Yen depreciation attracts tourist gold, jewelry purchases in Japan

Valuable jewelry has emerged as a newfound favorite among tourists exploring Japan due to the sustained weakening of the Japanese yen.

Recently, the Japanese yen has been continuously depreciating, reaching its lowest level since December 1986. The yen's depreciation has fueled a growing interest in visiting Japan among international travelers. With the prolonged high price of gold, many foreign tourists are taking advantage of tax-free benefits and eagerly purchasing gold and jewelry products in the country.

Located in Tokyo's posh Ginza district, a brand jewelry store with nearly 80 years of history primarily sells gemstones, pearls, and precious metal jewelry targeting younger consumers, in addition to wedding rings and couple rings.

In the past, around 70 percent of the customers visiting the store were Japanese consumers. However, there has been a noticeable increase in the number of foreign customers, according to the store manager.

"Compared to the same period last year, the number of foreign customers visiting the store has doubled, and sales have tripled. Due to the current high gold prices, foreign customers are more inclined towards purchasing gold-related items. Additionally, there is a demand for Japanese Akoya pearl jewelry and diamond accessories," said the manager.

Affected by the rising prices of raw materials such as gold, pearls, and diamonds, this jewelry brand increased the overall product prices by approximately 10 percent in April this year. However, foreign tourists who believe gold jewelry to be on a path to continued price increases have helped sustain demand.

"I've been here before many years ago, it was more expensive and now it's a little more manageable," said a tourist.

"I think it's beautiful. I love jewelry, like you can see. So I think it's very trendy, very nice. And I love it. The price is very good. I like it, I like it. I'll come back tomorrow for more," said another tourist.

Similarly located in the Ginza district, staff from a secondhand jewelry store stated that they have witnessed a noticeable increase in the number of foreign customers and their purchase volumes recently. The average transaction value per order is approximately 500,000 yen (about 3,110 U.S. dollars). Among them, secondhand jewelry from well-known brands, due to its high-value retention, particularly attracts European and American customers.

Yen depreciation attracts tourist gold, jewelry purchases in Japan

China has experienced remarkable technological and industrial innovations over the past year, with new quality productive forces transforming production and lifestyles, said Zheng Shanjie, head of the National Development and Reform Commission, at a press conference in Beijing on Thursday.

Since last year, the term "new quality productive forces" has emerged as a key concept in China's economic discourse. Innovations such as AI large models, humanoid robots, and domestically developed original drugs are not only gaining traction within the country but are also making waves internationally.

Speaking at the press conference on the sidelines of the ongoing third session of the 14th National People's Congress (NPC), Zheng emphasized that these technological breakthroughs are accelerating amid external pressures, showcasing China's progress in independent innovation.

"Integrated circuits have drawn significant attention, with both production and exports hitting historic highs, as an increasing number of products are now powered by 'China-made chips.' Large-scale AI models are vying for dominance and emerging as a new force, industrial robot density has risen markedly, humanoid robots are accelerating their practical application, and a wave of internationally competitive, homegrown original drugs continues to break new ground. These advancements underscore a clear truth: the greater the external pressure and containment efforts against us, the more they fuel our drive to accelerate self-reliant innovation," said Zheng.

China's industrial upgrading is also accelerating, helping to usher in economic and social development, according to the official.

"Last year, China's high-tech manufacturing and equipment manufacturing sectors accounted for 16.3 percent and 34.6 percent of the value added in industrial enterprises above the designated size (those with main business revenue greater than 20 million yuan or more, or about 2.7 million U.S. dollars), respectively. Meanwhile, electromechanical products such as smartphones and computers made up nearly 60 percent of total exports. The new energy vehicle (NEV) industry, honed over a decade of dedicated development, has now established a fully integrated industrial chain. These developments highlight the accelerating shift of China's industrial chains toward the medium- and high-end," he said.

China's technological breakthroughs reshape economic, social development: official