A report by Japanese financial firm SMBC Nikko Securities has estimated that Japan’s gross domestic product would be reduced by 1.4 per cent, equivalent to ¥7.8tn ($75bn), if the Tokyo Olympics was cancelled.
Kyodo News reported that the company said Tokyo 2020 should be responsible for creating a large amount of demand in the economy, including about ¥670bn from spectator consumption and the staging of sports events.
Under one scenario presented in the report, the epidemic continues until July, the Olympics is cancelled, and Japanese corporate revenues fall 24.4 per cent this year. Under a more optimistic scenario, the spread of the coronavirus ends in April, the Olympics is held as scheduled, but corporate revenues are still down 14.9 per cent, and GDP down 0.9 per cent.
Other Tokyo 2020 news:
The Games’ organisers announced that the construction of the new, permanent venues for the Games had been completed at the end of February. The Tokyo Aquatics Centre, for swimming and diving competitions, was the last to be completed. The 15,000-seat venue features a movable wall allowing the 50-metre pool to be converted to two 25-metre pools, and the depth of the pool can also be adjusted.
Japanese public-service broadcaster NHK announced it will cover 11 Tokyo 2020 events in the high-resolution 8K image format. There will be 8K transmissions on every day of the games. The events covered will include the opening and closing ceremonies, swimming, football, judo, and athletics at the Olympics, and the opening and closing ceremonies, swimming, and athletics at the Paralympics. The coverage will also include the first attempt to broadcast 8K video live from a helicopter, during the Olympics and Paralympics opening ceremonies.
The Tokyo 2020 organising committee announced plans to downsize the arrival ceremony in Japan for the Olympic torch, due to the coronavirus. A plan to send 140 children to Greece to give the flame a send-off has been cancelled.