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Notes -
FWIW, the last 1-2 years has been a nightmare of overtourism. I've been living and traveling here for over a decade and it's never been this bad in Tokyo. So maybe visit somewhere else and come back after the boom is over. Don't worry, the yen is probably permanently ruined so it'll stay cheap.
I do genuinely feel bad for the people who have to live close to the over-touristed sites in Japan. A lot of the temples and neighbourhoods that get traffic are places where people actually live and work, and I can't imagine living in, say, Kyoto and getting exposed to this absolute bullshit. Even as a tourist I hate it, I wouldn't be able to handle it in my day-to-day.
If I'm ever going to Japan, I'm almost certainly picking somewhere out of the way, like Koyasan and their Shingon Buddhist temples. Too much of Japan suffers issues with overtourism, and it just kills the vibe of these places which are ostensibly supposed to feel quiet and calm.
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My siblings have been insisting on a Japan trip and I've been reluctant because of this
I think the risk/concern here is that it eventually enters an inflationary spiral like Argentina/Turkey. It doesn't seem likely, but if people on the inside don't trust the currency...
I think the BOJ has been far more concerned with deflation than inflation over the last several decades. And it's not that people don't trust the currency, it's that the BOJ prefers a gradual, managed decline that preserves pensions and lifelong employment to any sort of economic dynamism, so a weak yen is fine to them as long as the largest voting blocs ("old people" and "very old people") can still push paper around for a mediocre wage/receive their pensions and can afford to buy rice, tofu, vegetables, and cigarettes.
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