Biz Leaders Upbeat on Japan Economy, Cautious on Iran Tensions

Economy

Tokyo, Jan. 7 (Jiji Press)--Japanese business leaders at a New Year celebration event on Tuesday sounded upbeat on the domestic economy in 2020 thanks partly to the Tokyo Olympics and Paralympics this summer while expressing caution over the situation in Iran as a new source of risk.

"The Japanese economy will expand powerfully on the back of the government's economic stimulus measures and the effects of the Olympics and Paralympics," Dai-ichi Life Holdings Inc. <8750> President Seiji Inagaki said.

"With the approach of the Olympic and Paralympic Games, people are expected to feel positive and start consuming," Hiromichi Iwasa, chairman of major real estate developer Mitsui Fudosan Co. <8801>, said. He brushed aside concerns that the economy will slow down after the quadrennial sporting events, saying, "Interest in Japan will rise through the Olympic and Paralympic Games, and that will bring more foreign visitors."

Ryoichi Yamamoto, president of major department store operator J. Front Retailing Co. <3086>, expressed his hope to see a boost in demand from foreign visitors thanks to the Tokyo Games. "We want to expand sales by having customers from all around the world come to Japan many times, not putting this year as the peak (for inbound travelers)," he said.

Nobuaki Kurumatani, chairman of electronics and machinery giant Toshiba Corp. <6502>, predicted that heightened trade tensions between the United States and China will calm down. "The U.S. presidential election is scheduled this year, so (President Donald Trump) is unlikely to implement major tariff measures," he said.

[Copyright The Jiji Press, Ltd.]

Jiji Press