American tourists headed for Japan have surged this year, lured by a slump in the value of the yen, which is also driving a massive jump in foreign investor interest in the country's lodgings market.

The number of Americans arriving in Japan by air crossed 900,000 in the first five months of 2024, climbing 17.4% year over year and vaulting 35.5% from 2019 before the COVID-19 pandemic, International Trade Administration data showed.

While pent-up travel demand since the end of the pandemic has also contributed to the surge, the Japanese currency's recent plunge to a 38-year low against the dollar has been a key factor as it boosts the spending power of American tourists.