Over 550 billion yen in economic losses will result from priority measures to prevent the spread of COVID-19 in six prefectures, including Tokyo, according to Nomura Research Institute executive economist Takahide Kiuchi.
Kiuchi estimated that the latest application of priority measures to Tokyo and two other prefectures will result in a loss of personal consumption of about 400 billion yen. When combined with the three prefectures including Osaka, to which the measures have already been applied, the losses will reach 554 billion yen, which is equivalent to 0.1% of the annual nominal gross domestic product.
"If the spread of the novel coronavirus is not contained, the Japanese economy may plunge to its 'third bottom,' following [the drops experienced] last spring and the beginning of this year," Kiuchi said.
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