Recent data trend As per the data published by JNTO, around 2.59 million foreign visitors arrived in Japan in October 2017, registering a growth of 21.5% year on year (YoY).
This is the highest growth rate since April 2017. The number of visitors from China was the highest as usual at 0.66 million, accelerating to a growth of 31.1% YoY. The number of tourists from South Korea followed close behind China with 0.62 million people arriving in Japan in October 2017, rising by 38.1% YoY. The number of foreign tourists arriving from Taiwan, Hong Kong and Thailand was 0.42 million, 0.17 million and 0.1 million respectively. Consumption spending by foreign tourists also seems to be picking up after it stagnated between 2016Q3 and 2017Q1. Aggregate spending by tourists rose by 17.9% YoY in the July-September 2017 quarter, rising from 14.6% YoY growth in the previous quarter. The increased spending trend by foreigners is expected to provide an upward pressure on consumption in the coming quarters, which registered a contraction in the third quarter of 2017. The Japanese government has a target for overseas tourists to grow to 40 million by 2020 when Tokyo hosts the Olympic Games. The target now seems fairly achievable. Assuming Japan to achieve 29 million foreign tourists in 2017, it will require mere 11.3% annual growth between 2018 and 2020 for the number to reach 40 million in 2020.
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