Reported 12 months ago
On July 2, 2024, the Japanese yen exchange rate hit a new low, dropping to 161 against the US dollar, the lowest in nearly 38 years. Despite the depreciation of the currency and soaring prices suppressing private consumption, leading to a loss of confidence in the retail industry, large-scale non-manufacturing industry sentiments have experienced a decline for the first time in four years. However, the thriving tourism industry, rising land prices, and urban regeneration initiatives have contributed to an increase in Japan's average land prices for three consecutive years. This boom in tourism and urban redevelopment has led to significant price increases in various regions, with Hokkaido's Hakuba Village seeing a rise of over 30% and Kumamoto's Kikuyo Town growing by 24% due to the presence of TSMC. Overall, the article highlights how the combination of factors like tourism, urban development, and negative economic indicators are impacting Japan's economy and property market.
Source: YAHOO