The Bank of Japan cut its assessment of the nation's nine regional economies in light of the damage caused to production, consumption and corporate finances by the coronavirus pandemic, with new emergency restrictions set to add to the pain.
The central bank’s all-region downgrade was the first since the 2008 global financial crisis, indicating the severity of the outbreak's impact.
On a national level, some analysts are forecasting the economy will shrink more than 20 percent this quarter as partial shutdowns in some parts puts more downward pressure on growth.