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| Above, the Dormy Inn in Niigata. Photo by Armand Vaquer. |
The United States isn't the only country with inflation problems.
In Japan, the weak yen is fueling the highest hotel prices in 30 years along with record numbers of foreign visitors. This amounts to a two-edged sword.
According to The Japan Times:
Hotel prices in Japan soared to a near three-decade high in March, as the cheap yen and the cherry blossom season attracted a record number of tourists to the country.
The average daily room rate for March was about ¥20,986 ($136), the highest level since August 1997 and a nearly 20% increase from the same period last year, according to CoStar Group. The average hotel occupancy rate also increased to 78%.
A record 3.1 million people visited Japan in March. The yen is hovering at a 34-year low against the dollar, making the country an attractive destination for inbound tourists. The tourism boom has been led by arrivals from South Korea, Taiwan and China in the midst of the cherry blossom season, which traditionally draws in visitors.
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