Japan’s economy shrank more than initially estimated in the fourth quarter — by the most since the 2014 sales tax hike — exacerbating economic fears at a time when the impact of the coronavirus outbreak is increasing recession risks, reported Reuters.

A spike in the yen and drop in Tokyo stocks — against a backdrop of oil price cuts that are playing havoc with financial markets — add to woes for an economy which is contending with an October sales tax hike to 10% from 8%, as well as slumping tourism and supply chain disruption caused by the health crisis.