Photo/Illutration Traders work on the floor of the New York Stock Exchange near the end of the trading day on March 16. (AP Photo)

Old tools and gadgets that were used in stock trading years ago are on display at the head office of Osaka Exchange Inc.

On my latest visit, what caught my eye was a whistle of the kind used by sports referees. The whistle would be blown when a surge of sell and buy orders threw the trading floor into a pandemonium.

The purpose was to halt trading and get everyone to cool their heads.

In today's computerized financial market, the whistle is decidedly a relic of the past. In concept, however, it still lives in the circuit breaker system.

Last week, the New York Stock Exchange tripped the circuit breaker twice.

Fears of a global economic downturn amid the COVID-19 pandemic triggered panic selling on Wall Street. In a bid to contain the panic, the U.S. Federal Reserve decided to cut its benchmark interest rate to nearly zero percent.

The Bank of Japan, too, announced on March 16 its decision to expand financing.

Some people are comparing the scale of the current economic crunch to the Lehman Shock of 2008, while others believe it's even worse.

I can only hope the governments and central banks will do everything in their power to minimize job losses among the public.

The Lehman Shock as well as the coronavirus pandemic have occurred against the backdrop of the globalized economic system under which people, goods and money cross national borders with ease.

Back in 2008, the international flow of capital spread the crisis globally.

Today, the movement of people across national borders is spreading the virus. Monetary easing alone will not bring relief to people's fear of the contagion, which is crippling production and consumption.

Unlike in stock trading of the past, there is no "whistle" to halt viral contamination. All we can do to protect ourselves is to wash our hands, ventilate closed spaces and avoid crowds.

Hopefully, each precautionary measure we take should hasten the end of the pandemic and ultimately reduce damage to the economy.

--The Asahi Shimbun, March 17

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Vox Populi, Vox Dei is a popular daily column that takes up a wide range of topics, including culture, arts and social trends and developments. Written by veteran Asahi Shimbun writers, the column provides useful perspectives on and insights into contemporary Japan and its culture.

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