Coronavirus to cut foreign visitors' spending in Japan by estimated ¥981.3 bil

All the zeros in yen denominations make it quite difficult to comprehend what these number actually are.

Recession ?It has been long ago that Japan is in recession.

More like depression to come.

What do companies expect ? Chinese and Koreans happily coming back with the money they need to build up again their own economies first ?

Well, prices in Japan are set to fall even more for all sorts of goods if people earn less.

As I am not interested in touristic adventures, I have little knowledge of where tourists go to eat and relax.

However, in business districts of Osaka, the 500 yen lunch is very much in evidence and those restaurants are full.

I wonder when we will see the 400 yen lunch?

These figures are an estimate only for Japan. Now imagine the entire world.

Money comes and go. Chill out.

This is a worldwide economic crash. It’s not just about Japan.

I have not seen any large scale drop in price.

Theres definitely nearly no Chinese or Korean tourists, but more western ones (albeit that may seem to be since theres few others).

People are not paranoid to go out and eat and drink though perhaps they should be a little more.

For those struggling with japanese numbers, write it out in numerals. Then remove 2 zeros (@ roughly 100yen to 1 dollar).

Example from the article: 981 billion yen

= 981,000,000,000

(Remove 2 zeros)

=9,810,000,000

9.8 billion US dollars.

In this case, I think even this has to be an under estimate for a projected drop in spending by foreign tourists due to coronavirus.

150 to the dollar

The real pain has hardly started and any discounting has hardly begun. It ain’t gonna be pretty, but this is payback time for a Japan Inc that’s gotten too used to ぼったくりprofits mulcted from a captive and protected domestic market. Japan’s long-suffering consumers should be rejoicing because the longer this goes on, the more likely it is that omotenashi will become something real instead of a mostly fake platitude.

@Tom you think that's where it is headed?? That is quite a claim man.

@oyatoi agreed!

The first thing that comes to mind is the cost of phone plans! Then there are bank charges of 440 yen (4.40) per transaction to another bank account, and other insane charges; the cost of produce in supermarkets (100 yen for ONE kiwifruit, 120 yen for ONE apple, 240 yen for 4 small potatoes) etc, etc, etc.I

Insane at times. We almost need salaries of 11,150,000 yen to get by.

Ups and downs. The industry once enjoyed growth at unprecedented rate. They should be mature, strategic and less dependent on particular groups of people.

Japan's economy always was an export-oriented miracle. Hope they fine more internal sources of growth.

So it will all balance out since consumers here have been getting ripped off on overpriced, heavily marked up items for decades.

Lived and worked in Japan through the 90s and noughties. Could walk through downtown Osaka somedays and barely see a foreign face let alone hear Chinese or Korean being spoken.

Just how did Japan survive back then with miniscule foreign tourist numbers?

Lived and worked in Japan through the 90s and noughties. Could walk through downtown Osaka somedays and barely see a foreign face let alone hear Chinese or Korean being spoken.

Just how did Japan survive back then with miniscule foreign tourist numbers?

30 years ago there was much less old people. Now with the old population, being more often at home, (not to mention that in was the peak of Japanese growth in the 90s) foreign money is essential to Japanese economy.

Complians abt tourists, now U have none. Pls complain some more.

Example scenario - foreign spectators athletes and staff planning to attend the Olympics will have to go through all the hassles and risks to leave their country, fly 10-15 hours breathing recycled in-flight air that carries who knows what germs, arrive in Japan where they encounter many more risks - ride in trains or buses breathe recycled air again, check in at hotel or air BNB, eat at restaurants where others may be contaminated, encounter millions of others attending the event. Let's say on day 2 some come down with symptoms and go to a hospital. Hospitals do not test but recommend testing elsewhere and that process takes time and is very difficult - case in point I am 68 have been here since 1970's, on Japanese health insurance plan, have atherosclerosis, bypasses, strokes, CKD have been under doctor care weekly since 2010 - and I can't get tested! What if our foreign visitors get tested and the results are positive. They will be quarantined for undetermined period of time away from work family home country and won't be permitted to leave Japan for xx period of time. Who's gonna risk and pay for all of that?

"30 years ago there was much less old people."

However:

"And yet, Japan's economy is chugging along. It is by no means the fastest-growing major economy in the world, but it nonetheless continues to expand. In fact, Japan's GDP per capita growth averaged 1.42 percent annually over the last five years — slightly ahead of the OECD average of 1.36 percent."

https://www.cnbc.com/2018/02/09/what-is-japans-secret-women-and-technology.html

It is ¥106.95 to $1

The ¥ is stronger today

Quick math in "USD":

2 trillion in yearly revenues

9 billion loss in tourism

.0045 loss

Yeah it's a hit but Japan can survive this. Stop the hyper-panic and hysteria please.

"2 trillion in yearly revenues

9 billion loss in tourism

.0045 loss

Yeah it's a hit but Japan can survive this. Stop the hyper-panic and hysteria please."

Exactement.

A loss of 9 billions out of 5.9 trillions GDP.

But of course. Japan will collapse!

(The usual JT "economics expert".)

"Stop the hyper-panic and hysteria please."

I couldn't have put it any better.

Business is slowing down all over the world. This will hurt everyone.

@macv

only yesterday I was told that with a temperature of 35.7 celsius or above that the advice from hospitals is to ‘go home and self isolate’

Hospitals cannot adequately treat infected people.

There isn’t anything a hospital can do (no medicine) except treat a patient who has respiratory problems with a ventilator.