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Updated · NHK WORLD · Jun 26Japan Department Store Sales Rise 8% to ¥470 Billion as Weak Yen Lifts Tourist Spending
1 articles · Updated · NHK WORLD · Jun 26Summary
- ¥470 billion in May sales marked Japanese department stores' fifth straight monthly gain, with revenue up more than 8% from a year earlier.
- Tax-free purchases by foreign visitors jumped more than 16%, as the weaker yen made shopping in Japan cheaper and drove much of the overall increase.
- High-end goods including watches, jewelry and luxury-brand bags also kept selling strongly, reinforcing the sector's rebound.
Insights
Is Japan's tourism boom, fueled by a weak yen, coming at the expense of its own citizens' quality of life? With Japan's economy reliant on a weak yen, what happens if the currency suddenly strengthens? Can Japan's plan to divert tourists to rural areas truly solve the overtourism crisis plaguing its major cities?