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On Nikkei Asian Review No.15: LAST LINE 

Fujifilm starts clinical trial on Avigan for coronavirus

Fujifilm Holdings announced Tuesday the start of a clinical trial for its flu-fighting drug Avigan to treat COVID-19, in which it will be administered to about 100 patients in Japanese hospitals to gauge safety and efficacy.

Some doctors in Japan are already using the medication to treat coronavirus patients for test purposes, but company-led clinical trials are a must to gain its approval for wide distribution.

Avigan showed promise as a coronavirus treatment in Chinese trials, though some previous studies found possible side effects, including fetal deaths or deformities.

Fujifilm is also preparing to increase production of Avigan, after Japanese Prime Minister Shinzo Abe expressed support for using it as a coronavirus treatment.

The Japanese government has a strategic reserve of 2 million doses of Avigan, but this might not be enough for all coronavirus patients.

Coronavirus pandemic tears holes in Asia's garment industry

Four months after its emergence in the Chinese city of Wuhan, the novel coronavirus has triggered an unprecedented crisis for Asia's apparel exporters who, thanks to the rapid globalization of the past decade, employ millions of workers and help underpin some of the world's most fragile economies.

The trouble began in February with fabric supply shortages as the virus hit China's $250 billion textile sector. But just as China restarted production -- giving garment factories hope of getting operations back on track -- demand collapsed as lockdowns around the globe forced retailers to shut their doors and populations to prioritize staples.

The crisis is hitting as the industry was already facing the prospect of globalization going into reverse as consumer concerns grow over labor standards and Western fashion brands consider relying more on shorter supply chains closer to home.

"We have zero cash flow and buyers are not upholding their end of the contractual obligations," said Ken Loo, secretary general of the Garment Manufacturing Association in Cambodia.

"How many companies do you think can survive long with zero cash flow? Even the most successful airlines in the world have announced they may go bankrupt without government assistance. That's what we are facing."

It is a similarly grim story across the region, where thousands of factories have been partially or fully closed.

Coronavirus deals much swifter blow to Asian stocks than past crises

The coronavirus-driven stock market rout across Asia has been the most rapid ever and sent valuations tumbling -- with the region's emerging markets bearing the brunt.

The start of the year proved bad enough for investors in Japan, where stocks fell 20% in the three months to March 31 -- the worst skein since the last quarter of 2008, in the aftermath of the Lehman Brothers collapse. In March, the Nikkei 225 index recorded its biggest intraday fall in 30 years and largest weekly loss ever.

But for Thailand and Indonesia the picture was even worse: Markets fell 29%. It was just as bad in India, now on lockdown, where the decline matches the fall during a balance of payments crisis in 1992.

The MSCI-Asia-Pacific-ex-Japan Index dropped 22% in the quarter, the biggest fall since the global financial crisis, exacerbated by foreign funds dumping over $25 billion in emerging Asia stocks.

With the coronavirus pandemic rippling across the world, many companies have gone into "survival first" mode, hoarding cash and cutting dividends. But some analysts believe Asian markets could recover and end up higher for the year, if the outbreak is contained soon.

Check out more at: https://asia.nikkei.com/Print-Edition/Issue-2020-04-09

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