As for central banks’ actions, the enhancement of the U.S. dollar operations is the outcome of international cooperation. Although the details and size of the responses to the current crisis vary among central banks, they are based on two common perspectives. One is ensuring smooth corporate financing through funds-supplying measures to support lending and purchases of CP and corporate bonds.
The other is stabilizing financial markets through large-scale provision of liquidity including asset purchases. In line with these perspectives, the Bank of Japan has enhanced monetary easing since March and implemented the following three measures. The first is the Special Program to support corporate financing. The total size of this program is about 120 trillion yen.