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- Recession risk looms as Japan eyes 3rd state of emergency to contain pandemic
Recession risk looms as Japan eyes 3rd state of emergency to contain pandemic
Reuters reports that Japan’s government is expected to issue a third state of emergency on Tokyo and three western prefectures that could last for about two weeks.
Some analysts say the decision, expected to be made as early as Friday, may push Japan back into recession if retailers are asked to close during the Golden Week holidays, which start next week and run through early May. A renewed state of emergency would also cast doubt on whether Tokyo can host the Olympics in July.
“The risk of a double-dip recession has clearly heightened,” said Hiroshi Shiraishi, senior economist at BNP Paribas Securities. “The impact of imposing curbs on Tokyo and Osaka alone would be quite big.”
With thousands of new cases resulting from highly infectious strains of the virus, Suga said on Wednesday the government will decide this week whether to declare the state of emergency for major parts of the country.
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