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 22 May 2020, 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 16 June 2020, JPY60 trillion has been provided under special funds-supplying operations. (ii) 16 March 2020, 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 27 April 2020, the maximum amount of additional purchases of commercial paper was increased to JPY7.5 trillion. (iii) 22 May 2020, 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). BOJ. (accessed 12 December 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) 27 April 2020, 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) 8 May 2020, 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%. As of 9 December 2020, the benchmark ratio increased to 17.5% during the December 2020 reserve maintenance period. [update]

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).

16 March 2020, 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 27 April 2020, 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
Japan 02B1 02B1 - Interest rate adjustments JPY
Japan 02B2 02B2 - Other policies to support 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) 27 April 2020, 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 2020.

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) in 2020, respectively.

Japan 05 05 - Health and income support JPY 243,400,000,000,000 2,268,557,353,039
Japan 05A 05A - Health support JPY Reuters. (accessed 12 December 2020).

12 December 2020, The latest economic stimulus package involves JPY40 trillion in direct fiscal spending including JPY5.9 trillion for virus containment measures ( [update]

Japan 05B 05B - Income support JPY 9,300,000,000,000 86,678,649,890
Japan 05B1 05B1 - Tax and contribution deferrals and policy changes JPY
Japan 05B2 05B2 - Tax and contribution rates reduction JPY WTO. (accessed 21 May 2020).

No amount/estimate: 19 May 2020, Exemption of customs duty and (domestic) consumption tax for imported goods which are proved to be provided free of charge.

Japan 05B3 05B3 - Subsidies to individuals and households JPY 8,000,000,000,000 74,562,279,475 Prime Minister of Japan and His Cabinet. (accessed 24 April 2020).

17 April 2020, cash payments of JPY100,000 per person will be given to all citizens nationwide, from the previously announced 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.

Japan 05B4 05B4 - Subsidies to businesses JPY 1,300,000,000,000 12,116,370,415 Nikkei Asian Review. (accessed 21 July 2020).

21 July 2020, JPY1.3 trillion in domestic tourism subsidies aimed at helping coronavirus-battered local economies.

Japan 05B5 05B5 - Indirect income support JPY
Japan 05B6 05B6 - No breakdown (income support) JPY
Japan 05C 05C - No breakdown (health and income support) JPY 234,100,000,000,000 2,181,878,703,149 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). Cabinet Public Relations Office. (accessed 22 May 2020). Reuters.; (accessed 27 May). The Japan Times. (accessed 12 June 2020). Nikkei Asia. (accessed 21 December 2020).

(i) 7 April 2020, 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 13 February and 10 March 2020, respectively). The April 2020 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) 14 May 2020, 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. (iii) 12 June 2020, 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 27 May 2020 which brings the total amount of stimulus from all economic packages to JPY234 trillion (over 40% of GDP). (iv) 12 December 2020, Prime Minister Suga announced a new USD708 billion economic stimulus package to support the country's economic recovery from COVID-19 and target investments in new growth areas. The package includes JPY40 trillion (USD384.54 billion) in direct fiscal spending: (a) JPY5.9 trillion for virus containment measures; (b) JPY18.4 trillion to support structural changes towards a post-pandemic economy; (c) JPY5.6 trillion for disaster management reduction; (d) JPY5 trillion from FY 2020's reserve funds; and (e) JPY5 trillion from FY 2021's reserve funds ( The government is also compiling a JPY20 trillion third budget package for the current and succeeding fiscal years. [update] (v) 21 December 2020, The Cabinet approved a record JPY106.61 trillion budget for 2021 which will be submitted to Parliament in January 2021. [update]

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: 20 March 2020, 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 15 March 2020, by lowering the pricing on the standing US dollar liquidity swap arrangements by 25 basis points; and (ii) As of 27 May 2020, USD225.839 billion peak outstanding amount at the U.S. Fed's liquidity swap facility. On 29 July 2020, The U.S. Federal Reserve announced the extension of its dollar liquidity swap lines and FIMA repo facility to 31 March 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) 7 April 2020, USD22.76 billion bilateral currency swap arrrangement with Bank Indonesia. (ii) 18 September 2020, 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) 16 April 2020, 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) 18 May 2020, 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) 2 May 2020, USD541,400 emergency grant for COVID-19 response thru the United Nations Children's Fund and Maldives Red Crescent; and (b) 21 May 2020, USD1.4 million grant through the United Nations Development Programme to support Maldives' economic recovery. (v) 1 July 2020, 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) 15 September 2020, JICA provided another JPY50 billion loan to the Philippines under the second phase of the Post-Disaster Standby Loan. (vii) 21 October 2020, 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). BOJ. (accessed 16 December 2020).

16 December 2020, The BOJ announced it will purchase USD6 billion in cash from the Ministry of Finance's for it's operations including foreign currency supply to financial institutions. [update]

Japan 12 12 - Non-Economic Measures JPY
Japan 12A 12A - Measures affecting travel and transport (local and international) JPY IMF. (accessed 6 May 2020). Reuters. (accessed 19 June 2020). Nikkei Asian Review. (accessed 1 September 2020). Nikkei Asia. (accessed 7 October 2020). Nikkei Asia. (accessed 30 November 2020).

(i) 7 April 2020, 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 8 April (including border and travel restrictions). (ii) The 2020 Tokyo Olympic Games have been postponed to 23 July–8 August 2021. (ii) On 19 June 2020, all restrictions on domestic travel were also lifted and domestic travel was also encouraged to support the economy. (iii) 18 June 2020, Prime Minister Shinzo Abe announced that the country would ease travel restrictions for people coming from Australia, New Zealand, Thailand and Vietnam. On 1 September 2020, The government lifted the reentry ban for all foreign residents who left the country after travel bans were imposed. On 7 October 2020, Authorities announced the lifting of mandatory 14-day quarantine for reentering business travelers with residency status and action plans of travel. On 30 November 2020, Japan and China restarted business travel without compulsory quarantine provided travelers test negative upon arrival and submit an itinerary of activities.

Japan 12B 12B - Measures affecting business and workplace JPY
Japan 12C 12C - Others JPY IMF. (accessed 6 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). Reuters. (accessed 19 June 2020).

(i) 7 April 2020, 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 8 April; 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) 13 May 2020, 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 21 May 2020). (iii) 21 May 2020, The government lifted the state of emergency in Osaka, Kyoto, and Hyogo while keeping it in place for Tokyo and four other prefectures. (iv) 25 May 2020, The government announced the lifting of the state of emergency for Tokyo and four remaining prefectures by 1 June 2020. (v) 2 June 2020, Tokyo issued a stay-home alert after a jump in new virus infections. On 11 June 2020, the alert was lifted and authorities announced a lifting of all business restrictions on 19 June 2020. On 19 June 2020, 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.