid-per-iscritti-alle-casse-professionali-firmato-decreto-interministeriale.aspx/ (accessed 16 June 2020); Ministry of Agricultural, Food and Forestry Policies. https://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/15731 (accessed 18 July 2020); Ministry of Agricultural, Food and Forestry Policies. https://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/15734 (accessed 20 July 2020); MISE. https://www.mise.gov.it/index.php/it/198-notizie-stampa/2041375-banda-ultralarga-firmati-i-decreti-attuativi-per-600-milioni-di-euro-nel-piano-scuola-e-nel-piano-voucher-famiglie (accessed 19 August 2020); MEF. https://www.mef.gov.it/inevidenza/Decreto-AGOSTO.-Sud-imprese-e-lavoro-25-miliardi-per-far-ripartire-lItalia/ (accessed 5 September 2020); MEF. https://www.mef.gov.it/ufficio-stampa/comunicati/2020/Positivo-incontro-fra-il-Ministero-dellEconomia-e-delle-Finanze-e-le-associazioni-dei-commercialisti/ (accessed 3 October 2020); LAVORO. https://www.lavoro.gov.it/stampa-e-media/comunicati/pagine/dl-covid-catalfo-prorogati-al-31-ottobre-termini-per-le-domande-di-cig.aspx/ (accessed 15 Otober 2020); EIB. https://www.eib.org/en/press/all/2020-274-eib-approves-eur-5-1-billion-for-covid-19-resilience-clean-energy-rail-transport-and-urban-development (accessed 17 Octobe 2020); Ministry of Agricultural, Food and Forestry Policies. https://www.politicheagricole.it/flex/cm/pages/ServeBLOB.php/L/IT/IDPagina/16100 (accessed 29 October 2020).||
For individuals: (i) EUR5.0 billion to strengthen the wage supplementation scheme for furloughed employees; (ii) EUR400 million for one-year suspension in the repayment of real estate mortgages by workers having lost their job; (iii) EUR2.3 billion for one-off EUR 600 payment to the self-employed &seasonal workers; (iv) No amount/estimate: Allowance of EUR500 per month for up to 3 months for self-employed workers in the municipalities most affected; (v) EUR1.3 billion to strengthen childcare support; (iv) EUR30 million for EUR1000 childcare payment to employees in the healthcare and law enforcement sectors; (v) EUR5 million to raise by 12 days the paid leave for disabled workers and workers caring for a disabled relative; (vi) EUR130 million to extend sick leave to cover days spent in quarantine; (vii) EUR900 million for a EUR100 one-off bonus to workers who continued to work at their workplace. For companies: (i) EUR540 million for 60% tax credit on commercial rents; (ii) EUR50 million for incentives to firms to sanitise workplaces; (iii) EUR600 million for suspension of collection of tax collection files; (iv) No amount/estimate: Suspension for 2 months of tax and social security payments in the municipalities most affected; (v) EUR10 billion for suspension of all the tax and social security payments coming due in March; (vi) No amount/estimate: suspension of 2 months (until end of April) in the payment of the electricity, gas, water and waste bills in the most affected municipalities; (vii) No amount/estimate: Non-application of withholding tax for professionals without employees, with revenues below EUR400,000 until 31 May 2020; (viii) No amount/estimate: Incentive to sell impaired loans (NPLs) by converting deferred tax assets (DTA) into tax credits for financial and industrial companies; (ix) EUR1.7 billion to provide fee-free guarantee for SMEs loans; (x) EUR500 million Emergency Fund to protect supply chains in crisis”, to cover damage by the agricultural, fishing and aquaculture sector, and “and the slowdown in exports” (especially for livestock). It is a partial compensation of stocks (costs of storage and seasoning of these products); (xi) May 7, New Covid-19 emergency fund of EUR 100 million to agriculture sector (interest subsidy and direct aid); (xii) May 13, the government announced a further EUR55 billion rescue package of measures. Measures include further income support for furloughed workers, freelancers and unemployment benefits (EUR26.5 billion), funds for the healthcare system (EUR3.25 billion), measures to support businesses, including grants for SMEs and tax deferrals (EUR16 billion), EUR1.2 billion for the food and agriculture sector, and EUR1.4 billion for schools, including hiring university researchers and teachers ; (xiv) May 6, EUR60 million to the National Fund for support to access in housing rental; (xv) 8 June, Decree that allows for the automatic disbursement of an April payment worth EUR600 to Italian free-lancers who benefitted from an analogous bonus for the month of March. The payment is a form of unemployment compensation related to COVID-19 (a so-called "Covid bonus"); (xvi) July 9, Allocated EUR100 million to the wine sector to compensate for its voluntary reduction in production during the COVID-19 pandemic; (xvii) July 9, Allocated EUR90 million to support livestock supply chains in crisis; (xviii) August 10, Ministry of Economic Development signed implementation decrees worth a total of EU600 million in the "School Plan" and the "Family Plan." The School Plan allocates EUR400 million to schools