The outbreak and spread of the COVID-19 epidemic has caused severe damage to the Japanese economy and turbulence in the Japanese financial system. The Bank of Japan quickly adopted a large-scale loose monetary policy to stabilize the financial market and delay the economic downturn；the Financial Services Agency maintained the stability of the capital market by deregulating financial institutions，guiding financial institutions to adjust loan conditions，amending laws，and strengthening supervision；financial institutions use policy financial funds to provide various forms of preferential loans and interest reductions for companies affected by the epidemic. Japan’s monetary and financial measures in response to the COVID-19 epidemic have not only maintained the stability of the financial system，but also weakened the degree of economic downturn. However，because policy measures focus on short-term relief goals，the micro-level support for long-term sustainable development of enterprises is limited，and the macro-level faces long-term policy dilemmas，which contain potential risks.