Thursday, June 1, 2023
  • Home
  • Events
  • Sponsorship
  • Media
  • Finance & Money
  • Governance
  • Subscribe
  • About SMI
  • Newsletter
  • Contact Us
No Result
View All Result
Sports Market International
Advertisement
SMI NEWSLETTER
  • Home
  • Events
    NOC holds media seminar for sports journalists

    NOC holds media seminar for sports journalists

    Tokyo Olympics 10,000-spectator limit ‘under review’

    Tokyo Olympics 10,000-spectator limit ‘under review’

    Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse

    Tokyo athletes could face expulsion if they breach Covid-19 rules

    Grand Slam officials seek more conciliatory tone with Osaka

    Grand Slam officials seek more conciliatory tone with Osaka

    Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse

    Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse

    Asisat Oshoala makes history as first African and Nigerian to win Champions League

    Asisat Oshoala makes history as first African and Nigerian to win Champions League

    Genius agrees real-time statistics deal with Basketball Africa League

    Genius agrees real-time statistics deal with Basketball Africa League

  • Sponsorship
    Toronto Raptor’s president urges FGN to stop appointing politicians as sports ministers

    Ujiri signs ‘significant’ deal to remain Toronto Raptors president

    Sports sponsorship: New sprint for Africa

    Sports sponsorship: New sprint for Africa

    Manchester City agrees revenue-share deal to launch fan tokens on Socios.com

    Manchester City agrees revenue-share deal to launch fan tokens on Socios.com

    Trending Tags

    • Champions League
    • Explore Bali
    • Golden Globes
  • Media
    Integral acquires Nigerian free-to-air Tokyo 2020 rights, sublicenses to NTA

    Integral acquires Nigerian free-to-air Tokyo 2020 rights, sublicenses to NTA

    England-Ukraine is UK’s most-watched live TV event of 2021

    England-Ukraine is UK’s most-watched live TV event of 2021

    Pipul TV promises exciting times for Sports Fans

    Pipul TV promises exciting times for Sports Fans

    Basketball Africa League unveils international broadcasters

    Basketball Africa League unveils international broadcasters

    AFC, StarTimes strike rights deal in sub-Saharan Africa

    AFC, StarTimes strike rights deal in sub-Saharan Africa

    SuperSport secures World Cup pay-TV rights in sub-Saharan Africa

    SuperSport secures World Cup pay-TV rights in sub-Saharan Africa

    Trending Tags

    • Market Stories
  • Finance & Money
    UFC 263 salaries: How much did Israel Adesanya, Marvin Vettori & Nate Diaz make?

    UFC 263 salaries: How much did Israel Adesanya, Marvin Vettori & Nate Diaz make?

    Manchester United looks to offer shares in club to supporters

    Manchester United looks to offer shares in club to supporters

    Spotify founder Ek eyes Arsenal

    Spotify founder Ek eyes Arsenal

    UEFA outlines Women’s Champions League financial model with €24m to be distributed

    UEFA outlines Women’s Champions League financial model with €24m to be distributed

    The World’s Most Valuable Football Teams: Spain retains No 1 but it isn’t Real Madrid

    The World’s Most Valuable Football Teams: Spain retains No 1 but it isn’t Real Madrid

    Manchester City posts £126m loss for 2019-20, expects profit in 2020-21

    Manchester City posts £126m loss for 2019-20, expects profit in 2020-21

    Trending Tags

    • Golden Globes
    • Explore Bali
    • Champions League
  • Governance
    Ogwumike denied by FIBA to play for Nigeria

    Ogwumike denied by FIBA to play for Nigeria

    Athletics Federation of Nigeria elects two different Presidents in latest governance dispute

    Athletics Federation of Nigeria elects two different Presidents in latest governance dispute

    Toronto Raptor’s president urges FGN to stop appointing politicians as sports ministers

    Toronto Raptor’s president urges FGN to stop appointing politicians as sports ministers

    Premier League preparing ‘Owners’ Charter’ to tackle Super League threat

    Premier League preparing ‘Owners’ Charter’ to tackle Super League threat

    Europe’s biggest football clubs unveil breakaway plans for European ‘Super League’

