Japan's premier luxury department-store group is the single purest listed proxy for tax-free spending by inbound tourists — its flagship Shinjuku and Ginza stores capture exactly the high-end hanami-season shopper the image evokes. Tax-free sales have repeatedly hit records as the weak yen makes luxury goods cheaper for foreigners, and Isetan's revenue is disproportionately geared to that flow versus a broad Japan index.

Operator of Haneda's passenger terminals and a huge chunk of Japan's airport retail and duty-free — the physical chokepoint every inbound tourist passes through. Its earnings scale almost directly with foreign arrival volumes and per-head duty-free spend, giving cleaner tourism leverage than an airline burdened by fuel and labour costs.

Runs the Skyliner express that carries international arrivals from Narita into central Tokyo, so it earns directly on inbound footfall — and it also holds a large strategic stake in Oriental Land (Tokyo Disney), layering a second tourism-consumption engine on top. A focused way to own the rail infrastructure feeding the exact luxury districts pictured.

Prestige Japanese cosmetics are a top-tier tax-free purchase for inbound visitors, and Shiseido's domestic and travel-retail sales swing hard on tourist volumes from China and the rest of Asia. It expresses the 'weak yen makes premium Japanese brands a bargain' leg of the thesis more sharply than a broad consumer basket.