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Tokyo-Area Emergency to Lower Consumption by 1.5 T. Yen: Economist

Tokyo-Area Emergency to Lower Consumption by 1.5 T. Yen: Economist

   Tokyo, Jan. 8 (Jiji Press)--The new coronavirus state of emergency in and around Tokyo is expected to push down private consumption by 1.5 trillion yen if it stays in place for two months, an economist has said.
   The state of emergency, which began Friday in Tokyo and the three neighboring prefectures of Saitama, Chiba and Kanagawa, "will unlikely be lifted in a month" as planned by the government, according to Ryutaro Kono, chief economist at BNP Paribas Securities (Japan) Ltd.
   If the emergency continues for two months, private consumption in the January-March quarter will decrease by 1.5 trillion yen, and gross domestic product by 1.6 trillion yen, Kono said.
   The impact, however, will be smaller than in last year's emergency, which covered the entire Japan. But if the current one is expanded nationwide, its impact will double, he warned.
   Also, Kono said the country's GDP growth in fiscal 2021 will unlikely be less than 3 pct as exports are growing in information technology and digital areas despite the pandemic.

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AFP-JIJI PRESS NEWS JOURNAL


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