Arcade Otaku - アーケード オタク

So my player 2 joystick is registering multiple times for up and down, when it is only pressed once. It does not have this problem with left or right. Makes navigating hyperspin menu really annoying because one press of the joystick up or down will actually register as 2-3 presses. My nephew was a bit rough on the joystick so maybe the hardware just got damaged and needs to be replaced? Any other ideas ?

Thanks