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. (accessed 27 May 2020); OECD. (accessed 24 April 2020); BOJ. (accessed 1 May 2020). BOJ. (accessed 26 May 2020). BOJ. (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. (accessed 6 May 2020); BOJ. (accessed 1 May 2020); (accessed 12 May 2020). (accessed 11 June 2020). BOJ. (accessed 9 September 2020). BOJ. (accessed 28 October 2020). BOJ. (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. (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. (accessed 6 May 2020); OECD. (accessed 19 May 2020). BOJ. (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. (accessed 6 May 2020); BOJ. (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. (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. (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. (accessed 6 May 2020); OECD. (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. (accessed 6 May 2020); Prime Minister of Japan and His Cabinet. (accessed 13 April 2020); Prime Minister of Japan and His Cabinet. (accessed 13 April 2020); Prime Minister of Japan and His Cabinet. (accessed 24 April 2020). WTO. (accessed 21 May 2020). Cabinet Public Relations Office. (accessed 22 May 2020). Reuters.; (accessed 27 May). The Japan Times. (accessed 12 June 2020). Nikkei Asian Review. (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. (accessed 6 May 2020); BOJ. (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. (accessed 17 May 2020). IMF. (accessed 6 May 2020). Bank of Japan. (accessed 18 April 2020). US Fed. (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. (accessed 11 April 2020). BNM. (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. (accessed 6 May 2020). ADB (accessed 19 May 2020). The Edition.; (accessed 23 May 2020). BusinessWorld. (accessed 1 July 2020). epartment of Finance (Philippines). (accessed 17 September 2020). Embassy of Japan in Egypt. (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. (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. (accessed 6 May 2020). NHK. (accessed 15 May 2020). Reuters. (accessed 21 May 2020). Reuters. (accessed 25 May). Reuters. (accessed 2 June 2020). Nikkei Asian Review. (accessed 11 June 2020). Reuters. (accessed 18 June 2020). euters. (accessed 19 June 2020). Nikkei Asian Review. (accessed 1 September 2020). Nikkei Asia. (accessed 7 October 2020). Nikkei Asia. (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]

Spain 01 01 - Liquidity Support EUR
Spain 01A 01A - Short-term lending EUR
Spain 01B 01B - Support policies for short-term lending EUR
Spain 01C 01C - Forex operations EUR
Spain 02 02 - Credit creation EUR 153,220,000,000 169,491,150,442
Spain 02A 02A - Financial sector lending/funding EUR
Spain 02B 02B - Support policies for long-term lending EUR Organisation for Economic Co-operation and Development (OECD). (accessed 30 April 2020); International Monetary Fund (IMF). (accessed 16 July 2020).

No amount/estimate: (i) April 21, Authorized the Insurance Compensation Consortium to act as a reinsurer of credit insurance risks to strengthen the channelling of resources to commercial credit; (ii) June, the Bank of Spain will apply to the banks it supervises the flexibility provided by the legal system in relation to the setting of transition periods and the intermediate minimum requirements for own funds and eligible liabilities (MREL) targets; and banks will be allowed to apply expert judgement for the credit-risk classification of forborne exposures.

Spain 02C 02C - Loan guarantees EUR 153,220,000,000 169,491,150,442 OECD. (accessed 14 May 2020, 21 May 2020); European Commission. (accessed 25 May 2020); Ministry of Economic Affairs and Digital Transformation. (accessed 25 June 2020); La Moncloa. (accessed 12 July 2020); La Moncloa. (accessed 12 July 2020); Ministry of Transport, Mobility, and Urban Agenda. (accessed 20 July 2020); Third Government Vice Presidency - Ministry of Economic Affairs and Digital Transformation. (accessed 30 July 2020).

(i) March 17, EUR100 billion in Instituto de Crédito Oficial (ICO), Spain's official financial agency, credit guarantee programs for companies and the self-employed, both for refinancing and new credit. The first tranche is up to EUR20 billion, divided into the following subtranches: (a) EUR10 billion for renewals and new loans granted to the self-employed and small and medium-sized enterprises (SMEs) and (b) EUR10 billion for renewals and new loans granted to companies that do not to qualify as an SME. The second tranche of guarantees (EUR 20 billion) for SMEs and self-employed only, for whom the guarantee will cover 80% of new loans and renewals. May 5, Third tranche (EUR24.5 billion) of the EUR100 billion ICO guarantee: EUR10 billion for SMEs and self-employed, EUR10 billion for other companies, EUR 4 billion for the issue of promissory notes of NFCs in fixed income markets, and EUR0.5 billion for CERSA. May 19, Fourth tranche, at EUR20 billion, which is part of the EUR100 billion guarantees via ICO in item (i), for SMEs and the self-employed only. June 16, Fifth tranche, at EUR15.5 billion earmarked as follows: (a) EUR7.500 billion to guarantee loans from SMEs and the self-employed and 5,000 million for the rest, (b) EUR2.5 billion to boost tourism sector by guaranteeing loans to SMEs and the self-employed for liquidity or investments; and (c) EUR500 million to boost the automotive sector; (ii) March 17, EUR2 billion in guarantees through the Spanish Export Insurance Credit Company; (iii) March 31, Allocate EUR1.2 billion from the existing loan guarantee line to the guarantee of loans for tenants; (iv) March 31, Compania Espanola de Reafianzamiento (CERSA) will assume around EUR1 billion of risk that will allow mobilizing EUR2 billion benefiting some 20,000 SMEs and the self-employed; (v) April 21, No amount/estimate: Expand the coverage of the previously announced guarantee line to Alternative Fixed Income Market commercial paper; (vi) Strengthen counter-guarantees granted by CERSA to increase the capacity of regional mutual guarantee entities; (vii) May 6, To guarantee the liquidity of companies in the culture sector, the government injected EUR20 million to CREA to guarantee loans of up to EUR880 million; (viii) July 3, Creation of a new guarantee for lines of credit from ICO for EUR40 billion, designed to boost investment activity and promote it in areas that create the greatest added value, based on two main cornerstones - environmental sustainability and digitalization. This is within the framework of the Agreement on Economic Reactivation and Employment; (ix) July 7, The Royal Decree on the economic reactivation measures to face the impact of COVID-19 in the areas of transport and housing includes a provision to increase debt capacity of Renfe (national rail transport) to EUR1 billion (contingent liability) in order to compensate for the drop in demand and boost the recovery of services; (x) July 28, The Government launches the new line of guarantees, amounting to EUR8 billion, of which EUR5 billion will be used to guarantee investments by the self-employed and SMEs, and EUR3 billion from other companies. The State guarantee covers 80% of new self-employment and SME loans, and 70% for other companies. The guarantee line will be managed by ICO.

