Tourists are flocking to Japan to scoop up high-end clothes and handbags at a discount thanks to the weak yen currency, but luxury goods companies like Louis Vuitton parent LVMH would rather they stayed home and shopped.
The yen¡¯s sell-off ¡ª it hit a 38-year low against the dollar last month before recovering ground ¡ª has sparked an unprecedented tourist boom, drawing savvy shoppers from Asia and elsewhere.
Global luxury brands aren¡¯t cheering, because their goods, ranging from designer sneakers to whisky, now tend to be cheaper in dollar terms in Japan than elsewhere, denting profits.
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