Japan once again open for business

Wednesday, February 15, 2023

After over two years dealing with some of the strictest border rules in the world, Japan is once again open to do business. Tourist attractions in the country are crowded. Hotels are booked out much in advance. It is quite an annoyance to grab a seat at many of the best restaurants in Japan.

While that didn’t make it welcoming for many people who visited Japan during the latter part of last year eager to delight in the well-known friendliness of the country, it proved to be pretty good for Japanese trades.

Japan’s economy, the third biggest of the world after the US and China, developed at a yearly rate of 0.6 percent during the period of October to December, as per government data. There was mild growth, motivated by retrieval in private consumption and expenditure by tourists visiting Japan.

The uptick was followed by an unexpected reduction during the third quarter of last year. Inflation and a weak yen led to an increase in import prices and bottled-up spending.

The results of the latest quarter exhibited a second straight year of financial development for Japan, which has outlined a sluggish and occasionally bumpy path to retrieval due to the economic destruction of the corona virus.

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