Impact of Covid-19 on Japan Economy Size, Share, Analysis, Industry Report and Forecast 2019-2025


Japan is one of the key economies of the Asia Pacific region. The chemical industry has significant contribution in the country. The country is one of the key exporters of polymers of styrene. Japan exported more than 0.1 million tons of polymers of styrene to countries such as China, Hong Kong, Thailand, Indonesia and the US among others. Moreover, in 2017, the country also imported significant quantity of polymers of styrene from countries such as Chinese Taipei, Republic of Korea, Thailand, Malaysia and the US. 

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According to the Japan Electronics and Information Technology Industries Association (JEIT) production by Japanese manufacturers and IT companies is projected to increase by nearly 5% to generate over $300 billion.  This can be attributed to the increase in the production of semiconductors, display devices, and electronic components. This production is expected to increase significantly owing to energy saving, highly reliable and high function electronic components and devices and introduction of IoT and electrical equipment in the automobiles. Moreover, Japanese electronics industry is expected to witness significant investment in the coming years, eyeing the 2020 Tokyo Olympics and Paralympics. However, the social distancing, travel restrictions due to Corona outbreak further projected to affect the all aforementioned factors that are essential for economic growth in the country.    

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Japan is facing a major challenge of recession concerning the effect of COVID-19 pandemic. It has affected the whole production capability of the country coupled with a slowdown in global demand, and concerns regarding the availability of raw material. As a result, the chemical and other industries in the country have been temporarily shut down their industrial operations. According to the WHO, Japan recorded 1,089 confirmed cases of COVID-19 till March 23, 2020 and 41 mortalities due to COVID-19 in the country. The fear regarding businesses and employment have rapidly increased since February in Japan. In Japan, economic uncertainty be seen to have grown more abruptly than concerns relating to the level of risk posed by the coronavirus.
On the basis of industrial operations, Japan economy is classified into automobile, food & beverage, chemical, energy, electronic and electrical, aviation, retail, travel & tourism, and others. The travel and tourism sector have a significant effect of COVID-19 due to travel restrictions, coupled with voluntary shutdown and self-isolation grip society in Japan. The airlines sector is projected to have revenue loss of $2.8 billion between February and April 2020. Moreover, due to disruption in the supply chain the manufacturing sector of automotive industry also affected by the outbreak of COVID-19 in Japan. 
   
Verticals Affected Most
·         Automobile
·         Food & Beverage
·         Chemical
·         Energy
·         Electronic and Electrical 
·         Aviation
·         Retail
·         Travel and Tourism
·         Others 
Company Profiles
·         Toyota Motor Corp.
·         Honda Motor Co.
·         Mazda Motor Corp.
·         Nissan Motor Co., Ltd.
·         Asahi Group Holdings Ltd.
·         Hanwa Co., Ltd.
·         Kirin Holdings Co. Ltd.
·         Ajinomoto Co. Inc.
·         Yamazaki Baking Co., Ltd.
·         Coca-Cola Co., Ltd.
·         Mitsubishi Corp.
·         Toray Industries, Inc.
·         Canon Inc.
·         Fujitsu Ltd.
·         Japan Post Holdings Co., Ltd. 
·         The Nippon Telegraph and Telephone Corp.
·         SoftBank Group Corp. 
·         Sony Corp.
·         Mitsui & Co., Ltd.
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