for the activation of ultra-broadband services. The Family Plan allocates EUR200 million to households to support domestic Internet connection throughout Italy. The interventions will be managed by Infratel; (ix) August 26, Allocated an additional EUR25 billion in fiscal stimulus through the "August" Decree. The funds will support workers, businesses, local authorities, health workers and officials, and will afford general and sectoral measures for the recovery of the Italian economy; (x) September 10, As regards the moratorium on penalties for delayed payments of tax settlements due on August 20, the Government has undertaken to support, in dialogue with the Parliament, an amendment to Legislative Decree 104 of 2020 which provides for taxpayers who recorded in the first half of 2020 a reduction in turnover of at least 33 percent, the possibility of making the payment by Friday 30 October with a penalty fee of 0.8% ; (xi) No amount/estimate: October 7, Extended the deadlines for submitting applications for ordinary layoffs, ordinary allowances and layoffs in derogation linked to the epidemiological emergency to 31 October. In this way, all companies have a further possibility to send the requests and data necessary for the payment of the Cig Covid-19 services, guaranteeing workers access to the income support measures provided for by the August Decree; (xii) October 16, The Ministry of Agriculture, Food and Forestry Policies to provide a EUR600 million Catering Fund. Businesses in the catering sector (including restaurants) will receive grants to purchase Italian agricultural, wine, fishing, and products of excellence. Beneficiaries can apply through Poste Italiane, whereupon the Ministry will advance 90% of the grant. After purchase, submission of the receipt will trigger the last 10% to be sent by bank transfer. Grants range from EUR1,000 to EUR 10,000 .
|Italy||06||06 - Budget reallocation||EUR|
|Italy||07||07 - Central bank financing government||EUR|
|Italy||07A||07A - Direct lending and reserve drawdown||EUR|
|Italy||07B||07B - Secondary purchase: government securities||EUR|
|Italy||08||08 - International Assistance Received||EUR||29,900,000,000||33,075,221,239|
|Italy||08A||08A - Swaps||EUR|
|Italy||08B||08B - International loans/grants||EUR||29,900,000,000||33,075,221,239|
|Italy||08B1||08B1 - Asian Development Bank||EUR|
|Italy||08B2||08B2 - Other||EUR||29,900,000,000||33,075,221,239||MEF. https://www.mef.gov.it/ufficio-stampa/comunicati/2020/Covid-19-Italia-dalla-BEI-2-miliardi-per-la-Sanita/ (accessed 6 August 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1990 (accessed 16 November 2020); EIB. https://www.eib.org/en/press/all/2020-303-covid-19-eib-provides-eur50-million-to-mcc-for-smes-and-mid-caps-in-southern-italy (accessed 19 November 2020)||
(i) The European Investment Bank (EIB) provided a loan to the Italian government to support healthcare interventions related to COVID-19. The EIB loan covers about two thirds of the costs foreseen by the "Relaunch Decree" for the healthcare sector. Of the EUR 2 billion in total, the first tranche of EUR 1 billion has already been completed; (ii) EUR27.4 billion from the EU's SURE instrument to cover the costs directly related to the financing of short-time work schemes, and other similar measures as a response to the coronavirus pandemic, in particular for the self-employed (for approval by the EU Council). October 27, The European Commission has disbursed a total of EUR17 billion to Italy. Once all SURE disbursements have been completed, Italy will receive a total of EUR27.4 billion; (iii) November 11, The European Investment Bank (EIB) and Mediocredito Centrale (MCC) are providing EUR50 million to help Italian small and medium-sized enterprises (SMEs) and mid-caps to face the COVID-19 crisis [update].
|Italy||09||09 - International Assistance Provided||EUR|
|Italy||09A||09A - Swaps||EUR|
|Italy||09B||09B - International loans/grants||EUR|
|Italy||10||10 - No breakdown||EUR||50,000,000,000||55,309,734,513||MEF. https://www.mef.gov.it/inevidenza/PNR-riforme-e-investimenti-per-il-rilancio-e-la-sostenibilita/ (accessed 16 July 2020); MEF. https://www.mef.gov.it/focus/Decreto-rilancio-le-misure-per-rimettere-in-moto-il-Paese/ (accessed 21 July 2020).||
No amount/estimate: July 9, The government announced the third phase of the Italian recovery plan, known as the "National Reform Program" (PNR). It outlines the Italian government's approach to stimulating economic growth, innovation, and environmental and social sustainability post-COVID-19. The PNR covers the years 2021-2023 ; May 15, EUR50 billion worth of measures (with no details) which is part of the Relaunch Decree. At the heart of the decree are the measures to support families and businesses, which not only reinforce and extend many of the Cura Italia measures, starting with the strong commitment to the health system, but also introduce new and important measures to get Italy back on its feet, keeping together economic recovery, social cohesion and security.
