Japan Tourism Boosted By Weaker Yen

Above, a Nakamise Street gift store in Asakusa.  Photo by Armand Vaquer.

The weaker Japanese yen is creating a boost to foreign tourism to the country.

Travel Daily News reports:

TOKYO - Japan expects to hit a new tourism record in 2013. These are some good news for Japan tourism industry which was until now still suffering from the aftermath of the 2011-earthquake which provoked a giant tsunami and the terrible Fukushima nuclear accident. The major factor to Japan’s sudden return is the weakening yen, following the election of Shinzo Abe as Japan’s new Prime Minister. Mr Abe never made a mystery of letting the Yen sliding to boost the economy. 

Japan’s currency has so far depreciated by almost 20% versus the US dollar since mid-November, when Prime Minister Shinzo Abe began a campaign to talk down the value of the exchange rate. It has so far been the biggest drop in the yen value since 1992. The exchange rate to the dollar is now likely to reach the 100 yen mark, a number not seen since 2009. Analysts expect the yen to depreciate by another 10% to reach 110 Yen for one dollar by 2014.

The time is right for American tourists to seriously consider a vacation trip to Japan.  The cost of a trip is now more affordable.  Japanese goods are also more affordable as the U.S. dollar has regained more purchasing power.

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