Recent Increase in Foreign Visitors and Impact on Japan's Economy

Yuka Mera, Yoshiyuki Kurachi and Naoko Ozaki
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Yuka Mera: Bank of Japan
Naoko Ozaki: Bank of Japan

No 13-E-4, Bank of Japan Review Series from Bank of Japan

Abstract: Recently, the number of foreign visitors to Japan has been growing significantly, led by the remarkable increase in Asian visitors. A combination of the following factors seems to drive this trend. In addition to the recovery from the sharp post-earthquake decline and recent developments in foreign exchange markets, the increase in foreign visitors has been spurred by the expansion of middle-income households in Asian countries, entry of LCCs, and easing of visa requirements. While the overall economic impact of this increase in foreign visitors remains limited, the increase appears to have had a positive effect on certain consumption related areas to a considerable degree, particularly in light of features in the consumption behavior of foreign visitors in Japan. With the Olympic and Paralympic Games scheduled to be held in Tokyo in 2020 and with various initiatives aimed at increasing foreign visitors and stimulating greater consumption, it is expected that foreign visitors will have a larger positive effect on Japan's economy in the future.

Date: 2013-12-19
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