Tourism could be Japan's new economic growth engine
Thursday, October 15, 2015
Subject
Japan's tourism boom.
Significance
Depreciation of the yen has slashed travel costs for foreign visitors to Japan. However, there are longer-term structural factors driving Japan's boom in inbound tourism. Promoting the sector is integral to the Abe administration's growth strategy -- and it is the only part of the original 'third arrow' that is really on course to hit its target.
Impacts
- The already-prosperous 'golden route' (Tokyo, Kyoto, Osaka, Nagoya and Mount Fuji) will benefit most from international tourism.
- However, as the industry develops and the number of repeat visitors grows, the range of tourist spots will expand.
- Shoppers from Asia's growing middle class are a key market, which will continue to grow.
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