Policy Regime Change, Recovery Fades, BOJ Awkward Exit: Eco Day

(Bloomberg) -- Welcome to Monday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help take you start the week.

• A rare regime-change in economic policy is under way that’s edging central bankers out of the pivotal role they have played for decades
• Hopes for a rapid recovery from the Covid-19 shock are effectively gone, writes Tom Orlik
• The Bank of Japan’s escalating presence in almost every corner of the nation’s financial markets threatens to further distort activity and complicate any future pulling back from stimulus
• The new coronavirus may remain infectious for weeks on banknotes, glass and other common surfaces, according to research by Australia’s top biosecurity laboratory that highlights risks from paper currency, touchscreen devices, grab handles and rails
• The guardians of the global economy will gather this week under the cloud of the worst recession since the Great Depression, and a recovery dependent on scientists finding a coronavirus vaccine
• The U.S. economic recovery has “flattened out” and is in vital need of additional support from fiscal policy, said Federal Reserve Bank of Minneapolis President Neel Kashkari
• President Donald Trump and House Speaker Nancy Pelosi blamed each other for a lack of progress on a new plan to support the U.S. economy, while a senior White House aide said he expects talks to continue and a Fed official said fiscal help is sorely needed
• The yuan came under pressure in early Monday trade, dragging regional counterparts lower with it, after authorities made it easier to bet against the currency’s gains
• Arkhom Termpittayapaisith, a former transport minister and head of Thailand’s planning agency, was sworn in as the nation’s new finance minister to spearhead efforts to revive an economy headed for its worst performance ever
• Australia has held discussions over plans to reopen travel with nations including Japan, South Korea and Singapore, though it remains cautious over easing measures
• The more China tells the world that Taiwan isn’t a country, the more Beijing’s adversaries are starting to treat it like one

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