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

Author

Listed:
  • Yuka Mera

    (Bank of Japan)

  • Yoshiyuki Kurachi

    (Bank of Japan)

  • Naoko Ozaki

    (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.

Suggested Citation

  • Yuka Mera & Yoshiyuki Kurachi & Naoko Ozaki, 2013. "Recent Increase in Foreign Visitors and Impact on Japan's Economy," Bank of Japan Review Series 13-E-4, Bank of Japan.
    • Handle: RePEc:boj:bojrev:13-e-4
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    File URL: http://www.boj.or.jp/en/research/wps_rev/rev_2013/data/rev13e04.pdf
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    Cited by:

    1. Toshihide Yorozu & Ayana Shibasaki & Mitsuhiro Osada & Masato Higashi, 2017. "Real Exports and Real Imports: Methodology and Tips for Analysis," Bank of Japan Research Papers 17-04-20, Bank of Japan.
    2. Mitsuhiro Osada & Mayumi Ojima & Yoshiyuki Kurachi & Ko Miura & Takuji Kawamoto, 2016. "Economic Impact of the Tokyo 2020 Olympic Games," Bank of Japan Research Papers 16-01-21, Bank of Japan.

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