That said, Japan's experience, in which monetary policy has indirectly supported such structural changes, has important implications for the Bank when considering the direction of monetary policy in a post-COVID-19 era. B. Challenges during a Post-COVID-19 Recovery and Future Structural Changes It was in the midst of these structural changes that Japan's economy, like the rest of the world, was struck by the pandemic.
Top priority in the initial stage of the outbreak was given to preventing increases in corporate bankruptcies and unemployment as much as possible by supporting corporate financing and ensuring the availability of funds for firms struggling with a sharp deterioration in their business.