Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source 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 & reserve drawdown JPY
Japan 07B 07B - Secondary purchase: government securities JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

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 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

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.