Japanese Economy Minister Yasutoshi Nishimura has stated that job offers are plunging with the job and household income conditions souring rapidly due to the COVID-19 impact. The job market had been a rare bright spot in a weakening economy, but the Economy Minister said it was taking a hit from the rapidly spreading coronavirus pandemic.
“Job offers are plunging recently. Job and household income conditions, which had been very good up until now, are also souring sharply,” Nishimura told parliament.
Market implications
On the heels of the Tokyo summer Olympics being pushed back to 2021, Japan’s capital on Thursday reported an unprecedented number of new coronavirus cases with
47 cases of the infection which was the biggest number in a single day. This follows 41 cases yesterday, triggering concern that the virus is rampant in the country. This complicates the risk-on sentiment in markets, although for now, traders are cheering the stimulus packages and cheap money supply in the system.
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