    Europe’s biggest football clubs unveil breakaway plans for European ‘Super League’

    Deep cuts made to Tokyo Olympics accreditations

    Deep cuts made to Tokyo Olympics accreditations

    Trending Tags

    • Champions League
    • Explore Bali
    • Market Stories
  • Subscribe
  • Sport Market
  • Contact Us
Sports Market International
  • Home
  • Events
    NOC holds media seminar for sports journalists

    NOC holds media seminar for sports journalists

    Tokyo Olympics 10,000-spectator limit ‘under review’

    Tokyo Olympics 10,000-spectator limit ‘under review’

    Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse

    Tokyo athletes could face expulsion if they breach Covid-19 rules

    Grand Slam officials seek more conciliatory tone with Osaka

    Grand Slam officials seek more conciliatory tone with Osaka

    Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse

    Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse

    Asisat Oshoala makes history as first African and Nigerian to win Champions League

    Asisat Oshoala makes history as first African and Nigerian to win Champions League

    Genius agrees real-time statistics deal with Basketball Africa League

    Genius agrees real-time statistics deal with Basketball Africa League

  • Sponsorship
    Toronto Raptor’s president urges FGN to stop appointing politicians as sports ministers

    Ujiri signs ‘significant’ deal to remain Toronto Raptors president

    Sports sponsorship: New sprint for Africa

    Sports sponsorship: New sprint for Africa

    Manchester City agrees revenue-share deal to launch fan tokens on Socios.com

    Manchester City agrees revenue-share deal to launch fan tokens on Socios.com

    Trending Tags

    • Champions League
    • Explore Bali
    • Golden Globes
  • Media
    Integral acquires Nigerian free-to-air Tokyo 2020 rights, sublicenses to NTA

    Integral acquires Nigerian free-to-air Tokyo 2020 rights, sublicenses to NTA

    England-Ukraine is UK’s most-watched live TV event of 2021

    England-Ukraine is UK’s most-watched live TV event of 2021

    Pipul TV promises exciting times for Sports Fans

    Pipul TV promises exciting times for Sports Fans

    Basketball Africa League unveils international broadcasters

    Basketball Africa League unveils international broadcasters

    AFC, StarTimes strike rights deal in sub-Saharan Africa

    AFC, StarTimes strike rights deal in sub-Saharan Africa

    SuperSport secures World Cup pay-TV rights in sub-Saharan Africa

    SuperSport secures World Cup pay-TV rights in sub-Saharan Africa

    Trending Tags

    • Market Stories
  • Finance & Money
    UFC 263 salaries: How much did Israel Adesanya, Marvin Vettori & Nate Diaz make?

    UFC 263 salaries: How much did Israel Adesanya, Marvin Vettori & Nate Diaz make?

    Manchester United looks to offer shares in club to supporters

    Manchester United looks to offer shares in club to supporters

    Spotify founder Ek eyes Arsenal

    Spotify founder Ek eyes Arsenal

    UEFA outlines Women’s Champions League financial model with €24m to be distributed

    UEFA outlines Women’s Champions League financial model with €24m to be distributed

    The World’s Most Valuable Football Teams: Spain retains No 1 but it isn’t Real Madrid

    The World’s Most Valuable Football Teams: Spain retains No 1 but it isn’t Real Madrid

    Manchester City posts £126m loss for 2019-20, expects profit in 2020-21

    Manchester City posts £126m loss for 2019-20, expects profit in 2020-21

    Trending Tags

    • Golden Globes
    • Explore Bali
    • Champions League
  • Governance
    Ogwumike denied by FIBA to play for Nigeria

    Ogwumike denied by FIBA to play for Nigeria

    Athletics Federation of Nigeria elects two different Presidents in latest governance dispute

    Athletics Federation of Nigeria elects two different Presidents in latest governance dispute

    Toronto Raptor’s president urges FGN to stop appointing politicians as sports ministers

    Toronto Raptor’s president urges FGN to stop appointing politicians as sports ministers

