Via Yahoo Finance

Bloomberg

Tokyo to Raise Virus Alert to Highest as Cases Rise: Nikkei

(Bloomberg) — Tokyo is making arrangements to raise the city’s Covid-19 alert to the highest level, the Nikkei newspaper reported, as coronavirus cases spread across Japan at a record pace.Officials are expected to make the decision on Thursday at a meeting of experts. Among the measures considered is requesting stores to close early, the paper reported, citing several unidentified people.Virus cases have been picking up rapidly over the past weeks, with the nationwide total reaching a record 1,661 daily infections Friday, according to a tally by public broadcaster NHK. Tokyo recorded 298 cases Tuesday, and the figure is expected to rise over the coming days.Japanese shares fell as the deteriorating virus situation overshadowed optimism that Covid-19 vaccines are near. The Nikkei 225 Stock Average dropped as much as 1.1% in early trading Wednesday, after climbing to its highest level since 1991 the previous day.The rise in cases comes as the virus is surging globally with the onset of colder weather in the northern parts of the world. While Japan’s numbers are low compared with other countries, the increase is a reminder that, in the absence of an effective vaccine, even the most successful countries at containing the virus are vulnerable to resurgences. South Korea, whose strategy has also been admired across the world, on Wednesday reported the highest number of cases since August.Global SpotlightJapan has drawn attention for its ability to control the spread of the virus without mass-testing or enforced lockdowns. Despite two previous flareups, deaths and serious cases remain low, and hospitals haven’t been pushed to capacity. Life had been returning to normal, with sporting matches resuming and workers returning to offices.But in recent weeks, officials have expressed concern over the increasing variance of infection clusters, with cases rising in nursing homes, hospitals and schools. Experts have pointed to a rising spread among younger adults tired of social distancing, as well as within foreign communities, which may struggle due to language barriers and more limited access to health services.A raised alert level isn’t expected to lead to harsh lockdown measures. The government lacks the legal means in Japan, and is anxious to get the country’s recessionary economy back on track. When the country declared a state of emergency in April to contain the first wave of the virus, it didn’t compel people to stay home or businesses to shut. Businesses nonetheless complied to government requests to close or shorten hours, while many citizens refrained from going out.But Tokyo and its neighboring prefectures account for about a third of the nation’s gross domestic product, so any increased spread in the region could also deal a blow to the Japanese economy.Officials appear to be acting with greater urgency than during Japan’s earlier Covid-19 waves this year. In the government’s strongest warning yet, Yasutoshi Nishimura, the minister overseeing the country’s coronavirus response, last week said more stringent steps would be needed if infections continued to rise.Cases have picked up on Japan’s northern island of Hokkaido, where the city of Sapporo requested Tuesday that residents stay home as much as possible. Regions including Aichi and Osaka are planning to limit eligibility of the nation’s “Go To” eat campaign — aimed at getting residents to dine out — to parties of four or less. The Japan Tourism Agency is asking travel agencies to implement measures such as prohibiting eating and drinking on buses, NHK reported.Japan is also looking at infection controls for next year, in anticipation of the Olympic Games in Tokyo, which were delayed from this summer. International Olympic Committee President Thomas Bach met this week with Prime Minister Yoshihide Suga, saying the two sides were compiling a “huge toolbox” to counter the pandemic and possibly allow spectators to attend.(Updates with stock moves in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

READ ALSO  Oxford-AstraZeneca vaccine results raise hopes for Covid fight