Breweries, hotels, retailers, restaurants and train operators are expected to benefit from the 10-day holiday. Banks, schools, government agencies and many businesses will be closed during the holidays.
According to travel agency JTB, a record 24.7 million people (about a fifth of Japan's population) are expected to travel, most of them in Japan.
Yoshiie Horii, a spokeswoman for winemaker Asahi Group Holdings (2502.T), said, "The Japanese are immersed in the festive atmosphere and will usher in a new era of Mikado and a 10-day holiday." The company will increase the production of several brands by 5-10% before the holidays. "We think this holiday will stimulate consumer spending."
Around this time of year, Japan has a "Golden Week" holiday consisting of several festivals. This year, the Japanese authorities decided to take a 10-day holiday to celebrate the new emperor's accession to the throne.
Thirty-one years after Emperor Akihito's accession to the throne, he will abdicate on April 30 and be succeeded by Prince Naruhito the next day.
Japanese people have made travel plans months in advance, resulting in fierce competition for popular tourist routes destined for Hawaii and Europe. The Akiko Nishikata family had planned to go to Hawaii for the Golden Week last November, but they were told that they had sold out.
"It's a once in a lifetime opportunity to travel long distances, so we're disappointed," Nishikata said. As a result, they changed their trip to Hokkaido or northern Kyushu.
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