    Premier League preparing ‘Owners’ Charter’ to tackle Super League threat

    Premier League preparing ‘Owners’ Charter’ to tackle Super League threat

    Europe’s biggest football clubs unveil breakaway plans for European ‘Super League’

    Europe’s biggest football clubs unveil breakaway plans for European ‘Super League’

    Deep cuts made to Tokyo Olympics accreditations

    Deep cuts made to Tokyo Olympics accreditations

    Trending Tags

    • Champions League
    • Explore Bali
    • Market Stories
  • Subscribe
  • Sport Market
  • Contact Us
No Result
View All Result
Sports Market International
No Result
View All Result
Home Events

Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse

smi by smi
May 26, 2021
in Events
0
Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse
586
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

You might also like

NOC holds media seminar for sports journalists

Tokyo Olympics 10,000-spectator limit ‘under review’

Tokyo athletes could face expulsion if they breach Covid-19 rules

Cancelling the Tokyo Olympics will cost Japan around $17billion, while the damage caused by another Covid-19 state of emergency will be higher, experts have warned.

An estimate by the Nomura Research Institute (NRI) has claimed that cancelling this summer’s Tokyo Olympics would cost the country around $17billion (¥1.81 trillion).

But an economist at the think-tank has warned that the economic loss from coronavirus cases spiking could be even more damaging, Japan Times reported.

Japan, which has recorded more than 700,000 infections and 12,000 deaths from the virus, is in the grip of a month-long state of emergency and has delivered vaccinations to just under 5 per cent of its population.

Some 80 per cent of Japanese people have called for the postponed 2020 Olympic Games, which is due to be held from from July 23 to August 8, to be cancelled or postponed.

And Takahide Kiuchi, executive economist at NRI, said cancelling the Olympic Games will be a smaller economic loss than the damage caused if another Covid state of emergency is declared following the event.

Kiuchi explained: ‘Even if the games are canceled, the economic loss will be smaller than (the damage done by) a state of emergency.’

There will be a $15billion (¥1.66 trillion) loss if the Tokyo Games is held without spectators, according to calculations by the institute.

But Kiuchi estimated that the first state of emergency in spring 2020 cost the country around $59billion (¥6.4 trillion), while the second between January and March saw losses of $58billion (¥6.3 trillion).

Meanwhile, the current emergency declaration, which came into force in late April, will lead to a loss of $17billion (¥1.9 trillion), while the amount will likely increase if the emergency is extended past Monday, according to estimations.

he Japanese government and the International Olympic Committee (IOC) have faced calls for a further postponement or cancellation because of rising coronavirus cases in Japan and elsewhere.

On Wednesday, Japan recorded 4,644 new Covid cases, bringing the total of overall infections recorded up to 726,586.

Meanwhile, the latest death figures saw 93 new fatalities, seeing the overall toll rise to 12,457, as Japan continues to tackle its third state of emergency.

A growing number of investors in Japanese stocks believe canceling the games is better for the market, intensifying the pressure on Prime Minister Yoshihide Suga, who is already facing intense public opposition to the global showcase event.

Financial leaders fear that the potential damage to Mr Suga, as well as the resulting political uncertainty, could cause a major hit to the economy, as could a fresh surge in infections following the arrival of thousands of competitors and staff.

‘An increasing number of people think not holding it is better for Japanese stocks, than doing it and ending up with political instability,’ Arihiro Nagata, general manager of global investment at Sumitomo Mitsui Bank, previously told the Japan Times.

Takahide Kiuchi, executive economist at Nomura Research Institute and a former Bank of Japan board member, said Japan stands to lose $16 billion (£11.3m) if the Olympics were cancelled, but that would pale in comparison to the economic hit from emergency curbs stemming from a fifth wave, a top economist estimated.

‘If the (Olympic Games) trigger the spread of infections and necessitates another emergency declaration, then the economic loss would be much greater,’ he Kiuchi said in a report published today. The direct loss from a cancellation would be equivalent to a third of a percent of nominal gross domestic product (GDP) in fiscal 2020, he noted.

