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Wednesday, March 11, 2015

Tourism Landscape Shaken Up By Shifting Currencies

For several years, I have been tracking the performance between the U.S. dollar and the Japanese yen for the benefit of those who wish to make a trip to Japan. Just a few short years ago, the dollar fell against the Japanese yen in foreign exchange, making such vacation trips to Japan less affordable.

But during the past couple of years, the dollar made a major comeback against the yen and it is now hovering around ¥122 for every dollar exchanged in Tokyo. This comeback, along with other world currencies, is a major factor for the recent surge in foreign tourism to Japan. Japan has been enjoying record numbers of foreign tourists during the past two years.

Japan Today has a good article explaining that the present currency turmoil has shaken up the "tourism landscape" to destinations around the world, including Japan.

They wrote (in part):
BERLIN —Whether it’s the soaring Swiss franc, the plummeting ruble or the sliding euro, recent currency chaos has thrown the travel sector into turmoil as holiday-makers dodge costly tourist traps and hunt for bargains. 
“In principle currencies always have an impact on travel and tourism,” said Taleb Rifai, head of the U.N. World Tourism Organization, at the Berlin tourism fair (ITB) this past week. 
The rule is simple, he said: “A weaker currency attracts people to your country and prevents you from traveling. 
“A stronger currency encourages you to travel,” Rafai added, and makes vacationing at home costlier in relative terms.
To read more, go here.

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