BOJ deputy governor says vigilant against coronavirus impact on global trade
MATSUYAMA, Japan - The Bank of Japan stands ready to ramp up stimulus if the economy’s recovery is derailed, Deputy Governor Masazumi Wakatabe said on Wednesday, warning that the coronavirus outbreak could hurt corporate sentiment and global trade.
But he said risks remain high, as last year’s sales tax hike hurt household income and lingering uncertainty over the global outlook weigh on business sentiment. Japan’s economy, the world’s third largest, likely suffered a contraction in the final quarter of last year as a domestic sales tax hike in October and slowing global demand hurt consumption and exports.
Ten people on a cruise liner in the port of Yokohama have tested positive for coronavirus and Japanese authorities have joined governments around to world to monitor its borders as infections rise and the death toll from the outbreak climbs to almost 500.
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