Toyota Motor Corp. TM announced it's pulling all of its Olympics-related advertising from Japanese television while CEO Akio Toyoda will not attend Friday's opening ceremony in Tokyo.
What Happened: Toyota had planned to run a series of commercials in Japan featuring athletes sponsored by the auto manufacturer, according to an article in the Hollywood Reporter. However, the Olympics have become increasingly unpopular with the Japanese public, with polls showing a majority of Japanese unhappy the event is proceeding in the midst of an ongoing COVID-19 health crisis.
"The Olympics is becoming an event that has not gained the public's understanding," said a Toyota spokesperson in explaining the withdrawal of the advertising campaign and the absence of Toyoda and other Toyota executives from the opening ceremonies.
See Also: Benzinga's Tokyo Olympics Coverage
What Else Happened: Japan's inability to halt the spread of the coronavirus — Tokyo is now under its fourth state of emergency since the pandemic began more than a year ago — has created both a health and public relations crisis for the Olympics organizers, who reported more than 25 positive coronavirus tests over the weekend among overseas visitors who had traveled to Japan for the games. This includes a pair of athletes and one organizer who are staying within the Olympic village that will house thousands of participants from around the world.
The pandemic is also picking apart members of the U.S. team. NBC News reported an alternate on the U.S. women's gymnastics team tested positive for the coronavirus while training for her event in Narita, about 35 miles east of Tokyo and has been quarantined along with another alternate member of the team.
Tennis player Cori "Coco" Gauff announced on Twitter Sunday that she tested positive for COVID-19 and will miss the Olympics.
"It has always been a dream of mine to represent the USA at the Olympics, and I hope there will be many more chances for me to make this come true in the future," tweeted the 17-year-old athlete. "I want to wish TEAM USA best of luck and a safe games for every Olympian and the entire Olympic family."
And the pandemic isn't the only problem facing Olympics organizers.
BBC News reports an unexpected surplus of oysters has become an expensive nuisance in Tokyo Bay's Sea Forest Waterway, the site of the canoeing and rowing events. Fourteen tons of oysters attached themselves to the floats designed to calm the wave, causing the floats to begin sinking. Removing the floats to land and scraping off the oysters has cost the Olympics organizers an extra $1.28 million.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.