Japan’s Department Store Shares Lag as Tourist Splurge Slows

Once the darling of Japanese stock investors, department stores have lagged the recent broad market rally and could fall further behind as a strong yen dents tourist spending power.

Low confidence stemming from economic uncertainty has also crimped tourist budgets with data compiled by the Japan Department Stores Association showing tax-free inbound sales at over 80 department stores across the country fell by 41 percent in May from a year earlier. The number of shoppers also slid, despite…