Bottom may fall out of Japan economy if demand keeps slumping - bank lobby head

The bottom may fall out of Japan's economy if inbound tourism and domestic demand continue to slump, the head of the country's banking industry lobby said on Thursday, adding the economy has been hit by the coronavirus more seriously than expected.

The remark came as global stock markets have plummeted due to concerns over the coronavirus which has claimed more than 8,500 lives worldwide.

The world's third-largest economy shrank an annualised 7.1% in the three months through December, revised data showed earlier this month, more than a preliminary reading of 6.3%.