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Top Japanese CEO says economic losses from no-fan Tokyo Olympics will be 'enormous'

July 21, 2021. Summarized by summa-bot.

Compression ratio: 18.3%. 1 min read.

Takeshi Niinami, president and chief executive officer of Suntory Holdings Ltd., pauses during a Bloomberg panel session on the closing day of the World Economic Forum (WEF) in Davos, Switzerland, on Friday, Jan. 24, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 - 24. Photographer: Jason Alden/Bloomberg

One of Japan's most prominent business leaders says the Olympics are losing their commercial value.

Hong Kong/Tokyo (CNN Business)One of Japan's most prominent business leaders says the Olympics are losing their commercial value.

Suntory CEO Takeshi Niinami told CNN Business on Monday that his company decided against being a sponsor of the upcoming Tokyo Games, saying it was "too expensive. "

He noted in a June report that "much of the expected economic benefit from the Tokyo Games vanished in March, when it was decided to ban foreign spectators from traveling to Japan" — a move Kiuchi projected had already caused economic losses of $1. 4 billion.

"This is the time [when] we have to think about: what is the value of the Olympics?" said Niinami.

Asked whether he thought the Olympics could still provide a boost for Japanese companies this summer, Niinami said: "More and more, I don't think so. "

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