Japan’s financial regulator is closely watching global credit markets for renewed signs of stress because there’s no guarantee that support measures will keep borrowers afloat during the pandemic, officials said, Bloomberg News reported. Efforts in the U.S. and elsewhere have so far staved off a potential implosion of securities like collateralized loan obligations, which are favored by yield-starved Japanese banks.

Prime Minister Shinzo Abe doubled Japan’s stimulus measures as he looked to deliver on his bold promise to keep businesses and households afloat with the world’s biggest virus-response package, Bloomberg News reported. His cabinet approved Wednesday a 117 trillion yen ($1.1 trillion) set of measures that includes financing help for struggling companies, subsidies to help firms pay rent and several trillion yen for health care assistance and support for local economies.

To truly get an idea of how much the COVID-19 pandemic seems poised to change life in Japan over the next few months or so, just take a few minutes to check out the hundreds of online crowdfunding drives currently in operation nationwide, The Japan Times reported. Campfire, Japan’s largest crowdfunding website, has created a devoted section featuring campaigns that help stores, artists and other institutions in need of financial assistance in the wake of the novel coronavirus outbreak.

The world’s post-coronavirus economic future could depend on mass career migration away from sectors such as retail, entertainment and travel, Japan’s most powerful business leader has warned, the Financial Times reported. Hiroaki Nakanishi, chairman of Hitachi and head of the Keidanren business lobby, told the Financial Times in an interview that propping up businesses during lockdown was not sufficient and governments would need to shift spending away from furloughs towards fundamental economic restructuring.

Japan’s economy sank last quarter into a recession that’s likely to deepen further as households limit spending to essentials and companies cut investment, production and hiring to stay afloat amid the coronavirus pandemic, Bloomberg News reported. Gross domestic product shrank an annualized 3.4% in the three months through March from the previous quarter as exports slid and social distancing crimped consumer spending, Cabinet Office figures showed Monday.

Japan’s Renown Inc, part of Chinese fashion empire Shandong Ruyi, filed for bankruptcy on Friday with 13.9 billion yen ($130 million) in debt, the country’s highest-profile business to collapse amid the coronavirus outbreak, Reuters reported. Renown, a century-old textile company which sells clothes under brands such as Arnold Palmer, Hiroko Koshino and D’Urban, confirmed it had filed for bankruptcy protection after a month-long closure of department stores brought the already-struggling business to its knees. It joins a list of global fashion companies, including retailers such as J.

SoftBank has warned of a writedown of more than ¥1tn ($9.6bn) on investments held outside its huge Vision Fund, as the coronavirus crisis piles new pressure on founder Masayoshi Son’s bet on struggling WeWork, the Financial Times reported. The Japanese technology group’s widened loss forecast, announced on Thursday, came just two weeks after SoftBank flagged a ¥1.8tn blow to its $100bn, Saudi-backed technology fund, underscoring the depth of its exposure to the market turmoil sparked by the pandemic.

Japan’s long-suffering regional banks face the biggest threat to their survival since the 1990s post-bubble malaise as the coronavirus hammers their few remaining profit drivers, Bloomberg News reported. Analysts and investors are predicting some local lenders will eventually be delisted or bailed out by the government as bad loans climb and investment income evaporates in the wake of the crisis.

The coronavirus pandemic has forced 217 listed Japanese companies to warn of lower profits and sales in the coming year, an increase of 35% from less than a week ago, researcher Teikoku Databank said, Bloomberg News reported. All told, the forecast revisions represent 1.74 trillion yen ($16 billion) in lost sales, the firm said on Thursday. Japan’s earnings season for the fiscal year and quarter ending in March usually goes into full swing in late April.

SoftBank Group Corp. forecast a record 1.35 trillion yen ($12.5 billion) operating loss for the fiscal year ended in March, a sign of how badly Masayoshi Son’s bets on technology startups have been battered in recent months, Bloomberg News reported. The Japanese company expects to record a 1.8 trillion yen loss from its Vision Fund and another 800 billion yen in losses from SoftBank’s own investments. It has written down the value of investments in companies, including office-rental startup WeWork and satellite operator OneWeb, which filed for bankruptcy last month.