Tourists are flocking to Japan to buy expensive clothes and handbags at discount prices thanks to the weak yen. But luxury goods companies like LVMH, the parent company of Louis Vuitton, would rather they stay home and go shopping.
The sell-off in the yen, which hit a 38-year low against the dollar last month before regaining ground, has sparked an unprecedented tourist boom, attracting savvy shoppers from Asia and elsewhere.
International luxury brands are not happy, as their products, ranging from designer sneakers to whisky, are now generally cheaper in dollar terms in Japan than elsewhere, cutting into profits.
