Published on : Saturday, April 2, 2022
Peter Tasker, Japan financial commentator and analyst, has cautioned that the “mother of all tourism booms” could be on its way once Japan opens up its borders to international tourists once agaian and the world will slowly return to a condition that resembled a pre-Covid normal. Tasker in a recent article that was published in Nikkei Asia, thinks that the penalty of the plunging value of the yen which, when taking comparative rates of inflation into account, “has halved in value against the dollar since 1995, taking it back to levels not seen since the early 1970s.”
“Have you heard about the great Japanese discount market that offers exclusive deals to foreigners? It is worth taking a look at the bargains on offer. Prices have been slashed by 50% across the board. Where is it located, you ask? Every town and city across the country [in Japan].”
“As a result, Japanese products and services have become extraordinarily cheap relative to their American equivalents, as have salaries, rents and many asset prices.”
In reality, tourism boom in Japan comes as no surprise to us. Around 95% informed in a survey that they would visit Japan during the 2022/23 season if border restrictions eased, as found in a recent survey of Ski Asia readers. On the site for months, the reopening of Japan have been amongst the most popular as every bit of information – which have been in scarce supply – is eagerly consumed.
With weakened yen, heightened demand meets unprecedented affordability. This would definitely be a technique for long lift lines and rush in hotels, however, a clear roadmap for the reopening country’s border are missing.