The unexpected breakout of the coronavirus in China and its unstoppable spreading could have already made certain damages to the local and probably, global economy. In a new statement, Japan’s Economy Ministry expressed an opinion that corporate profits and factory production are being seriously damaged. Although major indexes are charting losses allover, Bitcoin (BTC) and gold continue to rise as we are reading in today’s Bitcoin news.
Yasutoshi Nishimura from Japan’s Economy ministry stated not long ago that the coronavirus outbreak is the source of grave threats to the international economy. He says that he is concerned a lot about the regional economy concretely about the tourism branch. Chinese tourists are making 30% of the tourists who visit Japan because of tourism. Because of that, transportation hurdles and cancelations are the biggest concerns of the minister. If the affected cities in China remain closed, Nishimura is afraid that it could bring more negative consequences on the economy of Japan:
“If the situation takes longer to subside, we’re concerned it could hurt Japanese exports, output, and corporate profits via the impact on Chinese consumption and production. “
According to the chief economist at Dai-ichi Life Research Institute, Hideo Kumano, the decline in Chinese tourists could negatively influence the growth of Japan’s GDP by 0.2%. Also, he is troubled that this situation can bring damage to the upcoming 2020 Tokyo Olympic Games. Some of the well-known companies in the automotive industry have their branches in Wuhan, the epicenter of the Coronavirus. The Japanese magnates Nissan and Honda are among those, according to a new report. Reportedly, Nissan is in preparing to evacuate employees from the city, whereas Honda is in the process of evacuation of its employees.
The most famous Japanese stock index- the Nikkei 225 is experiencing the bad effects having a 2.9% decrease in a 24 hours cycle. Other indexes from the Asian continent are experiencing similarly bad effects. The SET index of Thailand has fallen 2.9% percent, whilst KOSPI the South Korean index has fallen 3.2%. As DC Forecast reported in a previous occasion major international indexes like FTSE100 are also experiencing small losses.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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