Weaker Yen Keeps Japanese Tourists at Home While Visitors Throng [BNN Bloomberg (Canada)]
JAPAN AIRLINES UNSP/ADR (JAPSY)
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Source: BNN Bloomberg
A weaker yen, high air fares and tepid wage growth are keeping outbound travel stuck well below pre-pandemic levels. Just 1.22 million ventured abroad in March, 36.8% less compared with the same period in 2019, according to the Japan National Tourism Organization. Meanwhile, a record number of tourists visited the island nation last month. As Golden Week — Japan's annual string of national holidays — gets underway this week, local travelers are opting for Kochi in the south, Atami near Tokyo and other popular spots such as Okinawa and Hokkaido. In response, Japan Airlines Co. and ANA Holdings Inc. are allocating a big chunk of their seats to inbound travelers and profit-making regions with stronger demand. A recovery in outbound travel won't happen until next year at the earliest, according to the government. “It might be some time before I travel abroad again; it's overpriced now — food and everything,” said Tomoyo Shimoya, 39, who was celebrating her birthday at the Hatoya Hote
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