Luxury Bargain Hunters Head to Japan as Weak Yen Brings Big Discounts
With a conversion rate in favor of most other major currencies, shoppers can get fancy goods cheaper in Japan — for now.
Ginza's streets used to be known for hosting large Chinese tour groups that came to binge-shop Japanese goods at duty-free prices. These days, you’re just as likely to hear English, French or Spanish in the shopping area.
Photographer: Richard A. Brooks/AFP/Getty Images
For savvy shoppers with a nose for a luxury bargain, Japan is proving hard to beat.
The sharp fall in the yen, combined with a number of premium brands not adjusting their prices to reflect the change, has created a rare opportunity to grab luxe goods at a discount. For example, a TAG Heuer Carrera chronograph watch in Tokyo sells for ¥785,000 ($5,087) after the 10% duty free discount — more than $1,350 cheaper than its $6,450 price tag in New York.