These direct marketing lists below include Japanese companies such as H.I.S., Nippon Travel Agency, Fujita Kanko, West Nippon Expressway, Seino Holdings, JR Bus Kanko, etc.
There are signs of a full-blown recovery in inbound demand following the significant easing of waterfront measures against the new Corona last autumn. The number of inbound foreign visitors to Japan, which had been close to zero for a long time, increased to 930,000 in November 2022, about 40% of the pre-Corona level.
Based on global airline demand forecasts, the number of inbound visitors is expected to recover to an annualised level of more than 20 million by the end of 2023. By region, the recovery of visitors to Japan from East Asia excluding China is notable.
In particular, the number of visitors from South Korea, Taiwan, Hong Kong and other countries has increased significantly, with the number of visitors from South Korea rising to almost 60% of its pre-Corona level. Outside East Asia, the US and Singapore are also leading the recovery.
The depreciation of the yen has also led to an increase in per capita travel expenditure. Looking at the relationship between per capita foreign visitor expenditure and exchange rates, expenditure tends to increase as the yen weakens. The yen is weaker than it was before the outbreak of the new corona pandemic, making prices in Japan cheaper for many foreigners.
Creating an environment conducive to trade in services
The current state of Japan's trade in services is largely dependent on areas such as the travel balance, which is improving as the number of tourists visiting Japan increases, and royalties on intellectual property and other rights derived from the overseas expansion of the manufacturing industry, which has been a strength.
The services sector is expected to be a particularly strong source of foreign income, especially in developed countries, as new innovations shift value added from goods to services.The services sector is expected to be a particularly strong source of income from abroad, especially in developed countries, as new innovations shift value added from goods to services. However, the value of services imports from the Asia-Pacific region, including Japan, is second only to Europe, where intra-regional trade in services is active and has high growth potential. In these neighbouring Asian countries, demand for services is expected to increase in the future in line with further economic growth and the potential for growth as a market is high.
