Retail Sector: Inbound Monthly: Update on visitor numbers to Japan, duty-free sales at major retailers, and noteworthy stocks (July 2026)

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Retail Sector: Inbound Monthly: Update on visitor numbers to Japan, duty-free sales at major retailers, and noteworthy stocks (July 2026)

J P M O R G A N Asia Pacific Equity Research

16 July 2026

Retail Sector: Inbound Monthly

Update on visitor numbers to Japan, duty-free sales at

major retailers, and noteworthy stocks (July 2026)

June data show that the number of visitors to Japan fell 6.8% YoY to 3.15 million. Japan Equity Research

The total cumulative number of visitors through June was 21 million (−2% YoY),

Retail

with a decline in visitors from China (−56.4% in January–June) offset by visitors

from other regions. The pace through June is about the same as 2025, when the Dairo Murata AC

number of visitors reached a record high for the full year. (81-3) 6736 8620

dairo.murata@jpmorgan.com

• Subsectors and stocks to watch: We maintain our preference rankings over Ami Terai AC

the next three to six months for the stocks we cover (see Figure 1 for details). (81-3) 6736-8660

ami.terai@jpmorgan.com

Please refer to our June 26 report, Retail: Earnings Outlook, for details.

Kazuha Matsuo

• Trends in number of visitors to Japan in June: Figure 2 shows the number (81-3) 6736-8614

of visitors to Japan. Inbound visitors fell 6.8% YoY to 3.149 million in June kazuha.matsuo@jpmorgan.com

2026. Demand to visit Japan typically slows in June, as it falls between the JPMorgan Securities Japan Co., Ltd.

cherry blossom season and the summer vacation season. Visitor numbers were

also affected by a decrease in flights in some areas and travel cancelations due

to a typhoon. However, inbound visitors increased from Taiwan, South Korea,

India, Vietnam, the US, and Northern Europe, reflecting higher demand to visit

Japan during national holidays and school holidays.