Foreign tourist spending on high-priced goods surges in Japan
TOKYO, Dec 21 (Nikkei) - Spending by foreign and domestic travelers in Japan is increasing as the central government relaxes COVID-related restrictions.
The number of inbound travelers, especially wealthier visitors, is increasing due to the easing of border controls. Duty-free sales to date in December have exceeded pre-pandemic results for the same period at some department stores. And as domestic travel picks up, many hotels are reporting an average daily rate (ADR) topping pre-pandemic levels for December.
On Oct. 11, Japan lifted the ban on individual travel for inbound visitors and began to allow visa-free entry from certain countries. The number of inbound visitors in October increased 2.4 times from the previous month to 490,000, according to the Japan National Tourism Organization (JNTO). Although the number in October was only about 20% that of October 2019, tourists from South Korea firmed back to around 60%. Visitors from Southeast Asia, the U.S. and Europe are also increasing.
High-priced purchases by foreign tourists are increasing thanks to a weaker yen. According to the Japan Department Stores Association, duty-free sales in November at Takashimaya and four other high-end department stores rebounded to between 50% and 90% of sales in November 2019. Isetan Mitsukoshi Holdings logged a 4% increase in duty-free sales at stores in the Tokyo metropolitan area in the first 2 weeks of December compared with the same period in 2019. ...continue reading

News On Japan - Nov 25
Nissan Motor Corporation has announced plans to transition all its vehicles produced in the United Kingdom to electric vehicles (EVs).

News On Japan - Nov 24
The amount of undeclared income by wealthy people in Japan has reached a record high of 98 billion yen, among the worst offenders being scrap gold wholesalers, breeders and yakiniku restaurants, the National Tax Agency announced on Friday.

NHK - Nov 24
Japan's latest inflation figures show prices rose on a broad front in October. The month marked the first time in four months for inflation to accelerate.

NHK - Nov 24
Tokyo has a new landmark, a 330-meter-high skyscraper that opened on Friday. The Mori JP tower has 64 floors for shops, offices and residences. It's the tallest building in Japan, a title that previously belonged to the Abeno Harukas commercial and business tower in Osaka, western Japan.

Reuters - Nov 24
Japanese stocks witnessed massive foreign inflows in the week ended Nov. 17, underpinned by strong corporate earnings and as investors tempered some of their initial enthusiasm about the prospect of a series of U.S. interest rate cuts.

theceomagazine.com - Nov 24
Shitennō-ji temple is one of Osaka’s most important Buddhist temples. Built in the sixth century during the rule of Prince Shotoku, it has stood firm as the high-rises of the modern-day city have towered above it.

News On Japan - Nov 23
Danish pharmaceutical giant Novo Nordisk's anti-obesity drug "Wegovy" is now covered by Japan's public health insurance scheme. Doctor's, however, are concerned about the long-term effects of this highly addictive weight-loss treatment, and whether worldwide supply shortages will stop it getting into the hands of people who need it most.

carscoops.com - Nov 23
Toyota's Chairman and Master Driver Akio Toyota retires from his position as the chairman of the Japan Automobile Manufacturers Association (JAMA) which represents 5.5 million employees from 14 automakers. Toyoda is the only official who led Japan's automotive industry for three two-year terms, being appointed in 2012, 2018, and 2022.

acs.org - Nov 23
Japan’s three biggest chemical companies are seeing their earnings suffer from a slump in basic chemicals. All three experienced a sharp drop in profits in the first half of fiscal 2023, which ended Sept. 30, and one of them, Sumitomo Chemical, is forecasting a loss of $655 million for the full fiscal year.

newsonjapan.com - Nov 23
As the world leans into digital convenience, Japanese companies are not left behind in the digital transformation of payroll processing.

Reuters - Nov 22
Japanese chip materials maker Resonac (4004.T) said on Wednesday it will set up a research and development centre for advanced semiconductor packaging and materials in Silicon Valley.

News On Japan - Nov 22
Toshiba, aiming for corporate restructuring, held an extraordinary general meeting of shareholders on Wednesday, the final step towards delisting from the stock exchange.

Business Mirror - Nov 22
From manga artists to independent taxi drivers, Japanese freelancers and small businesses frustrated with the potential loss of a tax break are among the growing numbers pushing down Prime Minister Fumio Kishida’s approval rating to record lows.

ndtv.com - Nov 22
Tokyo offices are experiencing an unconventional approach to ease workplace stress. At a cost of 7,900 yen, roughly ₹ 4,400, people in Japan can access the services of Ikemeso Danshi, providing attractive companions referred to as "Handsome Weeping Boys."

News On Japan - Nov 21
Private companies are expected to exceed last year's winter bonuses for the third consecutive year, according to four private research firms, with an average payout per person rising between 2.1% to 2.5%.

News On Japan - Nov 20
The Azabudai Hills complex in Tokyo's Minato Ward, which includes Japan's tallest building, was unveiled to the media on Monday ahead of its opening on Nov 24.