Tourists, M&A and a big bet on the yen

For some decades, Hawaii has been a favourite playground for Japanese tourists, consistently in the top three most visited overseas destinations and the go-to spot for golf-tours, group getaways, marriage proposals and honeymoons.

But this is less so now, and the dollar-yen exchange rate bears much of the blame. Hawaiian trips by Japanese have resumed since the pandemic, but as a shadow of their previous level. Daily passenger arrivals throughout 2023 were mostly well below the 3,000 mark, while in 2019 they were mostly above 5,000. 

Two charts tell the story of...