Why are central banks not responding to coronavirus' economic threat?

It is much better for major countries to react now than wait for worse damage

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Bank of Japan Governor Haruhiko Kuroda speaks at a news conference on Jan. 21: it is time for a more urgent vocabulary. (Photo by Kento Awashima)

Normally, when central banks talk of contagion, they mean trauma in currency markets, bond-yield spreads and equity bourses that infects broader economies. Instead, today, the worry is that the coronavirus emanating from China might mutate into a global economic crisis equally difficult to contain.

Why, then, has there been inaction from Tokyo to Washington?

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