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.
