Laox profit seen falling 90% as Chinese tourists cut spending

November 12, 2016 02:40 JST | Japan

TOKYO -- Duty-free retailer Laox's operating profit likely plunged about 90% on the year to 500 million yen ($4.69 million) in the January-September period, as the strong yen and higher import taxes imposed by Beijing hurt spending by Chinese tourists visiting Japan.