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The Japanese government is lagging behind years of harsh travel restrictions as the yen has fallen in value due to a stagnant economy and weak trade.

Japan will allow all travelers with at least three COVID-19 vaccine injections or a negative test result to enter the country without requiring a visa.

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Japan has recently completely rejected foreigners seeking entry or re-entry into the country.

A dramatic reversal was announced as the Japanese government struggled to protect the yen from further collapse.

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The yen fell to a 24-year low last week, reducing its value to just $144.

Deputy Chief Cabinet Secretary Seiji Kihara told Fuji TV on Sunday that Japan is considering a complete withdrawal of all major sanctions.

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“Among the weak yen, [incoming tourism] will have the biggest impact,” Kihara said, according to Japan Times, “And there are autumn leaves and powdery snow. There are many foreign visitors who want to come to Japan.”

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Japanese officials were extraordinarily nervous during the global pandemic as experts panicked that the coronavirus could pose a potential threat to an aging population.

However, the world’s third-largest economy had stagnated even before the pandemic hit.

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The government has projected real economic growth of 3.2 per cent in FY 2022-2023, up from the earlier estimate of 2.2 per cent.

But with debt still accounting for 34.3% of the budget, it will be difficult to achieve the primary budget surplus by fiscal year 2025-2026, which the government is targeting to do.

The primary budget deficit – excluding new bond sales and debt servicing – has seen 13 trillion yen in fiscal year 2022-2023, an improvement from 20 trillion yen this year, but still far from the government’s target.

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Reuters and Fox Business’ Ken Martin contributed to this report.