Japan specialty stores log record sales on foreign tourist spending

TOKYO -- Sales at Japan's specialty stores in fiscal 2023 reached a record high of 27.24 trillion yen ($188 billion), up 5.2% from the previous year, as the weak yen lifted foreign tourist demand for jewelry, clothing and other goods.

Visitors to Japan purchased high-priced items and souvenirs, lifting industries like jewelry, up 15.7% on the year; drugstores and pharmaceuticals, up 8.1%; and watches and glasses, up 7.2%. Nikkei used survey results to compile the sales data of 313 specialty store companies with comparable data from fiscal 2022 and fiscal 2023.