The Mitsukoshi department store in the Nihonbashi district of Tokyo. Isetan Mitsukoshi Holdings, Japan’s largest department store operator, saw jewelry and watches continue to lead domestic sales, according to a company spokesperson. | BLOOMBERG
Jul 24, 2026
Japanese shoppers are driving up luxury jewelry sales to a record as consumers seek a safe haven from inflation and the weakening yen.
Sales of gems, precious metals and artwork at Japan’s department stores climbed 19% in the first half of 2026 from a year earlier to ¥330 billion ($2 billion), the highest sales for the period since records began in 2008, according to data from the Japan Department Stores Association.
Demand for jewelry comes as the Japanese yen weakens to nearly ¥164 per dollar, its lowest level since the 1980s, while core consumer prices, excluding fresh food, rose 1.6% in June. The economic backdrop is prompting consumers to shift spending toward assets they see as better stores of value.
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