Risk of declining travel demand due to economic fluctuations

「Outbound travel was adversely affected by the weak yen and rising prices overseas. Meanwhile, strong inbound demand continues, supported by Japan's popularity as a travel destination.」

「In the operating environment surrounding the travel business, the number of international visitors to Japan was 3,560,000 in May, down 3.6% year on year, 3,148,000 in June, down 6.8%, and 3,442,000 in July, up 0.1%. For the second consecutive year, the cumulative total through the first half exceeded 21 million (Japan National Tourism Organization, JNTO). Meanwhile, the number of Japanese departing the country was 1,127,000 in May, up 4.7% year on year, 1,090,000 in June, up 3.4%, and 1,191,000 in July, down 1.2%. Although passport application fees were reduced from July and measures were introduced to boost the number of Japanese departing the country, recovery continues to take time due to higher airfares, the weaker yen, and high prices overseas (Japan National Tourism Organization, JNTO).」

「The cumulative number of international visitors to Japan exceeded 40 million in 2025 and remained on track.」

「In the operating environment surrounding the travel business, the number of international visitors to Japan was 3,693,000 in May, up 21.5% year on year, 3,377,000 in June, up 7.6%, and 3,437,000 in July, up 4.4%. Cumulatively, the total exceeded 20 million by the end of June, the fastest pace on record, and remained on track.」

「In the operating environment surrounding the travel business, the number of international visitors to Japan continued to recover, reaching 3,040,000 in May, up 60.1% year on year, 3,135,000 in June, up 51.2%, and 3,292,000 in July, up 41.9%. In particular, June and July each set a new monthly record, with the record being updated for 2 consecutive months.」

「The number of international visitors to Japan increased as demand was driven by relatively low prices in Japan and the weaker yen, reaching 3,081,000 in March, up 69.5% year on year, and 3,042,000 in April, up 56.1%, exceeding 3 million for the second consecutive month. The number of Japanese departing the country also continued to increase, reaching 1,219,000 in March, up 75.7% year on year, and 888,000 in April, up 58.7% (Japan National Tourism Organization, JNTO).」

「Meanwhile, the number of Japanese departing the country was 1,027,000 in November, down 37.5% from the same month in 2019, 947,000 in December, down 44.6%, and 838,000 in January, down 42.3%. The recovery has taken time due to higher airfares and inflation caused by the weaker yen.」

「Meanwhile, the number of Japanese departing the country was 1,200,000 in August, down 43.1% from the same month in 2019, 1,004,000 in September, down 42.6%, and 937,000 in October, down 43.6%, indicating that the recovery in outbound travel would take additional time.」

「The number of Japanese departing the country also showed a gradual recovery, reaching 675,000 in May, down 53% from the same month in 2019, 703,000 in June, down 53.8%, and 891,000 in July, down 46.3% (Japan National Tourism Organization, JNTO).」

「Following the Cabinet's approval of a new Basic Plan for the Promotion of a Tourism-Oriented Nation on 31 March 2023, inbound tourism, regional tourism promotion, and measures to expand consumption are expected to be promoted as Japan works to revive tourism.」

「The number of international visitors to Japan was 934,000 in November, down 61.7% from the same month in 2019, 1,370,000 in December, down 45.8%, and 1,497,000 in January, down 44.3%, with the recovery trend continuing due to the effects of the Christmas holidays, the Lunar New Year, and increased flight capacity. However, rising prices and airfares and labor shortages affecting airlines and travel companies remained concerns for travel to Japan.」

「The number of Japanese departing the country showed a marked upward trend, reaching 386,412 in August, down 81.7% from the same month in 2019, 319,165 in September, down 81.8%, and 349,600 in October, down 79.0%, providing clear signs of a recovery in demand (Japan National Tourism Organization, JNTO).」

