"1 1  "Statement by Minister Aso and Governor Kuroda on Countermeasures Responding to the Novel Coronavirus (Covid-19)," May 22, 2020, https://www.boj.or.jp/en/announcements/press/danwa /dan2005a.pdf. 3  The Bank's powerful monetary easing measures have had positive effects. Although financial markets are still nervous, tension has eased recently (Chart 5).
In March, reflecting unstable conditions in global financial and capital markets, the volatility of stock prices increased to a level observed for the first time since the Global Financial Crisis. However, it has declined, although it remains at a high level compared with the pre-COVID-19 level.