HMMT 2012 A7

Let $\otimes$ be a binary operation that takes two positive real numbers and returns a positive real number. Suppose further that $\otimes$ is continuous, commutative $(a \otimes b=b \otimes a)$, distributive across multiplication $(a \otimes(b c)=(a \otimes b)(a \otimes c))$, and that $2 \otimes 2=4$. Solve the equation $x \otimes y=x$ for $y$ in terms of $x$ for $x>1$.