Japan Econmin Nishimura: No need to declare state of emergency now

Japan has confirmed 1,307 cases of COVID-19, out of which 45 have died while 310 have recovered. Japan's Economy Minister Yasutoshi Nishimura has stated that there is no need to declare state of emergency now.  Meanwhile, the cases in Tokyo are in the rise – on Thursday reported an unprecedented number of new coronavirus cases, local media reported. 

Tokyo reported 47 cases of the infection, also known as COVID-19, the biggest number in a single day, Kyodo news reported and just yesterday, the city registered 41 cases, triggering concern that the virus is rampant in the country, a government panel found. It has been residents of the Japanese capital have been asked to stay home over the weekend.

Market implications

For the time being, stimulus measures are being cheered by markets with tired sellers, allowing for stocks to rally. However, a barrage of bad economic data is likely to hit the fan and possibly overshadow the US jobless claims overnight in some parts of the world as the global economy sinks into a recession. The US dollar is offered at the time being but it could well catch a bid of other nations are showing recessionary numbers as well.