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Japanese economyCNBC
•World
World
88% Informative
Inbound tourism contributed half of Japan 's full-year GDP growth rate of 1.5% in 2023 , and 0.4 percentage points to Japan 's 0.1% annual GDP growth last year .
The yen has been identified as a pertinent reason behind strong tourist numbers to Japan .
But, with the Bank of Japan’s push to hike interest rates, will the yen strengthen and drive tourists away?.
Tourism has been a far bigger contributor than anyone would have expected over the past two years .
Tourism will remain a significant contributor to Japan 's economy before it eases off further and be replaced by stronger contributions from domestic consumer spending.
The yen weakness probably will be starting to reverse at least this year , but it will be a longer term process, Mann added.
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