Japan: Government Response to COVID-19

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An enormous government support program to boost the fast economic recovery from the global health crisis

Ten days after the Abe cabinet announced the state of emergency on 7 April, the Ministry of Land Infrastructure and Tourism (MILT) has issued detailed guidance on “procedures on CRE leasing for building owners during COVID-19.” A variety of other measures to assist the real estate industry then followed, increasing the scale of the policy package over 21% of nominal GDP, compared to 22% in Germany, 19% in U.K. and 14% in United States.   Japan’s government response was a surprise on the upside, encompassing funding, employment and income support to facilitate continued rent payments.  This report discusses national government measures; please contact us for further details on local government measures.


Japan: Government Response to COVID-19

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Mari Kumagai

Senior Director


Mari joined Colliers International Japan as Senior Director, Research - Asia in July 2018. She is responsible for driving a more integrated, client-centric, and forward-looking research approach for the benefit of clients and Colliers professionals for her coverage related to Japanese property markets.  Previously, Mari served as senior analyst at Morningstar, Moody's Investor Services, Citigtoup Global Markets, and Merrill Lynch.

After four years in statutory tax auditing , Mari has over 18 years of research experience – in equity/credit analysis and strategic research covering  Japanese banks and property sectors as both buy-side and sell-side research analyst for global institutional investors.  She has worked in California and Tokyo and fully bilingual in English and Japanese.

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