Forget the Alps—as the U.S. Dollar Soars, a Better Currency Play Is on a Chalet in Japan

A strong U.S. dollar has motivated a wave of Americans to house hunt in Europe—but those looking for the biggest bargain should skip the Alpine ski chalet and add snowy Niseko, Japan, to their short list.

The best exchange rates in a generation are handing U.S. buyers opportunities beyond London and Paris—though these have garnered the most attention—with even bigger savings to be had in top-tier Asian cities. In Japan, the dollar now has about 28% more purchase power than the five-year average, according to a Mansion Global analysis with help from the Dow Jones Market Data team.  

“Inquiries have increased due to the weak yen,” said Miwa Urata, a Tokyo-based real estate agent in charge of inbound clients for List Sotheby’s International Realty. Those are likely to turn into sales once Japan fully reopens from nearly three years of Covid-related travel restrictions on Oct. 11.

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