Despite Recession, Japan's Tourism Industry Is Doing Great Business

Above, the Nagasaki Peace Statue. Photo by Armand Vaquer.

Japan may have slid into a recession, but that's not the case with Japan's tourism-related industries. They are currently having an economic boon.

Reuters has posted an article on how inbound tourism growth has boosted Japan's retailers, railroads, and resorts.

They begin with:

TOKYO, Dec 15 (Reuters) - Investors are snapping up Japanese stocks in the retail and transportation sectors, thanks to a weaker yen that has lured a record number of foreign visitors in one of the few bright spots for the economy.  

The yen has tumbled to seven-year lows making Japan cheaper for tourists and helping companies that cater to tourists such as railway operators and certain retailers. 

Tourism spending is a boon to Japanese firms battling a stagnant domestic economy, which slipped into recession in the third quarter, and a declining population. 

Foreign visitor numbers hit a record 11 million from January to October, up 27 percent from the previous year, according to the Japan National Tourism Organization. 

These tourists spent 1.468 trillion yen in that period, surpassing last year's full year figure of 1.417 trillion yen, according to the Japan Tourism Agency.

 To read more, go here.