Japan Department Store Rally Shows Reopening Optimism Trumps CPI
- Government to allow visa-free, individual travel from Oct. 11
- Demand may depend on Chinese tourists: Bloomberg Intelligence
A Mitsukoshi department store in Tokyo.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Japan’s department stores advanced as optimism over the nation’s plan to lift border controls on international travelers next week helped counter concerns that higher living costs will hurt domestic demand.
Takashimaya Co., Isetan Mitsukoshi Holdings Ltd. and other stocks in the sector rose at least 3% Tuesday after their September sales increased. Japan eased some restrictions last month including raising the daily foreign visitor cap. Starting Oct. 11, the nation will resume visa-free travel, ending most of border restrictions. The Topix’s gauge that tracks retailers is up 8% over the past three months, putting the sector among the index’s top four performers.