Tourist boom in Japan
In 2024, Japan adopted a record number of 36.9 million touristswho spent 8.1 trillion yen (USD 54 billion), i.e. 53.4% more than a year earlier. Average expenses per person increased by 6.8% to 227 thousand. Jenów.
Tourism has become one of the pillars of Japan’s economic growth. In 2023, it contributed to half a total GDP growth of 1.5%, and in 2024 she added 0.4 percentage points. for height 0.1%. For comparison, in the years 2010–2019 tourism was on average for only 0.1 percentage points. GDP growth per year.
Experts, however, point out that favorable conditions may change. The strengthening yen, powered by interest rate increases by the Bank of Japan, can discourage foreign guests and weaken their impact on the economy.
The influence of the strengthening yen
In March 2025, Jen reached a five -month maximum towards the American dollar, strengthening by 7.2% from its highest level of 2025. Experts warn that further currency strengthening may limit the influx of tourists and inhibit economic growth.
However, not all economists predict a rapid weakening of tourism. Min Joo Kang from ING thinks he The sector still has a growth potential, Especially since the number of tourists from China has not yet returned to the levels before the pandemic. In addition, the Chinese government has undertaken actions to stimulate consumption, which can increase the trips of abroad of China citizens, and thus support tourism in Japan – writes CNBC.
Will tourism give way to internal consumption?
Experts indicate that the decrease in the importance of tourism does not necessarily mean weakening the economy. The MasterCard Economics Institute predicts that wage growth and a strong labor market will increase the expenses of domestic consumers, which may compensate for a potential decrease in tourism revenues.
The largest trade union in Japan announced in March 2025 that he managed to negotiate the average wage increase by 5.46% – the highest in 34 years. This can contribute to the increase in consumption, supporting the economy regardless of the impact of tourism.
