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Home > Research and Studies > Bank of Japan Working Paper Series, Review Series, and Research Laboratory Series > Bank of Japan Review Series 2013 > (BOJ Review) Recent Increase in Foreign Visitors and Impact on Japan's Economy
December 19, 2013
Yuka Mera, Yoshiyuki Kurachi, Naoko Ozaki
Research and Statistics Department
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.
Bank of Japan Review is published by the Bank of Japan to explain recent economic and financial topics for a wide range of readers. This report, 2013-E-4, is a translation of the original Japanese version, 2013-J-7, published in November 2013. The views expressed in the Review are those of the authors and do not necessarily represent those of the Bank of Japan.
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