OSAKA -- Average prices at Tokyo and Osaka hotels during the Lunar New Year holiday slumped sharply this year despite a continued rise in visitors to Japan, probably due to the growing popularity of short-term home rentals as an alternative.
Average daily rates in Tokyo between Jan. 27 and Thursday fell 13% on the year to 10,657 yen ($95.39) per night, according to yoyaQ.com, a reservation website run by Kakaku.com. The decline was even more pronounced in Osaka, where the average tumbled 26% to 10,193 yen.
