Business
From wagyu beef to melons, Japan’s $2.2 trillion virus rescue piques struggling firms
TOKYO (Reuters) – As the coronavirus jolts Japan, the government’s huge stimulus package has come under fire from hard-hit restaurant owners for channelling funds for items like wagyu beef, melons and tourism rather than accelerating help for firms with burning cash needs.
The restaurant industry’s struggles highlight a larger problem in Japan’s revival plan, which at $2.2 trillion is the size of Italy’s economy but is still falling short of sufficient support to an important segment – small businesses which employ 70% of the nation’s workforce.
That puts at risk Japan’s recovery from the worst postwar recession it is now facing. The $232 billion restaurant industry is crucial to boosting growth as it, together with lodging, creates about 1.3 million new jobs a year, or roughly 17% of all the new employment.
More than 190 small businesses including 30 restaurant operators have gone bust during the current health crisis.
Yet, the government’s slow response in pushing through billions of dollars stuck in paperwork is threatening the same fate for many more firms in urgent need of cash to pay salaries and rents.
In contrast, authorities have rapidly pressed ahead with plans to spend nearly $16 billion for a “go-to” campaign to promote tourism, and $1.3 billion to help politically powerful farmers and fishermen promote expensive foodstuffs such as mangoes, tunas and yellowtails. An extra $90 million has also been set aside to promote international flights – when almost all planes are grounded.
“We, as well as many others, are running out of money. If the situation is left as is, we will go under one after another. Then, no one will be left to benefit from the tourism campaign,” said Yoshikazu Moriyama, 42.
Sales at Moriyama’s six fish joints called “IROM Inc.” have tanked 90% and he’s struggling to pay rent and salaries for some 100 staff.
“What we need now is financial support to help us pay rents and compensate for business closures rather than future campaign on tourism,” Moriyama told Reuters.
Some owners say the government’s subsidy of up to $55,000 for each firm to cover rents is insufficient, and that it could afford to do more to keep businesses open and free up cashflow. Last year, rents for all of Japan’s restaurants totalled $13 billion – less than the $16 billion going into tourism promotion.
The government’s subsidy list includes items such as five-star sirloin Kobe beef steak, which costs some $37.20 for 100g, and top-quality Yubari melon that sells for more than $90 per 1.6-kg fruit.
Agriculture ministry official, Satoru Nishio, said the subsidy, which also covers expensive mangoes, strawberries and tunas, was intended “to back farmers facing a decline in inbound tourists and exports.”
The government subsidises half of the cost of buying the produce for e-commerce, take-away services and provision of school meals. For example, traders get up to $9.31 per 100g of wagyu beef and up to $22.34 per kilo of melons.
Funds tied up and in red tape
While a total of $190 billion in financing, loans, cash subsidies and other benefits have been set aside for small businesses, some analysts say struggling firms have been deprived of quick access to much-needed cash due to red tape.
“A government financial agency should provide loans that can be allotted to rents to prevent cashflow from drying up,” said Kota Matsuda, a former lawmaker who now runs a chain of 30 restaurants including 22 Hawaiian-style restaurants called Eggs ‘n Things, employing about 600 workers.
“It’s impossible to cover rents solely with subsidies,” said Matsuda, who has applied for funds but has been frustrated by the cumbersome process as he tries to meet cash needs of more than $650,000 for salaries and $372,370 for rents.
Sales at his restaurants, which reopened fully last Saturday, declined by 90-95% year-on-year in April.
IROM’s Moriyama, who applied for a couple of subsidies, said they were “far from enough” to make up for the losses.
“I can’t foresee what will happen to my business.”
Reporting and photo: Reuters
Bestbuy Maldives (BBM) has presented a brand-new Honda Airblade motorbike to the winner of a lucky draw held to mark the opening of its newest wholesale outlet in Hulhumalé Phase 2.
The outlet, located at Lot 20286 on Nirolhu Magu, opened on 16 February 2026 as part of BBM’s expansion of its wholesale operations.
To celebrate the opening and thank customers for their continued support, BBM introduced a special lucky draw exclusively for customers who made purchases from the new outlet on its opening day.
Customers who purchased products during the opening were eligible to enter the draw, with a Honda Airblade motorbike offered as the grand prize.
The lucky draw was conducted on 13 August 2026, with Ibrahim Shifaz of Vagthun Vaguthah outlet selected as the winner.
Shifaz was recently presented with the ceremonial key to the Honda Airblade by AVS Subrahmanyam, Chief Operating Officer of Bestbuy Maldives.
The promotion formed part of BBM’s activities surrounding the opening of its Hulhumalé Phase 2 outlet, which provides customers with access to the company’s range of wholesale products from the growing residential and commercial area.
Bestbuy Maldives is a supplier and distributor serving businesses across the Maldives, including customers in the hospitality, food service and retail sectors.
Male’ Aerated Water Company (MAWC), the authorised bottler of The Coca-Cola Company in the Maldives, on Thursday hosted the Official FIFA World Cup 2026™ Match Ball Handover Ceremony, presenting Football Legends of Maldives with official FIFA World Cup 2026™ match balls signed personally by Dr Mohamed Muizzu, President of Maldives.
Held in partnership with the Ministry of Youth Empowerment, Sports and Fitness, the ceremony recognised former national footballers whose achievements, service and influence have helped shape football in the Maldives and inspired generations of players and supporters.
