TOKYO -- Japan's top three watchmakers all reported double-digit declines in operating profits for the first quarter of fiscal 2016 on a year-on-year basis, citing slumping consumption by foreign tourists, known as "inbound tourism consumption," and the stronger yen.
In the April-June period, operating profits and stock prices of Casio Computer, Citizen Holdings and Seiko Holdings returned to levels seen before the "shopping spree" among Chinese and other foreign tourists started in earnest.