Spain 03 03 - Direct long-term lending EUR 13,225,000,000 14,629,424,779
Spain 03A 03A - Long-term lending EUR 11,914,000,000 13,179,203,540 OECD. (accessed 14 May 2020); La Moncloa. (accessed 12 July 2020); La Moncloa. (accessed 12 July 2020);La Moncloa. (accessed 18 July 2020); Ministerio de Hacienda. (accessed

(i) March 12, EUR200 million specific ICO financing facility to support, through liquidity provision, firms and self-employed workers in the tourism sector affected by COVID-19 (loans 1–4 years); (ii) March 17, EUR10 billion increase in the net borrowing limit of the ICO to increase existing lines of credit; (iii) June 18, The Tourism Sector Promotion Plan includes EUR515 million to provide loans for projects that improve the sustainability and the competitiveness of the sector; (iv) July 3, A financing system will be introduced for digitalisation and innovation projects in the tourism sector, by granting of a maximum of 1,100 loans for each financial year (EUR216 million); (v) July 9, Shock Plan for Science and Innovation is announced, which includes an allocation of EUR508 million in loans to companies; (vi) November 3, Spain has approved the rescue of the airline Air Europa for EUR475 million. The airline will receive a profit participating loan of EUR240 million and a loan of EUR235 million. These funds come from the Fund to Support the Solvency of Strategic Companies.

Spain 03B 03B - Forbearance EUR 1,311,000,000 1,450,221,239 OECD. (14 May 2020); La Moncloa. (accessed 12 July 2020); La Moncloa. (accessed 16 July 2020); Ministry of Transport, Mobility, and Urban Agenda. (accessed 20 July 2020); Ministerio de Hacienda. (accessed November 7, 2020).

(i) No amount/estimate: March 17, Moratorium on mortgage loan payments on primary homes for those identified as economically vulnerable, facing extraordinary difficulties procuring payment as a result of the COVID-19 pandemic; (ii) March 12, No amount/estimate: Deferral of the repayment of principal and/or interest of loans received from the Ministry of Industry, Trade and Tourism; (iii) July 3, A mortgage moratorium has been approved for properties associated with tourist activity, by granting a grace period of up to 12 months for financial transactions for mortgages signed with credit institutions. The amount of moratoriums is estimated to a total of up to EUR731 million; (iv) July 7, The Royal Decree on the economic reactivation measures to face the impact of COVID-19 in the areas of transport and housing includes a moratorium in the payment of the principal of the installments of the contracts of loans, leasing and renting of vehicles dedicated to the discretionary public transport of passengers by bus and to the public transport of goods of more than 3.5 tons of maximum authorized mass, in those cases in which they experience financial difficulties as a consequence of the health emergency. This measure would allow a deferral of up to EUR250 million for the discretionary transport of passengers and up to EUR330 million in the case of the transport of goods.

Spain 04 04 - Equity support EUR 10,000,000,000 11,061,946,903 La Moncloa. (accessed 12 July 2020); Ministerio de Hacienda. (accessed 30 July 2020); European Commission. (accessed 8 August 2020).

July 3, Creation of a Fund to Support the Solvency of Strategic Companies. This is a new instrument with a provision of EUR10 billion that seeks to provide temporary public support to enhance the solvency of non-financial companies affected by the COVID-19 pandemic, within the framework of the Agreement on Economic Reactivation and Employment. This Fund will be attached to the Ministry of the Treasury and will be managed by the State Company for Industrial Participations (SEPI). The Fund will be structured through different instruments, such as the concession of equity loans, the acquisition of subordinated debt and the subscription of shares and other capital instruments. The amount of the dividends, interest and capital gains from these investments will be paid in to the Public Treasury. July 21, The companies benefiting from the EUR10 billion solvency support may not distribute dividends and the members of the Board of Directors will be prohibited from collecting variable premiums or remuneration. July 31, The European Commission approves the EUR10 billion Solvency Support Fund to provide debt and capital support to companies affected by the coronavirus outbreak.