1、M UpdateTourism|JapanFeedback from our Okinawa Leisure&Tourism Tour:Reaffirming the Potential and Challenges of Tourism Demand in OkinawaMorgan Stanley MUFG Securities Co.,Ltd.+Takuya OsakaEquity Analyst Takuya.O +81 3 6836-5438 Shan JiangResearch Associate Shan.J +81 3 6836-5430 TourismJapanIndustr

2、y ViewIn-LineAs part of our Okinawa leisure&tourism tour on Sep 11-12 we visited the new Junglia theme park that opened in July 2025,the cruise ship terminal at Naha Airport,the gateway to Okinawa,the Okinawa Convention&Visitors Bureau,and Konoike Transport(not covered),a subcontractor for airport h

3、andling operations at Naha Airport.Overview:Confirmation of latent power of Okinawa tourism demand,and issues to address:The tour underscored the rich content that Okinawa has to offer in drawing tourism demand,including nature(sea,mountains),food,culture and aquaria.Use of a second runway at gatewa

4、y Naha Airport has also begun(2020)with takeoff/landing capacity expanded too.The cruise terminal also allows entry by large vessels.Touristic content is being expanded too,for example with the Junglia opening and Shuri Castle restoration(scheduled for 2026).At the same time,our visits also gave us

5、a sense of areas that can be addressed,such as weak brand power and ability to monetize,and a shortage of tourism workers.In quantitative terms,increasing lengths of stays and boosting spending on consumption appear to be common challenges.There is also the Gate Way 2050 Projects initiative.Junglia:

6、Repurposing former golf course land has helped rein in the investment sum(70bn;currently only about half of the total area is in use).Demand is structured differently from at companies such as Oriental Land which operate urban theme parks.We felt a need to step up efforts to attract demand from outs