Looking at economic activities of firms in Japan by sector, a significant decline has been seen in the industry of face-to-face services such as eating and drinking as well as accommodations -- where firms are relatively small -- and amusement services including events. In terms of household spending, consumption of services has declined considerably compared with that of goods.
For example, securitization helps a firm manage the risk of a concentrated exposure by transferring some of that exposure outside the firm. By pooling assets and issuing marketable securities, firms obtain liquidity and reduce funding costs.