Japan's Service Activity Crashes to Lowest Level Ever

Japan was already reeling from Abenomics and a seriously misguided tax hike. Then the coronavirus hit.

Manufacturing PMI

 

Japan's Economic Outlook

 

Kiss the 2020 Summer Olympics Goodbye

Forget about the 2020 summer Olympics as well because All Signs Point to Tokyo Olympics Being Postponed.

"In the balance of probabilities, the information known about conditions in Japan and the COVID-19's effect on the rest of world clearly indicates the likelihood of postponement,” Reedie said. “The length of postponement is the major challenge for the IOC.”

Earlier in the day, IOC member Dick Pound told USA Today that he had reached the same conclusion about the games, which are scheduled to start July 24. A tweet put out by the newspaper read: “The 2020 Summer Olympics Have Been Postponed Over Coronavirus Concerns.”

The IOC said no decision had been made, and Reedie was quick to acknowledge that he was speaking only for himself and not because of any insight provided to him by IOC president Thomas Bach, who will guide the final decision.

After that IOC announcement, however, both Canada and Australia — whose senior Olympic official is IOC member John Coates, the leader of the Tokyo inspection team — sent word that they would not or could not send teams to Japan for an Olympics that start in July.

"I know this is heartbreaking for so many people — athletes, coaches, staff and fans — but this was absolutely the right call, and everyone should follow their lead,” Canadian Prime Minister Justin Trudeau said.

There are already two cancellations. More are coming.

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