Washing money in the waters at Zeniarai Benzaiten Ugafuku Shrine during spring is said to double your fortune come summer.
As reports come in of Tokyo’s cherry blossom trees entering full bloom, it’s hard NOT to want a slice of that holiday-life cake we’ve all been missing. Alas, even as COVID restrictions continue to ease, there stands some remaining obstacles: rise of living prices, inflation, the weakening of the pound, to name a few. Luckily, the results of the 17th annual Holiday Money Report from Post Office Travel Money are in, and believe it or not, not only is Japan one of the hottest destinations this year for Brits, it is also one of the top ten lowest-priced global destinations.
So, what is the Holiday Money Report? Every year, the Post Office conducts a review of its currency sales and rate trends. Accounting for one-in-four foreign exchange transactions, the Post Office is able to obtain a pretty good idea of the year’s hottest spots for UK travellers, as well as insight into what holiday costs might look like in the months ahead.
It comes as no surprise that on this side of the pandemic, tour operators, travel agents and airlines are all reporting roller coaster waves of early bookings as the demand for holidays abroad skyrockets! This is only further supported by the huge surge in the sale of foreign currencies reported by the Post Office.
This cannot be truer than for Japan. After being shut to overseas travellers for the best part of three years, the UK’s thirst for Japan travel is as clear as day with Japanese yen sales at 84% higher in January and February than they were in the period immediately before the 2020 Covid-19 lockdown. This figure is eclipsed by a staggering 8040% rise in sales year-on-year!
What's more, while the pound has fallen against many currencies, the Post Office Holiday Money Report shows that the Japanese yen is one of only a handful of currencies against which the pound is up – by 1.9% up to be exact! That means more money in return when you convert from pounds to yen.
Tokyo has also made a comeback to the World Holiday Cost Barometer of 40 global destinations according to the Holiday Money Report. Produced in partnership with online travel platforms, the barometer shows that there is a bargain to be struck in Japan as Tokyo returns to the top 10, on the back of a 2% price fall in meals and drinks.
This may not seem like much at first, however, as the more-seasoned Japan visitors among us know, Japan was never as expensive a travel destination as many tend to think! Tokyo is actually much cheaper than many of its capital city cousins and travel hacks and overseas visitor benefits such as obtaining a JR pass and opting for capsule hotels can rack up savings. So, whilst flights may take a considerable chunk out of holiday budgets, costs can be offset on the ground by enjoying Japan’s plethora of free activities, cheaper but quality eats and flexible transportation options.
So it's no wonder that Japan has snapped up a place in the Post Office's Top 10 Best Value Destinations of 2023 in addition to being selected as one of its four Holiday Hotspots to visit! With border control measures due to end entirely on the 8th May following Japan's downgrade of the Covid-19 virus’s categorisation, we can only expect more exciting things ahead!
For more tips on how to bring your Japan trip within budget, check out our guide to budget Japan travel for first-timers, and a round up of how to do autumn travel on the cheap.
