TOKYO (Kyodo) — The outbreak of the new coronavirus is expected to cut spending by foreign travelers to Japan by 981.3 billion yen ($9 billion), a private research firm said in a new report, revising upward from its earlier estimate of a contraction of 624.4 billion yen.
Resona Research Institute amended its forecast as it now expects the virus impact on inbound spending from February to be prolonged by one month through June. Its rapid spread, now across about 120 countries, has led to curbs on travel and the Japanese government to impose tighter border controls.
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