CNBC Asia

The Nikkei 225 in Japan declined 4.41% to close at 18,559.63, leaving it in a bear market — more than 20% lower than its 52-week closing high.

Italy's Prime Minister Giuseppe Conte announced the government will set even more money aside to tackle the outbreak, raising spending to $28.3 billion.

Elevated U.S. tariffs on China are an added pressure on retailers at a time the new coronavirus is spreading globally, said Steve Lamar of the American Apparel and Footwear Association.

As of Wednesday, more than 121,564 cases of coronavirus have been reported, resulting in at least 4,373 deaths.

The WHO has yet to classify the virus as a pandemic, but officials have warned that the threat of a pandemic is "very real."

The U.S. House of Representatives Oversight and Reform Committee is holding a hearing Wednesday on the country's preparedness and response to the coronavirus outbreak that has swept across the nation.

The new coronavirus has infected more than 110,000 people across at least 110 countries and territories, with over 4,000 deaths globally, according to the World Health Organization.

Stocks in Australia also saw sharp declines as the S&P/ASX 200 dropped 3.6% to close at 5,725.90. The day's moves left the index in bear market territory, meaning it was more than 20% lower than its 52-week high.

UBS Global Wealth Management's Kelvin Tay told CNBC there's a "semblance that production capability is actually now coming back to the Chinese economy," citing reasons such as a decline in the number of infections in the country.

As of Tuesday, more than 118,101 cases of coronavirus have been reported, resulting in at least 4,262 deaths.

As of Monday afternoon, more than 113,584 cases of the new coronavirus have been reported, resulting in at least 3,996 deaths.

The Evergreen State has 162 confirmed coronavirus cases across eight counties, but infectious disease experts say the actual number could be closer to 1,000 or more, Inslee said.

Health and Human Services Secretary Alex Azar provided an update on the Trump administration's response to the coronavirus outbreak.

COVID-19 has infected more than 755 Americans, according to Johns Hopkins University, and killed at least 26.

Dr. Amy Compton-Phillips said doctors, nurses and other other front-line workers are all saying, "This is coming. It's not if, it's when. And we better get ready now."

Japan has unveiled a second package of measures worth about $4 billion in spending to cope with the impact of the coronavirus outbreak, Reuters reported

In Japan, the Nikkei 225 bounced back strongly from an earlier drop to close 0.85% higher while the Topix index rose 1.28%. The two indexes had earlier declined more than 3% each during the Tuesday session.

"Now that the virus has a foothold in so many countries, the threat of a pandemic has become very real," WHO Director-General Dr. Tedros Adhanom Ghebreyesus told reporters on a conference call Monday.

Epidemics have emerged in countries across the world, notably in Iran, Italy, and South Korea, where the number of cases and the death toll are rapidly increasing.