Japan's Economic Minister: Closely monitoring the impact of the virus outbreak

Japan's Economic Minister, Yasutoshi Nishimura, has crossed the wires stating that they are closely monitoring the impact of the virus outbreak on the economy as 30% of foreign tourists to Japan are Chinese.

• The first case of the new coronavirus has been confirmed in Germany

Key notes about the coronavirus

• Officials say they have limited knowledge about the virus and the risks posed by its mutations.
• At least 81 are dead in China, and more than 2,700 are confirmed to be infected.
• Some health experts estimate up to 100,000 people could be infected.

In a report written in The Hill, Joseph Guzman explains that Chinese officials warn infected patients can spread the virus before showing symptoms.

A longtime adviser to the U.S. Centers for Disease Control and Prevention, Dr. William Schaffner, told CNN the new development means “the infection is much more contagious than we originally thought.” 

Schaffner called it a game changer and warned current preventative methods won’t be enough to fight off the outbreak since tracking down the contacts a patient had before experience symptoms complicates the situation. 

Market implications 

The fear of contagion and the concerns that the virus is unlike nothing seen before is keeping markets on edge. The US was a risk of session:

• The US 10-year Treasury yield drops below 1.60% for the first time since October

Subsequently, the S&P 500 lost 52 points, or 1.57%, to end near 3,244 overnight while the Dow Jones Industrial Average, DJIA, lost 454 points, or 1.6%, to end 28,535, based on preliminary numbers. The Nasdaq Composite tumbled 176 points, or 1.9%, to close at around 9.139.