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| Above, Tokyo Tower. Photo by Armand Vaquer. |
The law of supply & demand appears to be affecting room rates in Tokyo and other Asia Pacific countries.
Japan Today reported:
HONG KONG —According to the HRS Q2 2015 Hotel Price Radar, hotel room rates in Tokyo, Sydney and Singapore emerged as the most expensive in Asia Pacific between April and June 2015.
With an average room rate of S$258, Tokyo also showed one of the highest rate increases of 33.30% (year-on-year comparison) in the region.
The majority of the markets studied saw solid double digit growth in room rates during the same period, based on a year-on-year comparison. Seoul was an exception showing slower growth with only a 4% increase in rates, most likely due to the Middle East Respiratory Syndrome (MERS) situation in Korea in June.
Japan is seeing record-breaking numbers of foreign tourists and this, quite naturally, is likely pressuring room rates in Tokyo. Still, since the U.S. dollar is performing very well against the Japanese yen (it is around ¥124), that takes some of the price increase bite away, at least for American tourists.
To read more, go here.
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