Japan has always been a premier shopping destination, but the dramatic weakening of the yen in 2023-2024 has transformed it into perhaps the world's best place to buy luxury goods. Here's everything you need to know.
Understanding the Opportunity
The yen has fallen from about 110 to the dollar in early 2022 to around 150 in late 2024. This 35%+ devaluation means that while Japanese prices in yen have remained relatively stable, the dollar cost has plummeted. A watch priced at ¥1,500,000 that once cost $13,600 now costs just $10,000.
Best Shopping Districts
Tokyo's Ginza district is the luxury shopping capital, with flagships from every major brand. For watches specifically, don't miss Nakano Broadway's used watch shops for vintage pieces. Osaka's Shinsaibashi area is equally impressive but often less crowded.
Tax-Free Shopping
Non-residents can shop tax-free in Japan on purchases over ¥5,000. Simply show your passport at participating stores, and the 10% consumption tax is removed at checkout. Unlike European VAT refunds, there's no paperwork to complete at the airport—it's already done.
What to Buy
Watches offer the most compelling value, with prices 15-25% below US retail on many brands. Japanese domestic market (JDM) models can offer even better deals. Leather goods from European brands are also significantly cheaper, as are cosmetics and skincare.
Practical Tips
Bring cash for smaller purchases at department stores, though credit cards are widely accepted at luxury boutiques. Speaking some basic Japanese is appreciated but not required—staff in luxury stores often speak English. Visit during off-peak hours (weekday mornings) for better service.
Alex Morgan
Watch enthusiast and luxury retail analyst with 10+ years of experience tracking global pricing trends.