Olympic boost still indicated amidst moderate Japanese growth

Entering 2020, we expect the Japanese economy to maintain a moderate growth of +0.1% for 2020 (YoY, annualised). The Tokyo Olympics and Paralympics will have a significant economic impact of around ¥32trn (approx. $29bn) - much bigger than the 2019 Rugby World Cup - boosting inbound and domestic tourist consumption. Among the sectors which are due to benefit from this global sporting event are manufacturing, in particular companies producing electrical equipment such as TVs, as well as the leisure sector with companies in the fitness business (i.e. gyms), dining services and hotels expec...