Japan's Service Activity Crashes to Lowest Level Ever

Mish

Japan was already reeling from Abenomics and a seriously misguided tax hike. Then the coronavirus hit.

Manufacturing PMI

Japan's Economic Outlook

Kiss the 2020 Summer Olympics Goodbye

Forget about the 2020 summer Olympics as well because All Signs Point to Tokyo Olympics Being Postponed.

"In the balance of probabilities, the information known about conditions in Japan and the COVID-19's effect on the rest of world clearly indicates the likelihood of postponement,” Reedie said. “The length of postponement is the major challenge for the IOC.”

Earlier in the day, IOC member Dick Pound told USA Today that he had reached the same conclusion about the games, which are scheduled to start July 24. A tweet put out by the newspaper read: “The 2020 Summer Olympics Have Been Postponed Over Coronavirus Concerns.”

The IOC said no decision had been made, and Reedie was quick to acknowledge that he was speaking only for himself and not because of any insight provided to him by IOC president Thomas Bach, who will guide the final decision.

After that IOC announcement, however, both Canada and Australia — whose senior Olympic official is IOC member John Coates, the leader of the Tokyo inspection team — sent word that they would not or could not send teams to Japan for an Olympics that start in July.

"I know this is heartbreaking for so many people — athletes, coaches, staff and fans — but this was absolutely the right call, and everyone should follow their lead,” Canadian Prime Minister Justin Trudeau said.

There are already two cancellations. More are coming.

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Mike "Mish" Shedlock

Comments (11)
Stuki
Stuki

Growth in "Service Activity PMI" levels reached it's lowest level...

Not "Service Activity PMI" levels themselves. They were no doubt lower at the end of WW2.

In "normal" times, that would be implied. But with lockdowns getting tighter and tighter......

For a period in Wuhan, I wouldn't be surprised if whatever the heck "service activity PMI" attempts to measure, actually did reach its lowest level ever. Even in absolute terms.

No. 1-4
Mish
Mish

Editor

lowest level ever means recorded

Casual_Observer
Casual_Observer

My prediction has been this will take 6 months until around mid September to subside. The quicker we try to restart normal life the longer the pain will go on.

tokidoki
tokidoki

Japan should declare "bankruptcy" and then get rid of the old politicians and businessmen. Just like the US. There are many capable people there, but the refusal to face the past and the overprotection of older people has gone too far.


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