Another challenge for businesses is Jishuku, the voluntary self-restraint mood that people have been in.
"Travel agents and hotels are also affected because jishuku," says Mr Oohira of Tokyo Shoko Research.
"Out of solidarity with those in disaster-hit areas, people are cancelling their trips to enjoy hot springs for example."
By 26 April, some 22 firms hade gone bust because of the earthquake. and a further 27 had started their preparations to file for bankruptcy, too.
Out of the 49 companies, there were eight hotels and three travel agents.
"The pessimistic mood is evident in a monthly survey conducted by the National Federation of Small Business Associations.
'The result for March was much worse than expected,' says Masaru Oikawa of the Federation.
'Small businesses are suffering much more than after the Kobe earthquake or the Lehman shock.'
The government has freed up funds for them.
Financial institutions are also doing their part to prevent cash-flow problems and a domino effect resulting in further bankruptcies.
Norinchukin bank, for example, is offering interest-free loans worth $36.7bn to farmers and fishermen.
'So far, there are enough funds and that's why we haven't seen too many bankruptcies yet,' says Mr Oikawa of the National Federation of Small Business Association."