COVID downgrade tipped to boost Japan economy by 4.2 trillion yen

May 09, 2023 | News On Japan

May 09, 2023 (Japan Today) - Japan's downgrade on Monday of the legal status of COVID-19 will likely deliver the Japanese economy a 4.2 trillion yen boost, driven in part by an increase in the number of inbound tourists, according to an estimate by a private sector economist.

The coronavirus is now treated the same as the seasonal flu, with the government relinquishing its legal authority to ask those who have tested positive to stay in hospital or to quarantine. Japan has already reopened its doors to foreign tourists after enforcing a stringent antivirus border control regime.

Of the 4.2 trillion yen estimated economic boost, Hideo Kumano, executive chief economist at the Dai-ichi Life Research Institute, said more than half, or around 2.6 trillion yen, would come from a revival of inbound tourism. Some 1.1 trillion yen would be generated by increased productivity as people will be less frequently kept away from work under the new guidelines.

Close contacts are no longer asked to quarantine and it is up to each person testing positive for COVID-19 to decide whether to stay home, even though the government recommends such people refrain from going outside for five days.

Economists predict overseas visitors who enter Japan will spend more due to the weaker yen that has made traveling and the buying of goods cheaper for those with foreign currencies. ...continue reading

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