In early 2020, the spread of COVID-19 rocked the world. As in many other countries, the pandemic changed the economy, society and behavioral patterns in Japan. For me, as governor of the Bank of Japan, it was a totally unprecedented challenge.
The Japanese government encouraged citizens to wear masks and made efforts to import vaccines that had been quickly developed. But these steps did not stop the highly infectious disease. The government declared a state of emergency and restricted the operation of restaurants and stores, resulting in a sharp decline in demand for dining out and travel.
