The yen may be weak, but Japan's tourism isn't expected to get a 'bona fide' rebound without Chinese visitors

In 2019, Japan welcomed 32 million foreign visitors and they spent about 5 trillion yen, but inbound spending is now only one-tenth of that, according to a Goldman Sachs note from September.

"Our ball-park estimation points to potentially larger inbound spending of ¥6.6 tn post full reopening versus the pre-pandemic level of ¥5 tn, partly helped by the weak yen," the note said. Although flight ticket prices to Japan have increased since the announcement was made, tourists will still get a bang for their buck when they spend in Japan, Koll said.

"Chinese tourists actually make up a large amount of what foreign tourists spent back in 2019 … They're still pursuing a zero-Covid strategy so they won't be returning anytime soon," he said.

Holiday Holiday Latest News, Holiday Holiday Headlines