About two-thirds of corporations listed on the Tokyo Stock Exchange's first section are forecasting losses or a fall in profits for fiscal 2020.

SMBC Nikko Securities has analyzed the earnings reports from 236 of the companies that have announced their first-half financial results. It says 36 percent have reported gains, and 63 percent have reported losses.

Twelve percent of the companies that announced their forecasts say they expect to book a net loss, and 54 percent expect losses.

SMBC Nikko Securities strategist Yasuda Hikaru says the aviation and land transportation sectors will continue to be badly hit by the pandemic.

He says companies that are better fitted to so-called "coronavirus lifestyles" will continue to see brisk business.

Yasuda also says the key will likely be cost-cutting, improving work efficiency, searching for new ways to work, and developing new products.