Hong Kong shoppers cashing in on weak yen
Cheaper Japanese food imports prove popular in HK, as weak yen also boosts tourism to Japan
Japanese food retailers and travel agents have cheered the chronic weakness in the yen, which could help them shore up sales and their bottom lines.
"The number of tours and individual tourists to Tokyo has jumped several times in the first quarter [compared with the same time last year]," said Simon Ma Sai-man, Wing On's assistant general manager. The tremendous growth, however, was partially skewed by the lower base caused by the tsunami in March 2011.
"The numbers have swung back to the level before 2011 as the weak yen, combined with lower tour fees, has lured more tourists back to Tokyo," Ma said.
The price of a five-day tour to Tokyo has dropped 10 per cent on average to as low as HK$3,899 in the low season, compared with HK$5,000 last year.
Not all tours to Japanese destinations are dropping prices. The price for a tour to Hokkaido, Okinawa and Kansai region have climbed by 2 to 3 per cent year on year because of the rise in air fare prices. Hong Kong Airlines stopped flying to Osaka and Hokkaido from late last year. Meanwhile, the tension over a territorial dispute between China and Japan has prompted Japan Airlines and All Nippon Airways to cut their services to Hong Kong.
