The economic uncertainty in Japan is seen to have grown more abruptly than concerns relating to the level of risk posed by the coronavirus. According to the WHO, Japan recorded 12,388 confirmed cases of COVID-19 till April25, 2020, and 317mortalities due to COVID-19 in the country. Most industries that are impacted due to corona outbreak including automobile, food & beverage, chemical, energy, electronic and electrical, aviation, retail, travel & tourism, and others. The electronics industry in Japan faces a demand-side problem. The large manufacturers such as Fanuc and Yaskawa design and manufacture their components and so supply chain issues are less of a concern that further impact on electronics industry growth. Due to the COVID-19, the government of Japan postponed the Tokyo 2020 Games that was held in Japan. “I proposed to postpone for about a year and President Bach responded with 100 percent agreement,” As stated by the Government of Japan on March 24, 2020. The cancellation and delay of such major sports events have led to a huge loss to the event organizers that have invested a lot of capital in the success of the event or tournament. The delay of the Tokyo Olympics 2020, which cost Japan a loss of over billions of dollars is one among such instances to study the impact of loss on sports. However, the International Olympic Committee announced new dates for the Olympics, 23rd July to 8th August 2021. With the cancellation or postponement of the Olympic, the COVID-19 pandemic has also stoked concern about the Tokyo Summer Games, which was scheduled in July 2020.
Despite the challenges, the online streaming enacts as a blessing in a disguise. Various webinars, promotions, and interviews have been conducted online. For instance, Renee Zellweger promoted her Oscar-winning performance as Judy Garland in Judy, through local media via Skype. The COVID-19 pandemic has pushed the industry toward the espousal of digital platforms; for instance, popular J-pop vocal and dance groups EXILE, Sandaime J SOUL BROTHERS, GENERATIONS, E-girls and more have opted for online concerts to reach up to the peoples and help to get over the fear that people might be feeling. Thus, via various contributions, the online streaming platforms of the entertainment industry are surviving amid the COVID-19 pandemic.
Decline in automotive manufacturing
The manufacturing industry such as automotive manufacturing is mainly affected sector in the country due to the disruption of the supply chain in the country. For instance, on March 2, 2020, Nissan Motor Corp. has been forced to close down production in several domestic assembly factories, including Tochigi and Fukuoka, due to a shortage of Chinese parts. Additionally, Honda Motor Corp. experience a delay in car delivery due to a shortage of China-made components. Mazda Motor Corp. changed its imports of exterior components of its small passenger cars and SUVs from China to Mexico as an emergency alternative that remains costly as compared to importing from China. Novel Coronavirus Countermeasure Study Council for Automotive Industry was established by the Ministry of Economy, Trade, and Industry (METI), Japan Automotive Manufacturers Association (JAMA), and Japan Auto Parts Industries Association (JAPIA) established the, for sharing information on industry-wide common concerns and possible actions.
OMR Global recently published report on https://www.omrglobal.com/industry-reports/impact-of-covid-19-on-japan-economy
The Report Covers
- Comprehensive research methodology of the pre and post COVID-19 impact on the Japan economy.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Japan economy.
- Insights about market determinants which are stimulating Japan economy.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Impact of COVID-19 on Japan Economy – Segmentation
- Automobile
- Food & Beverage
- Chemical
- Energy
- Electronic and Electrical
- Aviation
- Retail
- Travel and Tourism
- Others
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/impact-of-covid-19-on-japan-economy
