Governments and central banks unveiled new measures to tackle the economic impact of the coronavirus as global markets suffered record falls on Thursday.

Japan's government and central bank will expand its stimulus measures to limit the blow from the outbreak and reassure volatile markets.

The U.S. Federal Reserve on Thursday offered $1.5 trillion in short-term loans to stimulate the economy and stabilize the financial system.

Australia's central bank is pumping a large amount of cash into the system today as panic selling across global markets threatens to drain liquidity and push up borrowing costs.

Countries all over the world have also announced measures including imposing lock-down, closure of schools, halting flights to and from Europe and banning public gatherings.

Meanwhile the global coronavirus pandemic could be over by June if countries mobilise to fight it, according to a senior Chinese medical adviser on Thursday.

China declared the peak had passed and new cases in Hubei fell to single digits for the first time.