This is the baseline scenario for the outlook for economic activity and prices, in which risks remain skewed to the downside. Even with encouraging news on the vaccine front, the pace of the rollout and the effects entail uncertainties. For the time being, attention should continue to be paid to the consequences of COVID-19 and their impact.
3  The Bank's Responses to COVID-19 Under these circumstances, the Bank has conducted powerful monetary easing since March 2020 in response to COVID-19 through the following three measures (Chart 4). Specifically, the first is the Special Program to Support Financing in Response to the Novel Coronavirus (COVID-19) to provide support mainly for corporate financing.