Mika Ueda, a 27-year-old office worker in Tokyo, and her friends had planned on spending the holidays in Japan. After the yen hit a 14-year high against the dollar last week, they set their sights on Guam or Hawaii.
"I'm looking forward to doing a lot of shopping overseas," said Ueda, holding a clutch of resort brochures after leaving a travel agent in Tokyo's Shinjuku district Monday. "We decided to travel abroad when the yen strengthened, after first thinking about just going somewhere in Japan."
The stronger yen, which cuts the cost of imported goods, is one of the bright spots for Japanese retailers as job losses and wage cuts chill consumer spending. Seven & I Holdings Co. and travel agency H.I.S. Co. are among companies with "endaka," or soaring yen, promotions, aiming to halt the nation's 14 straight months of slumping retail sales.