Slammed by the coronavirus outbreak, Japan’s economy is facing its biggest challenge in over a decade, with analysts warning of a technical recession and worse if the Summer Games are canceled.

The pandemic has also hurt the credibility of Abenomics, the “three arrows” program of monetary easing, fiscal spending and structural reforms touted by Prime Minister Shinzo Abe after he took office again in 2012. His government credits the program with expanding the economy and stock market.

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