Japan's Economy Begins to Slip Amid Coronavirus Outbreak
The Japanese economy may be the next victim of the coronavirus as tourism has fallen significantly since the outbreak. The Bank of Japan (BOJ) has been facing the pressure of a possible recession, according to a recent article in Reuters, and Japan said it will be willing to take "appropriate action" for economic recovery.
The threat of recession has caused the BOJ to feel pushed into taking action. The Japanese economy was supposed to see recovery coming into the next quarter, but the coronavirus has thrown the local economy off. The virus has taken away from Chinese tourism in addition to exports.
The BOJ has now been pressured to stimulate the Japanese economy, something central banks in other countries across the world have begun to partake in. Japan has not made any concrete plans for economic recovery just yet.
—Christie Citranglo, editorial associate