Aloha from rainy, humid Tokyo!
While Japan is deep in the gloomy grip of the rainy season, Tama-baba just got a fresh update on Hawaii from a kind visitor from the Bank of Hawaii Japan Office, who stopped by our Tama Tax Tokyo office yesterday. Naturally, I dove into the materials like a seagull on a spam musubi.
Here are the highlights that caught my eye — and yes, reality bites, even in paradise.
1. American Tourists Are Back. Japanese Visitors? Still Half.
One stat jumped out right away:
32,000 American tourists per day are now flying into Hawaii — that’s more than the 30,000 daily back in pre-pandemic March 2019. In other words, the Americans are back in full swing.
But what about us Japanese?
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2019 Golden Week: 7,000 daily visitors
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2025 Golden Week: 3,500
Yup. Exactly half.
Maybe it’s the weak yen, maybe the loss of LCC routes — but whatever the reason, the streets of Honolulu don’t echo with as much Japanese as they used to. It’s something you can feel just walking around.
2. Hotels: Fewer Guests, But No Discount in Sight
Here’s a paradox for you:
Occupancy rates have dipped slightly — from 78% in April 2019 to 73% in April 2025. But hotel prices?
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$272 per night → $366 per night
That’s a 34% jump!
It’s like that girl at a group dinner who says, “You’re not really my type, but if you’re paying, I’ll tag along.”
Just because there's space doesn't mean you're getting a deal, honey.
3. The Real Cost of Udon in Paradise
Hawaii’s always been pricey, but inflation is real — even at our beloved Marugame Udon in Honolulu (rumor has it it’s the top-grossing location worldwide!).
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April 2021: $6.25 for curry udon
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December 2024: $8.95
That’s a whopping 43% increase.
So much for cheap eats in Waikiki. Now even a bowl of noodles breaks the 1,200-yen mark.
No wonder more travelers are grabbing spam musubi from the supermarket and calling it dinner.
(P.S. My rec? “Iyasume” is always good, but even 7-Eleven gets praise these days.)
4. Real Estate Woes: High Prices, High Rates, Slow Sales
And then there’s the real estate market.
During COVID, demand for spacious single-family homes skyrocketed, and so did prices.
But now?
Mortgage rates jumped from 2–3% → to 6–7%! 😱
In May 2022, a home would sell in about 10 days.
Now it takes about 20 days for houses, and 30 days for condos.
High prices + high interest = no buyers.
It’s like a handsome guy with a terrible personality — looks good, but nobody wants to marry him. 😂
Final Thoughts
Japan may be stuck in an economic slump, but Hawaii is also facing its own post-COVID shifts.
The land is still limited (thanks to the federal Fort DeRussy park), so prices rarely fall dramatically — yet the market does feel slower than before.
Still, even with all these changes, Hawaii remains Hawaii.
The charm is timeless. The breeze, the ocean, the vibe — they remind you that some places are simply built to stay magical.
Mahalo for reading,