‘These calculations suggest that the decision of whether to hold or cancel the Games should be made from the perspective of infection risk rather than economic loss,’ he concluded.

Kiuchi’s estimate supports the view expressed by Japanese tycoon and SoftBank Group CEO Masayoshi Son, who argued in a series of tweets at the weekend that Japan could have a ‘lot to lose’ if the Olympics led to a spike in infections.

The billionaire wrote: ‘Currently more than 80 per cent of people want the Olympics to be postponed or cancelled. Who and on what authority is it being forced through?’

Legally, only the IOC has the right to cancel the Games because Japan is contractually obliged to go ahead with the event.

It comes after a scientist on Independent Sage called for the cancellation of the Tokyo Olympics while the world fights the ‘extremely dangerous’ coronavirus.

Earlier this week, Professor Gabriel Scally, visiting professor of public health at the University of Bristol, said the Olympics were ‘not feasible’ during the pandemic.

He also warned that exempting athletes from quarantine would create a ‘big melting pot’ which could be a ‘recipe for a potential outbreak of some magnitude’.

The UK Government and the British Olympics Association, which oversees Team GB, are fully behind the Games – despite the US State Department on Monday issuing its highest Level 4 travel warning for the Asian nation.

Speaking to MailOnline on Tuesday, Professor Scally said: ‘We haven’t had an Olympics in years when there are world wars on, and the world is currently fighting a battle against an extremely dangerous disease.

‘You can’t have an armistice to call a halt to this pandemic. Exempting athletes from quarantine strikes me as completely amazing. The creation of a big melting pot of people from across the world who haven’t gone through isolation seems to be a recipe for a potential outbreak of some magnitude.

‘They are all going to be fit and healthy people but nonetheless it is still a problem. As well as living in close proximity many will also be engaging in contact sports. They need to postpone the Olympics or not have it.’

However, a BOA spokesman said in a statement: ‘We remain fully committed to sending our full team to the Tokyo Olympic Games, and everything we hear from our colleagues in Tokyo, the Japanese Government and the IOC tells us that the Games are going ahead.’

The spokesman pointed out that US athletes would still be competing, adding: ‘We also note our colleagues at the United States Olympic Committee spoke of their ongoing confidence for their participation at the Games this summer.’

The UK Foreign Office yesterday repeated its position that Japan is off limits to Britons, but athletes and staff can go after Culture Secretary Oliver Dowden lobbied Boris Johnson to allow all Team GB members to receive a dose of the Pfizer vaccine.

Team GB Chef de Mission Mark England yesterday said he was ‘100 per cent confident’ the Games would happen thanks to the vaccine deal, which a government spokesman today said should provide ‘reassurance’ to athletes.

Japan announced in March that all international spectators would be banned. The country’s borders are already closed to foreign nationals apart from those with residency.

Dozens of Japanese local leaders have responded to a wave of anti-Olympics street protests by refusing to host athletes in their cities.

At least 40 out of 500 towns registered to accommodate international competitors have now declined to do so in order to avoid putting extra pressure on hospitals, according to local reports.

Hospitals in Japan’s second largest city of Osaka are buckling under a huge wave of coronavirus infections, running out of beds and ventilators as exhausted doctors warn of a ‘system collapse’ and want the Games cancelled.

‘The Olympics should be stopped, because we already have failed to stop the flow of new variants from England, and next might be an inflow of Indian variants,’ said Akira Takasu, the head of emergency medicine at OMPUH.

He was referring to a variant first found in India that the World Health Organization (WHO) designated as being of concern after initial studies showed it spread more easily.

‘In the Olympics, 70,000 or 80,000 athletes and the people will come to this country from around the world. This may be a trigger for another disaster in the summer.’

