The Japanese Economic Minister, Nishimura, says job market held up in Feb but I have a strong sense of crisis as the situation could worsen.
Key notes
- Nishimura says Japan is not at stage to declare state of emergency.
- Nishimurasays govt has sense of crisis.
- Says Japan is holding up but new cases of coronavirus will surge if we ease up.
- Says will have big impact on economy if major cities such as Tokyo and Osaka adopt lockdown.
- Says govt will examine comprehensively whether to declare state of emergency.
- Says considering details of cash payouts for people in need as part of economic package for coronavirus.
- Says want to carry out big campaign to boost demand once coronavirus outbreak comes to end.
- Says concerned we may see bad numbers in factory output in march as companies adjust production.
- Says will adopt steps to protect jobs in economic package for coronavirus.
- Says job market held up in Feb but I have strong sense of crisis as situation could worsen.
Market implications
The world needs to see countries in recovery and such headlines are alarming. The bell curve is what we are all relying on for hope of a return to some state of normality as far as our daily lives go and for the sake of the world economy. Markets will not like deteriorating ‘get-well’ soon’ sentiment just as China gets back to work, a glimmer of hope.
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