For Hyatt you may be right, there are fewer Japanese redemptions. No Japanese credit card, and a much smaller footprint for Hyatt to earn on. But generally, points is a pretty big thing in Japan as well. The SPG credit card continued way beyond the Marriott merger because it had a very strong customer and brand base. I think it was only in 2022 they started issuing it as Marriott, though if course you earned Bonvoy points since the merger.

But yeah, Japanese people pay those prices. Ritz-Carlton Fukuoka still commands over 100K yen and lots of locals stay there. Roku LXR sees a lot of Japanese guests, so does Mitsui. The Grand Hyatt Tokyo has a loyal Japanese customer base as well, you hear a lot of Japanese spoken there. And finding better cash value in Tokyo is pretty easy.