鉄道業界: Railway Data Book - 2026年7月:1Q新幹線需要は想定を上回る

研报英文原文证据摘录

鉄道業界: Railway Data Book - 2026年7月:1Q新幹線需要は想定を上回る

Inbound tourism trend

For more inbound tourism data, please see our Japan retail sector team’s Inbound Data

Book (Jun 2026): High spending offsets fewer Chinese visitors

Inbound visitor volumes

図表 77: June inbound visitor numbers: 3,148,600 (-6.8% YoY) 図表 78: June Chinese inbound visitors: 340,700 (-57.3% YoY)

Foreign visitors to Japan Chinese visitors to Japan

5,000,000 1,200,000

2023 2024

1,000,000

4,000,000

800,000

3,000,000

600,000

2,000,000

400,000

200,000

0 0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

出所: Japan National Tourism Organization, BofA Global Research 出所: Japan National Tourism Organization, BofA Global Research

BofA GLOBAL RESEARCH BofA GLOBAL RESEARCH

図表 79: Inbound visitors in June: +9% vs 2019 図表 80: Inbound Chinese visitors in June: -61% vs 2019

Foreign visitors to Japan vs 2019 Chinese visitors to Japan vs 2019

140%

160%

109% 120% 140%

120% 100%

100% 80%

80% 39% 60%

60%

40%

20% 20%

0% 0%

Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26

図表 81: During the 2012 Senkaku Islands dispute, it took a year for the number of Chinese visitors to Japan to recover from YoY declines

YoY Change in Inbound Chinese visitors (3-month moving average, monthly basis; event month = 0)

Great East Japan Earthquake (March 11, 2011) Main Shock of the Kumamoto Earthquake (April 16, 2016)