JETRO Invest Japan Report 2023
Chapter2. Trends in Inward FDI in Japan [Column 2] With the recovery of inbound tourism, Japanese tourism assets is once again in the spotlight

As shown in Section 6, greenfield investment in the tourism sector, which had been expanding steadily, saw a slowdown following the spread of COVID-19. On the other hand, foreign visitors to Japan began to recover in February 2022, accelerated significantly from the beginning of 2023, and recovered to around 85% of the level before the COVID-19 crisis as of August 2023 (Chart 2-21). In addition, looking at the trends in tourism-related M&A deals by foreign companies, we see a similar trend, bottoming out in 2021 and recovering from 2022 onward (Chart 2-22). Large-scale projects such as the case of Daiwa House Industry (Daiwa Resort) are emerging, and Japanese tourism assets are once again attracting attention (Chart 2-23).

Chart 2-21: Number of foreign vsitors to Japan in 2023 compared to 2019
（before COVID-19 pandemic）（compared to the same month）
JNTO, the Japan National Tourism Organization, conducted a comparative survey of the number of foreign visitors to Japan in 2023, to the same month of 2019 before the covid-19 pandemic. Figures for January and February 2023 are in the 50% level compared to the same month in 2019. In March, April, and May, it was in the 60% level. In June and July, it continued to increase to the 70% level, and in August, it showed a steady recovery at 85%.

Source: The Japan National Tourism Organization (JNTO)

Chart 2-22: Amount of M&A deals in Japan in tourism-related sectors (completed basis)
Workspace conducted a comparative survey of the amount of M&A deals in Japan, in tourism-related sectors from 2020 to 2023 on a completed basis. In 2020, it was 617 million dollars, but it was significantly affected by the covid-19 pandemic, and in the following year 2021, it fell to 13 million. However, it recovered to 576 million dollars in 2022, up to 93% in 2020, and then grew to 1.126 billion dollars in 2023, up from 180% in 2020, showing significant growth.

Source: "Workspace" (Refinitiv)

Chart 2-23: Large-scale acquisitions in tourism-related industries from 2022
Acquisition Completion Date Acquired Company: Company Name Acquired Company: Business Acquiring Company: Company Name Acquiring Company: Ultimate Parent Company Location Acquiring Company: Industry Acquisition Amount
September 2022 Huis Ten Bosch Leisure/
Entertainment 		PAG HTB Holdings Hong Kong Finance 100 billion yen
July 2023 Daiwa House Industry
(Daiwa Resort) 		Hotel Investor Group (Japan Hotel REIT Advisors) Singapore Finance 55.617 billion yen
July 2022 KKDAY JAPAN Travel portal TGVest capital Taiwan Finance 20 million dollars (95 million dollars, total from 2020)
March 2023 Royal Hotel Hotel Blossoms Holding HK Canada Finance Undisclosed
September 2023 WD Holdings Entertainment ticket arrangements Vivid Seats U.S. Wholesale, Services 8.7 billion yen
August 2023 Bespoke Hotel Shinsaibashi Hotel City Developments Singapore Media, Entertainment 8.5 billion yen

Source: "Workspace" (Refinitiv) and company announcements

JETRO Invest Japan Report 2023

  1. Introduction

  2. Chapter1.

    Inward FDI Trends in the World

    1. Section1.

      Global Inward FDI Flow in 2022

    2. Section2.

      Global Greenfield Investment in 2022

    3. Section3.

      Responses of Global Companies to Geopolitical Risks

    4. Section4.

      Changes in Global Investment Destinations due to Geopolitical Risks

  3. Chapter2.

    Trends in Inward FDI in Japan

    1. Section1.

      Trends in Inward FDI to Japan

    2. Section2.

      Trends in Inward FDI to Japan by Country and Region

    3. Section3.

      Trends in Inward FDI to Japan by Industry

    4. Section4.

      Trends in Greenfield Investment in Japan

    5. Section5.

      Trends in Inbound M&A in Japan

    6. Section6.

      Long-Term Trends in Greenfield Investment Projects in Japan

    7. [Column 1]

      JETRO's initiatives for the entry of semiconductor-related companies into Japan

    8. [Column 2]

      With the recovery of inbound tourism, Japanese tourism assets is once again in the spotlight

    9. [Column 3]

      Promotion of More Active and Desirable M&A in Japan

  4. Chapter3.

    Recent Government Measures

    1. Section1.

      Basic Policy on Economic and Fiscal Management and Reform 2023

    2. Section2.

      Action Plan for Attracting Human and Financial Resources from Overseas

    3. Section3.

      Green Innovation Fund Projects

    4. Section4.

      Fund for Advanced Semiconductor Production Infrastructure Development

    5. Section5.

      Project to Accelerate Biomanufacturing Revolution

    6. Section6.

      Subsidy for Development of Regional Data Centers

    7. Section7.

      R&D Project of the Enhanced Infrastructure for Post-5G Information and Communication Systems

    8. Section8.

      Innovative Information and Communication Technology Fund Project (Beyond 5G (6G) Promotion Fund Project)

    9. Section9.

      Establishment of a "New System" for Accepting Highly-Skilled Foreign Professionals (from April 2023)

    10. Section10.

      Startup Development Five-year Plan

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