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Coronavirus Impact In Japan

Japan's economy faces extreme uncertainty as coronavirus spreads, Uncertainty over Japan's economic outlook is "extremely high" as the coronavirus pandemic hits output and consumption, central bank Governor Haruhiko Kuroda said, stressing his readiness to take additional monetary steps to prevent a deep recession. The spread of the coronavirus is having a severe impact on Japan's economy through declines in exports, output, demand from overseas tourists and private consumption. Japan recorded new coronavirus infections daily - as a state of emergency took effect giving governors stronger legal authority to urge people to stay home and businesses to close. In contrast to stringent lockdowns in some countries, mandating fines and arrests for non-compliance, enforcement will rely more on peer pressure and a deep-rooted Japanese tradition of respect for authority. The balancing act underscores the difficulty authorities have in trying to contain the outbreak without imposing a mandatory lockdown that could deal a major blow to an economy already struggling to cope with the virus outbreak.
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