An influx of tourists chasing bargains from a cheaper yen has given the Japanese economy a lift recently, as revised gross domestic product figures for the quarter ended June 30 confirmed Monday.
But the surge in tourism also had the unintended consequence of pushing up demand for Japanese banknotes, economists and travel agents say.The amount of banknotes in circulation in Japan has increased 1.7% since the beginning of this year to ¥84 trillion ($839 billion) at the end of June. That's the highest level ever, after adjustment for seasonal factors.
At least some of that appetite for cash has come from travelers, said David Swann, a currency expert at Travelex, the world's largest foreign-exchange services firm, which has seen increased demand for yen this year.
Source: NewsOnJapan
At least some of that appetite for cash has come from travelers, said David Swann, a currency expert at Travelex, the world's largest foreign-exchange services firm, which has seen increased demand for yen this year.
Source: NewsOnJapan
