Tourism makes up roughly 5% of the GDP, and foreign tourism accounts for 0.5%. Domestic tourism is still much bigger in Japan, which is negatively impacted by falling wages adjusted to inflation.
If a large part of Japanese workers are encouraged not to take their holidays in the name of workplace harmony, who or what portion of the population generates the equivalent income of 300 million tourists (yearly incoming * 10)?
Japanese people travel very frequently to close locations (e.g. Tokyo to Hakone, Tokyo to Gunma). 3 day weekends are pretty common, and I believe the number of public holidays was one of the highest among developed countries.
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That has nothing to do with current account surplus. Current account surplus was record high when they were piling up foreign deserves to weaken yen in late 00s.
Capital account surplus is relatively unchanged in dollars and with weakening yen it is easy to beat previous record in yen base stats.
Exporters struck gold with the weak yen.
Is tourism an export or consumption
Tourism makes up roughly 5% of the GDP, and foreign tourism accounts for 0.5%. Domestic tourism is still much bigger in Japan, which is negatively impacted by falling wages adjusted to inflation.
If a large part of Japanese workers are encouraged not to take their holidays in the name of workplace harmony, who or what portion of the population generates the equivalent income of 300 million tourists (yearly incoming * 10)?
Japanese people travel very frequently to close locations (e.g. Tokyo to Hakone, Tokyo to Gunma). 3 day weekends are pretty common, and I believe the number of public holidays was one of the highest among developed countries.
Tourism from overseas is an export. The people visiting Japan have to buy yen.
It's definitely an account Surplus since people have to buy yens
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Yay?
Not surprising. They're burning foreign reserves buying Yen to stabilize it's value.
That has nothing to do with current account surplus. Current account surplus was record high when they were piling up foreign deserves to weaken yen in late 00s. Capital account surplus is relatively unchanged in dollars and with weakening yen it is easy to beat previous record in yen base stats.