(Bloomberg) — Japan welcomed 25 million tourists in 2023, the largest number since 2019, as a weak yen helped attract post-pandemic visitors in a boost to the nation’s fragile economy.
The number of inbound tourists last year compared with 3.8 million in 2022, Japan’s National Tourism Organization reported Wednesday. December also marked the seventh consecutive month in which the number of foreign visitors exceeded 2 million, for the highest figure in that month on record.
The return of large numbers of visitors to Japan is a positive development for an economy that shrank at the sharpest pace since the height of the pandemic in the summer. Weakness in the currency has helped boost tourists’ spending power, making Japan a much more affordable destination. The yen averaged around 140.5 against the dollar last year.
Still, the annual number remains below the 32 million figure recorded in 2019, before the pandemic. Inbound tourists from China, the largest group before the pandemic and the biggest spenders, also lag behind pre-Covid numbers at 2.4 million people compared with 9.6 million visitors in 2019, despite the end of Beijing’s ban on tour groups to Japan.
China has been struggling with its own gloomy economic data, while tensions also remain over Japan’s release of wastewater from its Fukushima nuclear reactor, a factor that has put people off visiting.
The largest number of visitors came from South Korea and Taiwan in 2023, with 7 million and 4 million, respectively. Singapore and the US were also among the nations with more tourists visiting Japan than before the pandemic.
The Japanese government has set an ambitious goal for 2030 of 60 million visitors, and a target of ¥15 trillion ($101 billion) for their spending, according to the Ministry of Economy, Trade, and Industry.
It remains to be seen how Japan’s New Year’s Day earthquake will affect tourism, especially in the popular destination of Kanazawa known for its picturesque historical districts and a castle that had to temporarily close after the quake.
Larger numbers of tourists help bring money into the economy and fuel spending in Japan’s most visited regions, helping to prop up the nation’s sputtering recovery. A return to growth in the last quarter of last year may make it easier for the Bank of Japan to finally raise interest rates for the first time since 2007 in the coming months.
The central bank meets next week and is widely expected to keep its negative rate on hold for now.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
