The Bank's Conduct of Monetary Policy  5  Chart 6  The Bank's Measures in Response to COVID-19 Supporting Corporate Financing Special Program to Support Financing in Response to COVID-19 Purchases of CP and corporate bonds: amount outstanding of about 20 tril. yen at maximum (previous amount outstanding of about 5 tril.
The risks originating from this situation and the corresponding challenges to monetary policy transmission were no less severe than those from the first phase of the crisis. In fact, the consequence for the broader economy was, again, an acute failure of monetary policy transmission, with countries most in need of further monetary policy accommodation instead facing deteriorating financing conditions.