In Japan, reflecting the increase in the  2  number of confirmed cases from March, the government declared a state of emergency in April. Exports, including inbound tourism consumption, have declined significantly due to entry/travel restrictions in each country and to the significant depression in overseas economies.
Moreover, for interest-bearing securities, risk premiums were assumed to rise by between 30 and 1,500 basis points, depending on credit quality. A 20% loss in value was assumed for other securities, such as equities.