Japanese former marathon runner Noguchi Mizuki and president of the Tokyo 2020 Organising Committee Toshiaki Endo pose for a picture following the Olympic flame lighting ceremony for the Tokyo 2020 Summer Olympics on March 12, 2020 in ancient Olympia, Greece.
Milos Bicanski | Getty Images
Japan’s economy will take a hit if the Olympic Games are canceled due to the coronavirus outbreak, an analyst said on Friday amid swirling speculation over whether the massive sporting event will take place as scheduled this summer in Tokyo.
The Japanese economy has already been hit by a consumption tax hike that crimped spending and the fallout from the coronavirus pandemic is likely to affect Japanese exporters this year, said Waqas Adenwala, Asia analyst at The Economist Intelligence Unit.
“The Olympics actually is the only silver lining Japan has right now,” Adenwala told CNBC.
“The Olympics is the only scenario we can expect some incoming of tourist arrivals, some spending there. It wouldn’t have…
