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.
When people will sell stocks will not buy Bitcoin. Not at first. Also. Whole world is highly dependant on China. Not just Japan. Third, most likely virus will not be only based in China but is already widespread in other countries like Singapore and Japan. Our best hope is that summer comes early. So flue viruses gets less defective to spread. And by next Autumn we find out vaccine.