Tourism in Japan Continues To Break Records Amid Weak Yen

Image: Boatman punting the boat at river. Arashiyama in autumn season along the river in Kyoto, Japan (Photo Credit: Courtesy AdobeStock)

by Mia Taylor
Last updated: 2:05 PM ET, Thu October 17, 2024

Japan is on a roll.

This year has turned out to be a blockbuster year for the country, with the latest visitor spending data underscoring that point.

According to data released Wednesday and reported by Reuters, visitor spending in Japan broke an annual record in just the first nine months of 2024. This fact, according to analysts, shows the economic power of the tourism boom the country is currently experiencing amid a weak yen.

Figures from Japan’s National Tourism Organization show that travelers spent $39.27 billion (5.86 trillion yen) in the country through September. That far outpaces the 5.3 trillion yen spent in all of 2023. And 2023 was already a record on its own for any 12-month period of spending in the country.

In fact, tourism spending in Japan (which is defined as an export in national accounts) is on target to become the country's second-biggest export, behind only autos made by the country. The economic value of Japan's tourism industry has now surpassed the country's electronic components sector, per Reuters.

Drilling down further, the data released this week shows that the average visitor to the country is spending about 223,000 yen on their trip. (Approximately $1,484.)

It seems Italians are the biggest spenders when visiting Japan, followed by visitors from Spain and Russia.

The number of visitors to the country is also regularly hitting new highs since February. In July, for instance, the country welcomed 3.29 million visitors, which amounts to an all-time high for any month on record.