Inflation, weak yen hit appetite for holiday spending in Japan

FUKUOKA (Kyodo) — Japan’s high inflation and weak yen have discouraged spending by individuals and households during the yen-end and New Year holidays, according to a private sector survey. The average budget for those with holiday plans in the country stood at 45,235 yen ($320), up 27.8 percent from the previous year, but more than half of the respondents said they would cut seasonal spending, including on special dishes and Christmas presents, marketing firm Intage Inc. said on Dec. 25. Among the respondents, 56.2 percent said they had no travel plans. With the easing of COVID-19 measures, 18.5 percent said they would visit their parents’ homes, while only 0.7 percent planned to travel abroad, amid the weak yen. Following recent…