Japanese financial institutions sponsoring the Olympics “cannot pay back”

With mixed feelings, the sponsors ushered in the opening ceremony on July 23.

The Tokyo Olympics began to compete in the context of the spread of the new crown epidemic and the successive exposure of scandals by related personnel. The Japanese financial institutions, which are the main sponsors, are also constantly miscalculating. In order to revitalize the sport and improve brand image, Japan’s financial institutions to withstand several ten billion yen expenses, looking forward to the Olympic Games, held a grand, but some people have admitted that “this can not go back” (executive of a major financial institution).

From the perspective of financial institutions, five companies including Tokyo Marine Nippon Fire Insurance, Nippon Life Insurance, Nomura Holdings, Mizuho Financial Group (FG), and Sumitomo Mitsui Financial Group are gold partners (main sponsors). In addition to the sponsorship fee of about 15 billion yen, the gold partners also bear the additional costs incurred due to the postponement of the Olympic Games.

Japanese financial institutions sponsoring the Olympics "cannot pay back"

One third of the gold sponsors of the Tokyo Olympics are financial institutions

Japanese financial institutions have developed plans to invite overseas guests and customers and hold parties in hotels for several days. The reason is that the Olympic Games where customers from home and abroad gather in Tokyo is an excellent opportunity to deepen relationships with customers.

After the Tokyo Olympics was confirmed, these financial institutions began to look for hotels in Tokyo. It was originally planned to rent a number of hotels during the Olympics, but due to the postponement of the Olympics, the schedule was forced to adjust. In the summer of 2021, given the current epidemic situation, the reservation can only be cancelled. There Chan help business-related sources, “Evening Leader arrangement went blank.”

Japanese financial institutions sponsoring the Olympics "cannot pay back"

Olympic rings (KYODO)

The Olympic Games broke the convention of “one sponsor in every industry”. Mizuho Financial Group and Sumitomo Mitsui Financial Group from the banking industry became golden partners at the same time. Like other financial institutions, it has implemented a lottery to distribute tickets for the Olympic Games to new and old customers, but because the Olympic Games adopts a form of no spectators, it cannot be honored.

Mizuho Financial Group has its own special circumstances. Since the end of February, Mizuho Financial Group’s systems have failed one after another, and the company is taking vigorous measures to prevent failures from happening again. Under such circumstances, Mizuho has become more cautious about showing up at Olympic-related events. At first, the company was very inclined to send people from the top management to serve as torchbearers, but later decided to give up. In the end, Katsuhiko Kato, Vice President of Mizuho Bank , and the team leader of the Tokyo 2020 Olympic and Paralympic Games were the torchbearers.

The one that is affected in different forms is the Tokyo Marine Nippondos Fire Insurance. As the only golden partner in the property insurance industry, the company signed a customized event (cancellation) insurance for the postponement or cancellation of the Olympic Games with the Tokyo Olympic Organizing Committee. Although it was once expected that the premium income would bring a gain effect, in order to compensate for the additional costs caused by the postponement of the Olympic Games, Tokyo Marine Fire Insurance paid 50 billion yen of the insurance limit. After deducting the part of reinsurance, etc., the burden of billions of yen is included.

Since the Olympics were held without spectators, Shinichi Hirose, the president of Tokyo Marine Insurance, also failed to attend the opening ceremony. Although Nomura Holdings and Nippon Life Insurance will broadcast TV commercials as originally planned, they will not be able to participate in the opening ceremony. A senior executive of a financial institution said, “Try to keep a low profile now so as not to be disgusted.”

In Japan’s life insurance industry, Nippon Life Insurance has been holding the Olympic Games experience event “Japan Life’s 2020 National Tour” starting in 2018. The tour has been completed in 46 prefectures, but the activities in Hiroshima Prefecture have been cancelled due to the spread of the new crown epidemic at the end of February 2020. There is only one step left to travel all over Japan (Note: Japan has 47 prefectures and prefectures), and the Olympic Games will begin without completing the tour.

For Japanese financial institutions that want to expand their overseas business, appearing at the Olympic Games that has attracted global attention can not only attract Japanese domestic consumers, but also promote them to overseas employees and customers. Not only the athletes, but the sponsors are also holding mixed feelings and ushered in the opening ceremony on July 23.

Copyright statement: All rights reserved by Nihon Keizai Shimbun. Unauthorized reproduction or partial reproduction is prohibited. Offenders must be investigated.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/japanese-financial-institutions-sponsoring-the-olympics-cannot-pay-back/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-07-26 04:39
Next 2021-07-26 04:40

Related articles