Japan Tourism Agency Reported Some Spectacular Data

Forex News

According to Japan Tourism Agency, home-sharing listings have exceeded a 1,000 threshold. This was 10 times higher than in the prior month. And yet, this can’t be compared with 62,000 listings that Airbnb Inc (market leader) had by earlier this year.

Japan will implement the private temporary lodging, the so-called "minpaku," law, in 2 days. The law suggests registering with the government apart from imposing other rules and restrictions by hosts. As of June 8, Japan got 2,707 applications nationwide and 1,134 of them were approved. As of May 11, the government had approved 152 of 724 applications.

The new law restricts home-sharing to 180 days a year. Hosts claimed the limit complicates a profit turning and gives local governments more authority.