Japan’s western region – home to 9 million people – is suffering the brunt of the fourth wave of the pandemic, accounting for a third of the nation’s death toll in May, although it constitutes just 7 per cent of its population.

facebookShare on Facebook
Twitterhttps://twitter.com/sportsmktint
FollowFollow SMI
0 0 votes
Article Rating
Tags: COVID-19 PandemicEventsNomura Research Institute(NRI)
Previous Post

Toronto Raptor's president urges FGN to stop appointing politicians as sports ministers

Next Post

Grand Slam officials seek more conciliatory tone with Osaka

smi

smi

Related Posts

NOC holds media seminar for sports journalists
Events

NOC holds media seminar for sports journalists

Tokyo Olympics 10,000-spectator limit ‘under review’
Events

Tokyo Olympics 10,000-spectator limit ‘under review’

Experts warn, cancelling Tokyo Olympics will cost Japan $17 billion but COVID impact worse
Events

Tokyo athletes could face expulsion if they breach Covid-19 rules

Grand Slam officials seek more conciliatory tone with Osaka
Events

Grand Slam officials seek more conciliatory tone with Osaka

Asisat Oshoala makes history as first African and Nigerian to win Champions League
Events

Asisat Oshoala makes history as first African and Nigerian to win Champions League

Next Post
Grand Slam officials seek more conciliatory tone with Osaka

Grand Slam officials seek more conciliatory tone with Osaka

Subscribe
Notify of
guest

guest

0 Comments
Inline Feedbacks
View all comments

Categories

  • Events
  • Finance & Money
  • Governance
  • Media
  • Sponsorship
  • Sponsorship & Marketing
  • Sport Market

PAGE LINKS

  • About SMI
  • Events
  • Contact Us
  • Masthead
  • Newsletter
  • Advertise
  • Subscribe

BROWSE BY TAG

Athletics Federation of Nigeria (AFN) (1) Barcelona FC (2) Basketball Africa League (2) Bet9ja (1) Cenre for the Eurasian Sport Industry (1) Clubhouse (1) Covid-19 (2) COVID-19 Pandemic (3) English Premier League (EPL) (3) ESPN (2) European Super League (1) Events (10) Fiba (2) Finance & Money (9) French Open (1) Governance (9) International Olympic Committee (IOC) (3) Kamaru Usman (1) Manchester City (2) Masai Ujiri (1) McLaren Racing (1) Media (8) NairaBet (1) News Agency of Nigeria (NAN) (1) Nigeria (2) Nigerian Communications Commission (NCC) (1) Nigerian Television Authority (NTA)_ (1) Nigeria Olympics Committee (1) Nigeria Professional Football League (2) Niigeria Center for Disease Control (NCDC) (1) Nomura Research Institute(NRI) (1) Olympic Games (3) Online Betting (1) Sponsorship (3) Sponsorship & Marketing (3) sport business (1) Sport marketing (1) sports channel (1) TNT (1) Tokyo 2020 (5) Tokyo 2020 Olympics (1) Toronto Raptors (2) UEFA Women's Champions League (2) Ultimate Fighting Championship (UFC) (2) World Athletics (2)

RECENT POSTS

Toronto Raptor’s president urges FGN to stop appointing politicians as sports ministers

Ujiri signs ‘significant’ deal to remain Toronto Raptors president

Integral acquires Nigerian free-to-air Tokyo 2020 rights, sublicenses to NTA

Integral acquires Nigerian free-to-air Tokyo 2020 rights, sublicenses to NTA

Ogwumike denied by FIBA to play for Nigeria

Ogwumike denied by FIBA to play for Nigeria

NOC holds media seminar for sports journalists

NOC holds media seminar for sports journalists

Tokyo Olympics 10,000-spectator limit ‘under review’

Tokyo Olympics 10,000-spectator limit ‘under review’

© 2020 SMI - Sports Market International - All Rights Reserved. - PauloMedia Design.

No Result
View All Result
  • Home
  • Events
  • Sponsorship
  • Media
  • Finance & Money
  • Governance
  • Subscribe
  • About SMI
  • Newsletter
  • Contact Us

© 2020 SMI - Sports Market International - All Rights Reserved. - PauloMedia Design.

error

Enjoy this blog? Please spread the word :)

  • 20
  • 2
  • fb-share-icon
  • @sportsmktint100
    Visit Us
    Follow Me
    Tweet
wpDiscuz
0
0
Would love your thoughts, please comment.x
()
x
| Reply