The weak yen is expected to drive more Hongkongers to Japan, as tourism industry representatives anticipate continued growth in outbound travel. Following a record number of foreign tourists visiting Japan in 2024, experts believe Hong Kong residents will increasingly take advantage of the favorable exchange rate for shopping and dining.
Retail sector representatives noted that the strong momentum of outbound travel by Hongkongers has had an impact on local consumption, but the situation is expected to improve with the anticipated rise in mainland Chinese tourists. This is due to the resumption of multiple-entry visas for Shenzhen residents, which is expected to boost visitor numbers.
Steve Huen Kwok-chuen, executive director of EGL Tours, explained that the weak yen is a major factor attracting more Hongkongers to Japan. In addition to cost-effective travel, Huen pointed out that the increasing number of flights between Hong Kong and Japan has also contributed to this trend. He further added that Japan is likely to remain a top destination for Hongkongers this year, noting that many of his clients have already booked cherry blossom-themed tours for March and April.
According to the Japan National Tourism Organization, the country welcomed approximately 36.9 million foreign visitors in 2024, surpassing the previous record of nearly 32 million in 2019. This figure represents a significant increase from 25 million visitors in 2023. The surge in tourism has been largely attributed to the depreciating yen, which reached its lowest point against the US dollar in over three decades.
Hong Kong ranked fifth in terms of visitor numbers, with about 2.7 million residents traveling to Japan last year, following South Korea, mainland China, Taiwan, and the US.
