Japan Corona Virus Update
By mid-May the Coronavirus outbreak is showing signs of receding in Japan. The number of new cases nationwide peaked at the 650 level in mid-April. By mid-May, Tokyo has consistently reported less than 10 new cases daily. The state of emergency has now been partially lifted in most prefectures but remains in place in Tokyo and Hokkaido. The economic impact is starting to take a toll. Foreign arrivals to Japan plunged 93% in March and 99.9% in April with the nation virtually locked down to international travel. Consumers and businesses are plunging. Current forecasts estimate that Japan’s annual GDP may shrink 5% in 2020.