Japan on Monday announced measures to support financial markets and help its economy overcome a slowdown induced by the global coronavirus outbreak.

According to Kyodo News, the Bank of Japan (BoJ) doubled its annual purchases of exchange-traded funds (ETFs) to $112 billion.

The decision marks the first time the central bank has introduced additional easing measures since July 2016, when it increased ETFs purchases to $56 billion.

The BoJ, however, did not further reduce short-term interest rates, which are currently set at minus 0.1 percent.

In its overall assessment, the bank said Japan’s economy “has been weak recently” due to the coronavirus outbreak.


Read more: COVID-19: Japan takes steps to allay economic woes