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SOURCE World Review
VADUZ, Liechtenstein, September 12, 2013 /PRNewswire/ --
Japan's reputation as a 'safe pair of hands' gave it the edge to win the race to host the 2020 Tokyo Olympics and Paralympics. The decision immediately boosted investor confidence - despite the ongoing Fukushima nuclear crisis.
'Japanese Prime Minister Shinzo Abe assured the International Olympic Committee that the Fukushima leak was not a threat to Tokyo and took personal responsibility for keeping it safe,' writes leading economist Professor Dr Stefan Lippert in World Review.
Persistent concerns over the leak of radioactive water from the nuclear power plant had dogged Tokyo's Olympic bid. The crippled nuclear plant is about 250 km (155 miles) north east of Tokyo and there are fears the amount of contaminated water is getting out of control.
But winning the bid gave shares in Japan 'an instant lift with construction companies, real estate and tourism expecting to benefit from the economic impact of staging the games,' says Professor Dr Lippert.
This is expected to create 150,000 jobs and have a US$30 billion economic impact for Japan while boosting the mood of investors and spurring Japan's economic recovery after two decades of lacklustre growth and the March 2011 triple disaster of earthquake, tsunami and nuclear accident.
'It will support the popular belief that that Japan's turnaround has finally begun, and contribute to the upbeat feeling in Japan since the beginning of Abenomics,' he adds.
Dr Lippert believes that the International Olympic Committee's decision on September 7, 2013, emphasises that the international community sees Japan as a haven of stability and wealth in the region.
'Internationally, the vote is as an expression of confidence in Japan and its revival,' he says.
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About the author
World Review author, Professor Dr Stefan Lippert is a business school professor and management consultant who has been based in Tokyo since 2005.
He teaches international corporate strategy and leadership at Temple University, Japan Campus, and other universities in Japan and overseas.
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