The spread of COVID-19 has had a huge impact on the Japanese economy. The Cabinet Office’s Business Trends Index （CI） has declined significantly since March 2020, close to the level in March 2009. In addition, since the number of infected people in each prefecture varies greatly, and the degree of restrictions on economic activities, such as the declaration of a state of emergency being issued and lifted accordingly, the impact of the spread of infection on the economy varies depending on the region and prefecture.
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MATSUSHIMA et al. (2022) studied this question.
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