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The birth of a giant panda in a Japanese zoo has caused shares of nearby restaurants to soar.
Ueno Zoo recently announced that their giant panda Shin Shin finally gave birth. This resulted in an increase in shares for businesses that are located within walking distance of the zoo. Chinese eatery Totenko and French restaurant Seiyoken, in particular, benefitted from a 6.7% and a 6.5% hike, respectively.
When Shin Shin’s pregnancy was first announced, many people flocked to the zoo to see her. Investors now predict that the baby panda will increase foot traffic around Ueno Zoo and therefore benefit several businesses.
Experts believe that the occasion will greatly impact Tokyo. Economics Professor Katsuhiro Miyamoto said that the baby panda’s birth can generate 26.7 billion yen, greater than that of winning a sports championship. This economic contribution will come from the predicted 47.2% increase in Ueno Zoo visitors. He is also convinced that the birth of the baby panda will positively affect other tourist sites near Tokyo.
Foot traffic in Ueno Zoo also substantially increased between 1972 and 1973, when the first pair of giant pandas were given by China as a sign of friendship. Today, however, pandas are loaned by China at US$950,000 a year, which is used for wildlife conservation efforts.
Experts say that pandas are more than sources of income for China. They are also symbols of political will and are loaned only if two countries have plans for long-term trade.