Japanese PM Calls Global Economic Collapse ‘Once-In-A-Century Crisis’

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Japanese Prime Minister Shinzo Abe takes off mask as he speaks to reporters at the prime minister's official residence in Tokyo Monday, April 6, 2020. Abe said that he will declare a state of emergency for Tokyo and ... Japanese Prime Minister Shinzo Abe takes off mask as he speaks to reporters at the prime minister's official residence in Tokyo Monday, April 6, 2020. Abe said that he will declare a state of emergency for Tokyo and six other prefectures as early as Tuesday, April 7, to bolster measures to fight the coronavirus outbreak, but that there will be no hard lockdowns.(Yoshitaka Sugawara/Kyodo News via AP) MORE LESS
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May 14, 2020 9:29 a.m.

TOKYO — Japanese Prime Minister Shinzo Abe says the world economy is facing a “once-in-a-century crisis.”

He made the remark Thursday while lifting a national coronavirus emergency except for Tokyo and seven other prefectures that remain at high risk. Abe declared a monthlong emergency in parts of Japan, including Tokyo, on April 7. He later expanded that move to nationwide and extended through May 31.

The state of emergency allows local leaders to legally take social distancing and other measures, such as requests for nonessential business closures, though they carry no penalties if violated.

The number of new cases has significantly decreased in Japan. Abe urged a slow return to social and economic activity to avoid triggering a resurgence of the spread of the infections.

“The spread of global infection is never-ending. The world economy is facing a once-in-a-century crisis and is not even comparable to the Lehman shock,” Abe said, referring to the giant investment bank and the financial crisis of 2008. He added that even the world’s largest corporations are suffering significant damage and that it is “absolutely necessary to prevent chain bankruptcy.”

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