The new coronavirus crisis is causing many new and largely unpredictable challenges for the global economy in general and the Japanese economy in particular.
As with any sudden and unforeseen shock, it appears more complex and potentially disruptive than anything we've dealt with before. It is tempting to either overestimate or underestimate the potential disruption. The only real certainty is that the COVID-19 crisis is developing into a full-blown crash test for Abenomics.
Chances are very good Japan will pass the test and emerge as a stronger, more competitive economy, for a number of reasons.