Japan’s Nishimura Says Virus May Be Worse Than Financial Crisis

The effect of the new coronavirus on the economy could be worse than the 2008 financial crisis, Japan’s Economy Minister Yasutoshi Nishimura said Sunday.

Speaking on Fuji Television, Nishimura called for strong measures to protect the economy, and said proper consideration should be given to whether reducing sales tax would bolster consumption.

Japan’s economy was already teetering on the brink of recession when the effect of the virus began to kick in, partly due to an increase in sales tax to 10% in October from the previous 8%. Some have called for the increase to be reversed to help encourage ...