|Italy||11||11 - Other Economic Measures||EUR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 May 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 1 May 2020); Ministero dell'Economia e delle Finanze. http://www.mef.gov.it/ufficio-stampa/comunicati/2020/Arriva-il-nuovo-BTP-Futura-il-primo-titolo-di-Stato-interamente-dedicato-al-retail/ (accessed 16 June 2020); IVAAS. https://www.ivass.it/media/avviso/covid-dividend-2/?com.dotmarketing.htmlpage.language=3 (accessed 6 August 2020);||
(i) No amount/estimate: Apri l 24, announced a special debt instrument called "BTP ITALIA," which will finance costs arising from the COVID-19 pandemic. The next issue will be May 18-21, 2020. The instruments have maturities of 4 to 8 years, with coupons paid every six months, and capital always guaranteed at maturity; (ii) IVASS (Insurance supervisory authority) followed the EIOPA recommendations and called insurance companies to be prudent about dividends and bonus payments to protect their capital position; insurance companies are asked to provide updated Solvency II ratios on a weekly basis; (iii) CONSOB called a three-month ban on shorting of all shares and lowered a minimum threshold beyond which it is required to communicate the participation in a listed company. These measures are aimed to contain the volatility of the financial markets and to strengthen the transparency of the holdings in the Italian companies listed on the Stock Exchange; (iv) 18 May : Suspended the temporary ban on taking new net short position and the increase in existing net short positions. The Italian Companies and Exchange Commission (CONSOB) first introduced the ban on March 17, 2020. The ban will end on May 18, 2020; (v) 8 June, Announced a new government bond exclusively dedicated to the retail market. This government bond is called the “BTP Futura”, and will solely finance expenses made by the Italian government to deal with the COVID-19 emergency, as well as to support the recovery of the Italian economy. The first issue will be Monday, July 6, 2020, to Friday, July 10, 2020.
|Italy||12||12 - Non-Economic Measures||EUR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#C (accesssed 10 October 2020); Politico EU. https://www.politico.eu/article/italy-coronavirus-restrictions-conte/ (accessed 2 November 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#C (accessed 12 November 2020).||
The nation-wide lockdown, announced in early March, was extended until May 3. Travel is restricted and public gathering are banned. All schools and universities remain shut. Non-essential productive activities are closed across the country, with exceptions for supermarket and grocery stores, pharmacies, banks, public transport and essential public services. The nation-wide lockdown expired on May 4. Since then, manufacturing and construction reopened under new safety rules (e.g., staggered shifts, spaced workstation, temperature checks, masks). The government moved forward some of the reopening plans. In addition to retail shops, restaurants, cafes and hairdressers reopened on May 18 (the initial reopening plan was June 1). Sports facilities reopened on May 25, followed by cinemas and theatres on June 15. Regional governments are allowed the discretion to adjust the dates in both direction. People can now travel within their own region, and mobility restrictions across regions has been lifted on June 3, when international borders also reopen without restriction to and from other EU countries. Following the increase in confirmed cases beginning in early August, the government reintroduced some containment measures, including closing night clubs, capacity limits at cultural sites. Mask wearing in public places (both in and outdoors) is required through end January 2021. Fines were raised for those who do not follow anti-contagion and quarantine rules. Rapid Covid tests are required for travelers coming back from a number of countries in Europe, and have been authorized for use in schools to identify and quarantine infected individuals, thereby avoiding the need to close entire schools. October 8, The Minister of Health, Roberto Speranza, has signed a new Ordinance, which provides for urgent measures to contain and manage the current health emergency. In particular, the Ordinance provides for the obligation of molecular or antigenic testing for those coming from or transiting in some European countries at greater risk for Covid-19 in the 14 days prior to entry into Italy, and the obligation to communicate entry into Italy to the Department of Prevention of the Local Health Authority; the extension to October 15 of the Ordinances of September 21 and September 25, 2020 . A series of additional containment measures have been rolled out since mid-October and will remain in place until early-December. A nationwide curfew is in place from 10pm to 5am. Across the country, museums, cinemas, theatres, pools, and gyms are shut. Schools remain open but older students will switch to remote learning. Public transportation capacity is reduced to 50 percent. In addition, the areas with the highest level of infections must close all bars, restaurants, and most non-essential shops. Travelling into high risk regions (and between municipalities in these regions) is only permissible for essential work- and health-related reasons. In low risks area, bars and restaurants must close by 6pm with a maximum of four persons per table .
|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.