For two months, policymakers in the Asia-Pacific region have been at the frontline of the battle against the economic fallout from the coronavirus outbreak. While their tactics have often been less dramatic than the “bazooka” measures deployed in Europe and the US, they have still often involved cuts in benchmark interest rates to record lows and stimulus packages of unprecedented size.

Early indications from the region are that the most effective measures are generally those carefully aimed at preserving jobs and businesses while maintaining liquidity in important financial markets.

How have investors responded?

Investors have generally been underwhelmed by the government response in the region. Australia has unveiled three consecutive economic stimulus packages over the past two weeks, consisting of monetary and fiscal measures worth A$189bn ($113.8bn)

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