|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Japan||01||01 - Liquidity Support||JPY|
|Japan||01A||01A - Short-term lending||JPY||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).||
No amount/estimate: Targeted liquidity provision through special funds-supplying operation to provide loans to financial institutions to facilitate financing of corporates and temporary increase of targeted purchases of commercial papers.
|Japan||01B||01B - Support policies for short-term lending||JPY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).||
No amount/estimate: Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement.
|Japan||01C||01C - Forex operations||JPY||
No amount/estimate: The exchange rate has been allowed to adjust flexibly.
|Japan||02||02 - Credit creation||JPY||2,000,000,000,000||18,640,569,869|
|Japan||02A||02A - Financial sector lending/funding||JPY||2,000,000,000,000||18,640,569,869||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020).||
March 16, An increase in the annual pace of the Bank of Japan’s (BOJ) targeted purchases of commercial paper and corporate bonds with an upper limit of JPY2 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 13 April 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.
|Japan||02C||02C - Loan guarantees||JPY|
|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 13 April 2020).||
Concessional loans from public and private financial institutions (included in the amount of the Emergency Economic Package Against COVID-19 of JPY108.2 trillion).
|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 13 April 2020); OECD. https://www.oecd.org/coronavirus/en/ (accessed 24 April 2020).||
March 16, 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||108,200,000,000,000||1,008,454,829,905||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 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).||
April 7, The Government of Japan adopted the Emergency Economic Package Against COVID-19 of JPY108.2 trillion (20% 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: (i) Develop preventive measures against the spread of infection and strengthen treatment capacity (expenditure of 0.5% of GDP); (ii) Protect employment and businesses (15.1% of GDP); (iii) Regain economic activities after containment (1.6% of GDP); (iv) Rebuild a resilient economic structure (3% of GDP); and (v) Enhance readiness for the future (0.3% of GDP). The key measures comprise cash handouts to affected households and firms, and deferral of tax payments and social security contributions.
|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||
No amount/estimate: Increase in the size and frequency of Japanese government bond purchases.
|Japan||08||08 - International Assistance Received||JPY||21,031,545,857,143||196,020,000,000|
|Japan||08A||08A - Swaps||JPY||21,031,545,857,143||196,020,000,000||Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 20 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020). Bank of Japan. https://www.boj.or.jp/en/announcements/release_2020/rel200320a.pdf (accessed 18 April 2020).||
(i) April 16, The total outstanding amount is United States dollar (USD)196.02 billion; and (ii) 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.
|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||2,452,714,714,286||22,860,000,000|
|Japan||09A||09A - Swaps||JPY||2,441,985,428,571||22,760,000,000||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).||
April 7, USD22.76 billion bilateral currency swap arrrangement with Bank Indonesia.
|Japan||09B||09B - International loans/grants||JPY||10,729,285,714||100,000,000||
Japan as donor: Japan’s 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.
|Japan||10||10 - No breakdown||JPY|
|Japan||11||11 - Other Economic Measures||JPY|
|Japan||12||12 - Non-Economic Measures||JPY||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 11 April 2020).||
On April 7, 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. 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. The 2020 Tokyo Olympic Games have been postponed to July 23–August 8, 2021.
|United Kingdom||01||01 - Liquidity Support||GBP||12,482,813,690||15,455,000,000|
|United Kingdom||01A||01A - Short-term lending||GBP||Bank of England. https://www.bankofengland.co.uk/news/2020/march/the-covid-corporate-financing-facility (accesed 13 April 2020).||
(i) March, Activating a Contingent Term Repo Facility (CTRF) to complement the Bank of England’s (BoE's) existing sterling liquidity facilities. (ii) March 17, The Covid Corporate Financing Facility (CCFF) provided jointly with the Treasury provides lending to businesses with minimum amount GBP1 million per participant. The BoE will purchase commercial papers (CP) of firms of up to one-year maturity, with interest rate set with a fixed spread to the sterling overnight index swap (OIS) rate. The spread is determined based on rating or equivalent assessment. The scheme will operate for at least 12 months and will be financed by the issuance of central bank reserves.
