support financing in response to covid - 19 purchases of cp and corporate bonds : amount outstanding of about 20 tril. yen at maximum ( previous amount outstanding of about 5 tril. yen ) special funds - supplying operations to facilitate financing in response to covid - 19 stabilizing financial markets ample and flexible provision of yen and foreign currency funds active purchases of jgbs and t - bills u. s. dollar funds - supplying operations lowering risk premia in asset markets purchases of etfs and j - reits etfs : annual pace with an upper limit of about 12 tril. yen j - reits : annual pace with an upper limit of about 180 bil. yen chart 10 the bank's strategy on climate change chart 11 funds - supplying operations to support financing for climate change responses from a central bank standpoint, the bank provides funds to financial institutions for investment or loans they make to address climate change based on their own decisions. amid the uncertain external environment, it can respond flexibly to changes in circumstances while avoiding direct involvement in micro - level resource allocation as much as possible. eligible counterparties eligible investment / loans • • counterparties make investment / loans based on their own decisions. discipline will be exercised through a certain level of disclosure. financial institutions that disclose a certain level of information on their efforts to address climate change of the investment / loans made by counterparties as part of their efforts, those that contribute to japan's actions to address climate change terms and conditions long - term support for financial institutions'efforts • interest rate : 0 % - - the measure will fall under category iii ( applied interest rate : 0 % ) in the interest scheme to promote lending • twice as much as the amount outstanding of funds that counterparties receive will be added to the macro add - on balances in their current accounts at the bank • duration of fund - provisioning : 1 year, rollovers can be made until the end of the implementation period effectively, counterparties can receive long - term financing from the bank • implementation period : in principle, until the end of fiscal 2030 chart 12 policy actions to conduct further effective and sustainable monetary easing aim : further effective and sustainable monetary easing by " enhancing sustainability of monetary easing " & " nimble responses to changes in the situation " 1. establishment of the interest scheme to promote lending enable the bank to cut short - and long - term interest rates more nimbly while considering the impact on the functioning of financial intermediation 2.

december 2, 2021 bank of japan economic activity, prices, and monetary policy in japan speech at a meeting with local leaders in hyogo suzuki hitoshi member of the policy board ( english translation based on the japanese original ) i. recent economic and price developments a. economic developments i would like to begin my speech by talking about overseas economies. overseas economies have recovered on the whole, albeit with variation across countries and regions ( chart 1 ). specifically, the united states and europe, where vaccinations against the novel coronavirus ( covid - 19 ) moved ahead of other countries and regions, keep seeing economic improvement as the resumption of economic activity continues to progress. the chinese economy is still recovering as a trend, although the pace of improvement has decelerated, partly due to the resurgence of covid - 19 and power supply issues, for example, exerting downward pressure on domestic demand and production. regarding emerging and commodity - exporting economies other than china, domestic demand and production in some countries and regions were under downward pressure due to the spread of covid - 19 in summer 2021, but these economies have picked up on the whole as the effects of the spread have been waning recently. against this background, japan's economy has picked up as a trend, although it remains in a severe situation due to the impact of covid - 19 at home and abroad ( chart 2 ). regarding the impact at home, with the repeated resurgence of confirmed cases, the economy has been pushed down significantly, mainly in the face - to - face services sector, including dining - out and travel ; however, with the number of cases having been at a low level since autumn, such downward pressure seems to have started to wane somewhat. as for the impact abroad, the spread of covid - 19 in the asean countries in summer and the semiconductor shortage have affected global supply chains. this has led to a temporary deceleration in exports and production in japan, mainly in the automobile - related sector. that said, a virtuous cycle from corporate profits to business fixed investment continues to operate, supported by the recovery in overseas economies and the effects of various policy measures. thus, i am of the view that the pick - up trend in japan's economic activity as a whole is maintained. let me elaborate on this by component. first, exports continue to increase as a trend on the back of the recovery in overseas economies, despite being weak recently due to the effects