IBT: Surprise! You Can Now Do Tokyo On The Cheap Thanks To 'Abenomics'

Above, Tokyo's Akihabara "electric town."  Photo by Armand Vaquer.

For the past several months (give or take), I have been discussing how the devaluation of the Japanese yen would bring more tourists to the country.

Sure enough, when the dollar (and other foreign currencies) began to buy more yen in foreign exchange, the Japanese tourism industry began to take off.

Connor Adams Streets (gotta love that name) wrote an article in the International Business Times on how "Abenomics" has benefited the Japanese economy and is bringing foreign tourists back to Japan.

He begins with:

TOKYO -- Japan’s neon capital has long been known to frugal travelers as an inaccessible destination, one of the most expensive cities in the world, a shining beacon of seaside modernity with futuristic prices to match. 

But the country’s recent economic revival has allowed the Tokyo economy to come back to Earth as new Prime Minister Shinzō Abe’s “Abenomics” reforms have devalued the yen, allowing visitors of meager means to enjoy the city without breaking the bank.

There are some parts of the article I have some disagreement with.  For example, I have never had to pay "$300-plus" for a standard room.  Naturally, if one decides to stay at a five-star hotel, they will pay through the nose. My first trip to Japan back in 2001 had me paying around $54/night at a Tokyo ryokan (Japanese inn) in the Shibuya district as it was reasonable in price and in good proximity to the Tokyo International Film Festival that I was attending. Japan was and is no different than the United States. Bargains can be found if one bothers to take the time to shop around.

I also have to disagree with a (quoted) Japanese businessman who said is was tough for Americans coming to Tokyo ten years ago.  At the time of my first visit, the dollar bought around ¥122 in exchange.

Still, things have greatly improved as the dollar is now fetching around ¥100.  This is a lot better than the ¥77 it bought in exchange back in January 2012.

Despite those quibbles, it is a good article that will give you an idea how much cheaper it is to visit Japan and, most importantly to them, spend!

To read the full article, go here.