「The number of Japanese departing the country also gradually recovered, reaching 134,000 in May, up 344.9% year on year, and 171,000 in June, up 459.3% (Japan National Tourism Organization, JNTO). In June, Japan also resumed accepting escorted package tours for foreign tourists, raising expectations for a full-scale recovery in inbound tourism.」

「The number of Japanese departing the country also remained sharply depressed at 46,932 in February, down 96.9% from the same month in 2019, and 70,700 in March, down 96.3%, and stagnation in the travel industry continued compared with before the spread of COVID-19.」

「Meanwhile, the annual number of Japanese departing the country showed a modest recovery compared with the number of international visitors to Japan, as more countries eased entry restrictions and restrictions on activities after entry following the spread of vaccinations. Although the situation remains uncertain due to the emergence of the Omicron variant, we have continued to operate the business efficiently by closely monitoring entry and exit restrictions and market trends in each country and responding quickly.」

「The number of international visitors to Japan remained low at 25,900 in August, down 99.0% from the same month in 2019, and 17,700 in September, down 97.0%. The number of Japanese departing the country also plunged to 66,051 in August, down 96.9% from the same month in 2019, and 52,400 in September, down 97.0%, indicating that travel demand remained stagnant worldwide (Japan National Tourism Organization, JNTO). In Japan, the state of emergency and measures to prevent the spread of infection, which had continued in response to the summer wave of infections, were lifted nationwide at the end of September. From October onward, the transition to living with COVID-19, involving a phased return to normal life, progressed, and signs of a gradual recovery in travel demand began to emerge.」

「The number of international visitors to Japan remained low at 10,000 in May, down 99.6% from the same month in 2019, and 9,300 in June, down 99.7%. The number of Japanese departing the country also plunged to 30,123 in May, down 97.9% from the same month in 2019, and 30,700 in June, down 98.0% (Japan National Tourism Organization, JNTO), indicating that travel demand remained stagnant worldwide.」

「The number of international visitors to Japan was 7,400 in February, down 99.7% from the same month in 2019, and 12,300 in March, down 99.6%. Both figures were substantially lower than in 2019. The number of Japanese departing the country also plunged to 24,800 in February, down 98.4% from the same month in 2019, and 28,900 in March, down 98.5% (Japan National Tourism Organization, JNTO), and travel demand remained stagnant.」

「From April 2020 onward, conditions became extremely difficult, with both international visitors to Japan and Japanese outbound travelers down 99.9% year on year.」

「The number of inbound visitors to Japan was 8,700 in August, down 99.7% year on year, and 13,700 in September, down 99.4%, remaining well below the previous year's level for 12 consecutive months. The number of Japanese nationals departing the country also fell sharply, to 37,137 in August, down 98.2% year on year, and 31,600 in September, down 98.2%, according to the Japan National Tourism Organization (JNTO), indicating that travel demand was stagnant worldwide.」

「The number of inbound visitors to Japan was 1,700 in May, down 99.9% year on year, and 2,600 in June, also down 99.9%, remaining well below the previous year's level for 9 consecutive months. The number of Japanese nationals departing the country also fell sharply, to 5,539 in May, down 99.6% year on year, and 10,700 in June, down 99.3%, according to the Japan National Tourism Organization (JNTO), indicating that travel demand was stagnant worldwide.」

「The number of international visitors to Japan was 190,000 in March, down 93.0% year on year, and 2,900 in April, down 99.9%, the lowest levels recorded since statistics began in 1964. The number of Japanese departing the country also plunged to 270,000 in March, down 85.9% year on year, and 3,900 in April, down 99.8% (Japan National Tourism Organization, JNTO), indicating that travel demand was stagnant worldwide.」

「However, in Japan, consumer fatigue from spending during Golden Week, a long holiday period, was also evident, and consumers tended to curb spending thereafter.」

「Travel demand is largely driven by personal consumption, corporate employee benefits, and sales promotion activities, and is highly sensitive to changes in economic conditions. If significant economic fluctuations result in weaker personal consumption or a substantial deterioration in corporate performance, the Group's business and results could be affected.」