As just explained, the impact of the spread of COVID-19 varies significantly depending on business attributes, and the pace of recovery differs as well. This situation is also observed in other major economies. D. Policy Effects Since the outbreak of COVID-19, the government and the Bank have been working in coordination and implementing various measures to underpin Japan's economy.
As a result of these measures, a tightening of firms' funding conditions has been averted and the environment for external funding, such as bank borrowing and the issuance of CP and corporate bonds, has remained accommodative. The numbers of corporate bankruptcies and  2  discontinued businesses have also been at extremely low levels.