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HG Markets

The Yen Fuels Boom, Japan Visitors Surpass 3 Million for the Third Month

HG MARKETS:

According to official data released on Wednesday, Japan received more than 3 million visitors for the third consecutive month in May. The weak yen contributed to the continuation of a record rate of inbound tourism. The quantity of unfamiliar guests for business and relaxation was 3.04 million last month, consistent from the level in April, and down marginally from the untouched month to month record in Spring, information from the Japan Public The travel industry Association (JNTO) showed. Last month’s arrivals were 9.6% higher than in May 2019 and up 60% from the same time last year. Before the COVID-19 pandemic closed global borders, Japan welcomed a record 31.9 million visitors in 2019.

Japan’s tourism boom is being fueled by the weak yen, which is at a low against the dollar for the first time in 34 years. The JNTO reports that travelers spent a record 1.75 trillion yen (11,1 billion dollars) in the first quarter of 2024, which is good news for the economy. However, concerns of “over tourism” in tourist hotspots have been raised by the influx. The Asahi newspaper reported that on Monday, the mayor of Himeji in western Japan proposed charging foreigners three times the standard 1,000 yen fee to enter the city’s famous samurai-era castle. In order to reduce the overcrowding on Japan’s sacred Mt. Fuji, Yamanashi prefecture lead representative Kotaro Nagasaki let journalists know this week the nation ought to zero in on drawing in “higher spending guests” over sheer masses of individuals.

The number of Chinese tourists to Japan, which used to be the largest, is still about 30% lower than it was before the pandemic. However, travelers from other markets are picking up the slack, as evidenced by data from the JNTO—Indian visitors reached a monthly record in May. According to Dalia Feldman, marketing director for Tourist Japan, her company has received almost eight times as many inquiries from the United Arab Emirates as from India in the past year.

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