Joining MLIT minpaku guest counts with the JTA 2026 Apr–Jun Inbound Consumption Survey puts Japan's private-lodging accommodation spend at ¥351.5億. USA guests pay ¥15,409 a night, Indonesians stay 17.6 nights, and South Korea's 56,310 guests rank only 4th by revenue. Full 20-market breakdown with operator playbook.
Tokyo's registered minpaku (short-term rental) properties grew from 7,527 (April 2024) to 12,576 (August 2025) — up 67.1% in 16 months. More striking: foreign guests now account for 86.8% of all Tokyo minpaku guests, up from 73.2% in April 2024. Japan's STR market is not serving domestic travelers — it is competing directly with hotels for international visitors. What does 25,000 effective room-equivalents operating outside the hotel yield management system mean for Tokyo's competitive landscape?