China is said to be Japan's second-largest export destination. It has also been said that Chinese are 30% of what makes up the tourists in Japan. Cancellation of trips incoming and outgoing to China certainly affects its economy, that's why I am under the impression that Tokyo Stocks Exchange (Tosho) will drop even further. The 5-day index shows a 1.48% drop as we speak.
Having said that, we might expect them to look bullish on $BTC until they figure out where else to put the money withdrawn from Tosho. Therefore, I am not buying $BTC at the moment - instead would definitely wait for the dip. CAVEAT.
Interesting theory,but I don't see any panic in the Tokyo Stocks Exchange or any increase of buyer's interest towards Bitcoin,coming from people in Japan.Perhaps they have other options to secure their funds,except BTC.Maybe government bonds and gold.Maybe most of the traders will not withdraw any funds from the Tosho,because they are confident about the corona virus crisis coming to an end soon.