The government's and the Bank's measures to support financing are likely to help prevent firms from going bankrupt and discontinuing their businesses, thereby supporting employment. In fact, the number of bankruptcies of firms has not increased thus far.
Thus, active macroeconomic policies taken in response to COVID-19 seem to have reduced the second-round effects of a shock brought about by COVID-19 to a certain extent, and have supported firms' and households' stance on spending.