It's peak summer holiday time in the ancient Japanese city of Kyoto, when throngs of international tourists would usually be flocking to its famous temples and spending up large in the city's hotels, restaurants and souvenir shops.
KYOTO, Japan - It’s peak summer holiday time in the ancient Japanese city of Kyoto, when throngs of international tourists would usually be flocking to its famous temples and spending up large in the city’s hotels, restaurants and souvenir shops.
“This is far worse than during the Lehman crisis,” said an 80-year-old taxi driver, referring to the financial crash of 2008. “Some days I would earn just 2,000 yen . I won’t make any money once I buy lunch and pay my gas bill.” Cities such as Kyoto and nearby Osaka - whose manufacturers were being hit by intensifying competition with China - became reliant on tourists, making them victims of their own success.
“The hotels, restaurants and souvenir shops expanded business, perhaps too much, since inbound tourism was bringing in so much money,” said Nobuhiro Doi, president of major regional lender Bank of Kyoto. The evaporation of tourism demand hit when the city’s hotel supply was already in excess with available rooms surging to 90,000 this year, up 80% from five years ago.
“There will be more bankruptcies and job losses. Things won’t get better for another two to three years.”
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