Tourist spending in Japan’s department stores has dropped for the first time since the start of Abenomics as the stronger yen and a tougher customs regime turn Chinese visitors away from gold watches and handbags and towards nappies and face cream.
Fears are growing that the stronger currency, which has risen about 12 per cent since last summer, may now threaten a tourism boom that continues to produce record numbers of arrivals.
Analysts say government plans to more than double tourism numbers and spending to 40m and ¥8tn ($73bn) respectively by 2020, are looking increasingly fragile and a prolonged phase of yen strength could even begin to hurt absolute tourism numbers when the floundering “Abenomics” programme needs them most.
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