Japan to Lose 2,413.3 B. Yen if Olympics Held Behind Closed Doors: Expert
Tokyo, Jan. 22 (Jiji Press)--Holding the Tokyo Olympics and Paralympics without spectators would result in an economic loss of up to 2,413.3 billion yen in Japan, Katsuhiro Miyamoto, honorary professor at Kansai University, said Friday.
According his estimates, holding the Tokyo Games behind closed doors will cause a loss of 381.3 billion yen in spending related directly to the games, or 90 pct of the total amount calculated for the normal holding scenario.
With people’s interest in the quadrennial sporting events failing to grow, stimulus effects on household consumption expenditures will halve to 280.8 billion yen and corporate marketing activities will be dampened.
Economic gains from promotional sporting and cultural events after the games will also be reduced by half to 851.4 billion yen.
The move is also expected to lead to weaker tourism demand and fewer business opportunities.
[Copyright The Jiji Press, Ltd.]