|United Kingdom||01B||01B - Support policies for short-term lending||GBP||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 18 April 2020).||
No amount/estimate:(ii) April, The Prudential Regulatory Authority (PRA) set out supervisory expectation that banks should suspend dividends and buybacks until end-2020, cancel outstanding 2019 dividends and pay no cash bonuses to senior staff.
|United Kingdom||01C||01C - Forex operations||GBP||12,482,813,690||15,455,000,000||Bank of England. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/results-and-usage-data (accessed 12 June 2020).||
The peak total amount in the US dollar repo operations was recorded in March 18, with 2 transactions, 7-day and 84-day terms, at USD15.455 billion.
|United Kingdom||02||02 - Credit creation||GBP||430,000,000,000||532,383,977,273|
|United Kingdom||02A||02A - Financial sector lending/funding||GBP||100,000,000,000||123,810,227,273||Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/term-funding-scheme-market-notice-mar-2020 (accessed 13 April 2020); Bank of England. https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19 (accessed 13 April 2020).||
March 11, Introducing a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves. The Term Funding Scheme offers four-year funding at or very close to the Bank Rate. Estimated size of the scheme is GBP100 billion.
|United Kingdom||02B||02B - Support policies for long-term lending||GBP||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 19 April 2020); OECD. http://www.oecd.org/coronavirus/en/ (acessed 19 April 2020).||
No amount/estimate: (i) Policy rate reductions: From 0.75% to 0.1% in two steps on 11 and 19 March; (ii) April, reducing the UK countercyclical buffer rate to 0% from a pre-existing path toward 2% by December 2020, with guidance that it will remain there for at least 12 months.
|United Kingdom||02C||02C - Loan guarantees||GBP||330,000,000,000||408,573,750,000||Organisation for Economic Co-operation and Development (OECD). http://www.oecd.org/coronavirus/en/ (accessed 19 April 2020).||
(i) March, GBP330 billion (14.9% of GDP) of temporary state loans and guarantee scheme for businesses. This includes the Coronavirus Corporate Financing Facility (20 March) and the Coronavirus Business Interruption Loan Scheme (CBILS) (17 March). CBILS will provide loans of up to GBP5 million for small and medium-sized businesses (see reference in Measure 3). In addition, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to GBP25 million to larger firms with an annual turnover of between GBP45 million and GBP500 million (3 March) (see reference in Measure 2).
|United Kingdom||03||03 - Direct long-term lending||GBP||250,000,000||309,405,941|
|United Kingdom||03A||03A - Long-term lending||GBP||250,000,000||309,405,941||Bank of England. https://www.bankofengland.co.uk/markets/market-notices/2020/term-funding-scheme-market-notice-mar-2020 (accessed 13 April 2020); Bank of England. https://www.bankofengland.co.uk/news/2020/march/boe-measures-to-respond-to-the-economic-shock-from-covid-19 (accessed 13 April 2020).||
(i) May 20, Future Fund is launched. To bolster high-tech start-ups, the new GBP500 million Future Fund provides between GBP125,000 and GBP5 million for UK based-business as long as the cash is matched by private investors (i.e. government is committing GBP250 million, with the other GBP250 million expected to be raised by the private sector). The scheme is initially open until September and will be delivered by the British Business Bank. If the government loan is not repaid within three years, it gets automatically converted into an equity stake at 20% discount to the valuation set in the next funding round; (ii) July 5, The package in support for cultural organisations includes GBP270 million of repayable finance.
|United Kingdom||03B||03B - Forbearance||GBP||Financial Conduct Authority. https://www.fca.org.uk/print/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus (accessed 15 April 2020)||
No amount/estimate: April 9, The Financial Conduct Authority (FCA) introduced a package of targeted temporary measures to support customers affected by coronavirus, including by setting the expectation for firms to offer a payment freeze on loans and credit cards for up to three months.
|United Kingdom||04||04 - Equity support||GBP|