Around the world, governments responded to the economies' need for support. Their scope to provide that support has varied according to individual country circumstances. But in the main, advanced economies have provided more support than was the case in other downturns over recent decades.
As I have described, accommodative financial conditions seem to have recently been effectively stimulating private demand, and such conditions appear to be forming the basis  2  BIS central bankers’ speeches  for Japan’s economy to overcome the negative effects of the consumption tax hikes and for a virtuous cycle among production, income, and spending to operate firmly. II.