The Coca-Cola Company has been an official partner of FIFA since 1974, making it one of the longest-standing partnerships in the global sport. For MAWC, the handover brought that global partnership to life locally by connecting the FIFA World Cup with people who have contributed to Maldivian football history.
As the sole authorised Coca-Cola bottler in the Maldives for over 35 years, MAWC has supported local sport through partnerships, campaigns and community initiatives. The ceremony continued that commitment by recognising the legacy of players who represented the Maldives and contributed to the growth of football in the country.
“Maldives’ football legends have given generations of supporters moments of pride and have played an important role in shaping the country’s sporting history. At MAWC, we believe recognising their contribution is as important as supporting the next generation. Through our partnership with Coca-Cola and FIFA, and in collaboration with the Ministry of Youth Empowerment, Sports and Fitness, we are honoured to celebrate their legacy. These match balls are a token of our appreciation for what they have given to Maldivian football,” said Milind Derasari, Chief Operating Officer, MAWC.
Adding to the excitement of the football season, MAWC ran a nationwide FIFA World Cup 2026™ consumer promotion from 21 March to 24 May 2026. Eight winners received an all-expenses-paid experience for two to attend a FIFA World Cup 2026™ match. Hundreds more won Coca-Cola branded merchandise and other prizes during the campaign, bringing the excitement of the world’s largest football tournament to consumers across the Maldives.
MAWC remains committed to building partnerships that support the development of sports across the Maldives, working with the Government of Maldives and other partners.
Coca-Cola Maldives is turning up the excitement with the launch of its 2026 football campaign, bringing fans across the country a season packed with prizes, shared moments and exciting ways to celebrate the game together.
As the build-up to the FIFA World Cup 2026 begins, Coca-Cola Maldives is inviting consumers to join in the fun with a campaign built around everything that makes football special: the anticipation, the matchday thrill, the watch parties, the celebrations and the memories made along the way.
From March to May, consumers in the Maldives will have the chance to take part in the Coca-Cola Maldives FIFA World Cup 2026 promotion, with weekly prizes, branded merchandise and a grand prize experience linked to one of the biggest sporting events in the world.
As part of the campaign, Coca-Cola Maldives is rolling out the UTC Promo from March 21 to May 24, giving consumers even more ways to be part of the football excitement. Special promotional packs will feature a unique code either under the cap or under the tab, depending on the product format. For 500ml, 1.25L and 2L PET bottles, codes will appear under the special Golden Caps on Coca-Cola, Sprite, Fanta Orange and Fanta Strawberry. For 330ml cans, codes will appear under the tab on Coca-Cola. Consumers can enter by sending the code via SMS to 2626 for the chance to win a range of prizes throughout the campaign period.
The promotion will run across 330ml cans as well as 500ml, 1.25L and 2L PET bottles, making it easy for consumers to join in whether they are picking up a drink for themselves, sharing with friends, or stocking up for a matchday gathering. With multiple participating brands and pack formats included in the promotion, Coca-Cola Maldives is creating more opportunities for consumers across the country to take part in the campaign and enjoy the football season together.
At the top tier, eight winners will receive an all-expenses-paid experience for two to watch a FIFA World Cup match live, creating a once-in-a-lifetime football moment. Under Tier 2, 60 winners will receive Coca-Cola branded mini-coolers, while 120 winners will take home Coca-Cola branded football-shaped personal coolers. Under Tier 3, 180 winners will receive Coke and FIFA branded footballs, adding even more play and energy to the season.
Adding a live moment to the excitement, the first set of winners will be announced on ICE TV on April 6 at 9pm, with winner announcements continuing every week throughout the promotion. This weekly reveal is set to bring an added sense of anticipation and shared excitement as the campaign unfolds across the Maldives.
The campaign is designed to bring fans closer to the game and make every football moment even more enjoyable. Whether it is watching a match with family at home, catching the action with friends at a café, or picking up a favourite Coca-Cola pack from a neighbourhood store, Coca-Cola Maldives aims to be part of the moments that make football season unforgettable.
“Football has a way of bringing people together like nothing else, and that is what inspired this campaign,” said Mario Perera, Country Head for Sri Lanka and the Maldives. “In the Maldives, the game is enjoyed in such a lively and social way, and Coca-Cola Maldives wanted to create a campaign that feels fun, relevant and easy for people to be part of. It is about celebrating the season, enjoying the experience with others, and giving fans something extra to look forward to.”
Adding to the excitement, Coca-Cola Maldives will also launch collectible country packs in the Maldives from May to July, giving fans the chance to celebrate the global game in a new way. Inspired by some of football’s most recognised nations, these limited-edition packs will bring a colourful and collectible twist to the season.
Across the Maldives, Coca-Cola Maldives will work with retail partners to bring the campaign to life through in-store visibility, promotional touchpoints and selected local activations that capture the spirit of football and community.
“The Maldives is a unique market, and Coca-Cola Maldives wanted this campaign to connect with the way people here enjoy football, together, with energy, and with a real sense of occasion. Coca-Cola Maldives is excited to bring that spirit to life in the months ahead,” added Mario Perera.
This marks the start of Coca-Cola Maldives’ 2026 journey in the market. With more fan moments, more excitement and more ways to join in still to come, Coca-Cola Maldives is looking forward to celebrating the football season with consumers across the country.
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