1. Overall Affordability Trend
From October 2024 to October 2025, the Relative Price Index (RPI) for Korean travelers to Japan remained well below the 2020 baseline (100), fluctuating between 78~87.
This indicates that Japan continued to be more affordable for Korean tourists compared with the pre-pandemic base year.
The cumulative change relative to 2020 shows a substantial improvement in travel affordability.
2. Month-to-Month Price Dynamics (MoM %)
MoM changes show short-term volatility, largely influenced by FX fluctuations and seasonal demand:
- Noticeable short-term drops occurred in Oct 2024 (-1.9%), May 2025 (-3.4%), and Jun 2025 (-1.9%), reflecting temporary won appreciation or slower price increases in Japan.
- Positive MoM increases in Feb~Apr 2025 (+2.0% to +2.7%) indicate periods when affordability declined somewhat due to yen strengthening or rising prices in Japan.
Overall, the MoM pattern suggests no persistent upward pressure on travel costs, with affordability generally preserved.
3. Year-on-Year Trends (YoY %)
YoY values are particularly important for tracking sustained shifts in affordability.
YoY growth accelerated sharply from Oct 2024 (1.3%) to a peak in Apr 2025 (14.0%), driven mainly by:
- A temporary strengthening of the Japanese yen
- Rising Japanese consumer prices relative to Korea
- However, YoY growth moderated significantly after June, stabilizing near 2~4% by Sep-Oct 2025.
This stabilization indicates that the earlier deterioration in affordability did not persist into late 2025.
4. Year-to-Date (YtD %) Dynamics
YtD tracks annual changes in average RPI (a useful measure for tourism cost planning):
- Despite short-term volatility, YtD increased strongly through Apr~Jun 2025 (8~10%), suggesting that the cumulative price conditions in Japan were becoming relatively less favorable compared with the previous year.
- However, YtD plateaued from July onward, declining slightly by October:
- Jul 2025: 9.6%
- Oct 2025: 7.5%
This suggests that Japan’s relative travel cost pressures eased in the latter half of 2025, improving the price environment for tourists.
5. Implications for Tourism Economics
- Sustained Affordability:With RPI consistently 20% lower than 2020, Japan remains a cost-competitive destination for Korean travelers.
- Demand-Supporting Conditions: Price conditions – especially the prolonged weakness of the yen – likely contributed to continued strong outbound demand from Korea.
- Temporary Volatility, Not Structural Change: While early 2025 showed rising costs (YoY surge), the subsequent stabilization suggests these were short-term shocks, not a long-run shift.
- Strategic Timing for Travel Promotion: Agencies could emphasize travel during periods with MoM declines (e.g., May~June 2025), when affordability temporarily improved.
Summary
Across the full period, Japan remained an economically advantageous destination for Korean travelers. Short-term volatility aside, the overall affordability trend stayed favorable, and the stabilization of YoY and YtD indicators in late 2025 further reinforces a positive price environment for tourism recovery and sustained travel demand.
More Insights from the RPI Monitor: Monthly Trends for Korean Travelers to Japan
