The Yen is at its cheapest level since the bubble years and Japan seems to be the in vogue destination at the moment. I personally know half a dozen people who are visiting (or already visited) since they opened up after the pandemic. These people have never been to Japan before and have no affiliation with the country - they're also quite wealthy and I'd imagine most of them are traveling in paid J.

It also seems like capacity has not caught up yet to all this extra demand post-pandemic which is further exacerbating the problem.