Stimulus Boost, Tokyo State of Emergency, BOE Caution: Eco Day

Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Chances of another federal stimulus package got a boost as Democrats swept this week’s Senate runoff elections in Georgia, offering the prospect of more support for people and businesses hammered by the pandemic
  • Japanese Prime Minister Yoshihide Suga is set to declare a state of emergency Thursday for Tokyo and adjacent areas, seeking to stem coronavirus infections that are hitting record highs
  • BOE Governor Andrew Bailey struck a note of caution on how Brexit will constrain economic growth, while indicating he was pleased with market stability in the first week after the transition period ended
  • Meanwhile, Prime Minister Boris Johnson asked business leaders to help him decide which regulations should be ripped up now that the U.K has completed its divorce from the EU
  • The ranks of America’s long-term unemployed are swelling as the pandemic nears a full year, increasing the likelihood of lasting impacts on their finances, health and wages
  • Federal Reserve officials probably won’t mind a rise in longer-term interest rates as long as the higher borrowing costs don’t put too much pressure on the stock market
  • The euro-area economy showed signs of improvement at the end of last year, progress that now risks being derailed by longer pandemic lockdowns and discontent over the pace of vaccinations against the coronavirus
  • The fortunes of the world’s richest people soared in 2020 even as the pandemic caused economic devastation, a stark trend that is reviving calls to tax all that new wealth

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