Japan’s prime minister Fumio Kishida is seizing on an expected surge in spending by international tourists following the lifting of Covid-19 travel curb as an opportunity to emphasise the upsides of a sinking yen.
Economists have estimated annual foreign tourist spending could exceed the government’s annual target of ¥5tn ($35bn), a level that would help offset the higher costs of imported food and energy that have widened Japan’s trade deficit.
“We need to prepare various measures to maximise the benefits of the weak yen by promoting inbound tourism, reshoring of companies and exports,” Kishida said in an interview with the Financial Times last week.
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