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. 

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.    

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.    

Key companies operating in Japan whose business operations are significantly affected due to COVID-19 include Toyota Motor Corp., Honda Motor Co., Mazda Motor Corp., Nissan Motor Corp., Asahi Group Holdings Ltd., Hanwa Co., Ltd., Kirin Holdings Co. Ltd., Ajinomoto Co. Inc., Yamazaki Baking Co., Ltd., Coca-Cola Co., Ltd., and others. For instance, on March 2, 2020 Nissan Motor Corp. has been forced to close down production in several domestic assembly factories, including Tochigi and Fukuoka, due to a shortage of Chinese parts.

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on Japan economy. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and countries and the effects of COVID-19 on Japan economy of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the pre and post COVID-19 impact on the Japan economy.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Japan economy.
• Insights about market determinants which are stimulating Japan economy.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.