The western Japan prefecture may take two more years to recuperate from the damage of the novel coronavirus crisis. The forecast was rendered by Tetsuya Kan, head of a major regional bank in Osaka, as the pandemic ransacked the city s once upbeat tourism and retail sectors.
The fate of the region s economy depends on how long the pandemic will persist, and whether the restaurants and hotels can bounce back, said Kan, president of Kansai Mirai Bank, the fourth-biggest lender in Osaka prefecture.
Osaka s shopping centers were left deserted after Japan restricted overseas visitors from entering the city. This has taken a toll on hotels, restaurants, and drug stores. Moreover, it also affected regional banks like Kansai Mirai as ultra-low interest rates and collapsing domestic market press.
Osaka had seen its total number of overseas tourists dropping to 1,700. It dropped 99.9% from a year earlier and way smaller than the 12 million record monitored in 2019.
https://www.umarkets.com/en/news/japanese-bank-sees-dim-outlook-for-tourist-hub-osaka