The anti-crisis policy of the Japanese government and Bank of Japan during the COVID-19 pandemic

Occupation: Senior Research Fellow
Affiliation: Economic Research Institute, Far Eastern Branch of the Russian Academy of Sciences
Address: Khabarovsk, 153, Tikhookeanskaya street

Journal name

Asia and Africa Today

Edition

Issue 3

Pages

14-21

Abstract

The parameters and the assessment of state economic policy measures to eliminate the economic shocks of the COVID-19 pandemic in Japan from January 2020 till July 2021 are carried out. It was revealed that the economic policy of responding to the shocks of the COVID-19 pandemic was timely and adequate to the current crisis.

It was confirmed that in 2020, compared to other developed countries, it was possible to effectively use its health care system in the fight against COVID-19 and reduce economic losses in the initial stage of the pandemic. It is also confirmed that the package of anti-crisis measures turned out to be one of the largest in the world in terms of volume and that in the coming years its implementation will lead to a sharp increase in the budget deficit and public debt. It was found that timely measures of fiscal policy within the framework of additional budgets and monetary policy of the Bank of Japan, in general, led to the return of the Japanese economy by the second quarter of 2021 to a development trajectory with positive growth rates (about 2 per cent a year).

However, the Japanese economic recovery remains fragile due to low rates of vaccination of the population and restrictions on the pandemic, which are holding back the activity of the private sector of the economy.

Keywords

Japan, COVID-19, pandemics, government, economic policy measures, Bank of Japan, monetary policy

Received

12.12.2021

Publication date

24.03.2022

Number of characters

25968

Cite

GOST	Suslov D. The anti-crisis policy of the Japanese government and Bank of Japan during the COVID-19 pandemic // Asia and Africa Today – 2022. – Issue 3 C. 14-21 [Electronic resource]. URL: https://asaf-today.ru/S032150750019246-2-1 (circulation date: 05.05.2024). DOI: 10.31857/S032150750019246-2
MLA	Suslov, Denis "The anti-crisis policy of the Japanese government and Bank of Japan during the COVID-19 pandemic." Asia and Africa Today 3 (2022):14-21. DOI: 10.31857/S032150750019246-2
APA	Suslov D. (2022). The anti-crisis policy of the Japanese government and Bank of Japan during the COVID-19 pandemic. Asia and Africa Today (3), pp.14-21 DOI: 10.31857/S032150750019246-2

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