2 Wakatabe, M., "Financial and Settlement Systems as Social Infrastructure: Disaster Management  Perspective," opening remarks at the symposium titled "The Impact of Natural Disasters on Financial Markets and Financial Institutions" held at Nagoya City University Graduate School, November 28, 2019, http://www.boj.or.jp/en/announcements/press/koen_2019/ko191225a.htm/. 3 See Box 1 "Policy Mix Effects" in the January 2020 Outlook Report.
Similarly, late last year, non-financial companies had built up cash buffers that could cover nearly 6 months' worth of expenses, an increase of around 30 per cent compared with before the pandemic. Unincorporated businesses had increased their cash buffers by 20 per cent to a little over 2 months' worth.