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In 2020, Japan is experiencing its deepest recession of the post-war era, after 71 months continuous of growth. The growth of real gross domestic product (GDP) of Japan is expected to shrink, unemployment level to increase and current account balance to reduce due to COVID-19 this year. As of 30^th July 2020, Japan is experiencing second wave of COVID-19 pandemic and had 33,362 confirmed COVID-19 cases out of which 23,507 people have recovered from the disease while 1,0001 have lost their lives.

In today’s blog post we will be focusing on economic impact of COVID-19 pandemic along with fiscal, monetary, employment and social policy measures taken by Japan government under following sections –

1. Impact of COVID-19 on Japan Economy in 2020

2. COVID-19 Containment Measures of Japan

3. COVID-19 Related Fiscal Policy Measures by Japan

4. COVID-19 Related Monetary Policy Measures by Japan

5. COVID-19 Related Employment Policy Measures by Japan

6. COVID-19 Related Social Policy Measures by Japan

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1. Impact of COVID-19 on Japan Economy in 2020

Japan’s real gross domestic product (GDP) was JPY 5,35,302.29 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 5.163% to be around JPY 5,07,664.63 billion in 2020....