Japan s extended virus emergency to lead to $9.2 billion economic loss
May 8, 2021 (Mainichi Japan)
A man looks at an electric board showing Japan s Nikkei 225 index at a securities firm in Tokyo on May 7, 2021. (AP Photo/Hiro Komae) TOKYO (Kyodo) Japan s extended state of emergency over the coronavirus pandemic is estimated to lead to an economic loss of 1 trillion yen ($9.2 billion), dimming the prospect for a steady recovery toward the end of the year, according to an economist s forecast. The government s decision Friday to expand the areas for the emergency declaration and extend it by about three weeks will have a negative impact of 600 billion yen in addition to the initially estimated 400 billion yen, said Shunsuke Kobayashi, chief economist at Mizuho Securities.
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A return to deflation is a nightmare scenario for Japanese policymakers after years of arduous efforts to prevent prices from falling, but the coronavirus pandemic is raising fears that it may become a reality.
The economy is increasingly facing downside risks following a second state of emergency declared over the novel coronavirus, which is in place until Feb. 7 in Tokyo, Osaka and some other prefectures, hitting demand especially in the services sector.
With annual wage negotiations between management and labor unions getting into full swing in February and March, companies appear reluctant to raise pay after a difficult 2020 and ahead of an uncertain 2021.