That certainly used to be the case. My dad used to get his suits made in Hong Kong all the time although that became less economical relative to other locations. I don't really wear any of that type of clothing any longer.
Akihabara in Tokyo also used to be a bargain for electronics but I'm not sure that's really true any longer that I've noticed.
I was in Akihabara in Tokyo and other places end of 2024. Prices were nearly US priced but in Yen more or less. No real bargins. Only thing they had going was unique stuff you can't find at all in the mass market garbage we got going on in the US
Much of the "cheap retro games" from Japan are just the games that were more popular there like Paper Mario 64.
It's hard to really properly track these things but over the three trips I've made to Japan over about 12 years. Id say the price rises have been entirely in line with currency and retrogaming inflation.
I.e. I'm not sure it was every as good value as people thought.
I did buy quite a bit over a decade ago but again those were Japan only carts (that wouldn't even run in PAL without a mod chip but would run NTSC-U).
That said it is so much more touristy now I'm sure any arbitrage opertunity would be sweeped away same evening.
Japan is now also making domestic only console versions (at least for switch 2 and I think with PS5 on the cards).
Again this might lead to people thinking consoles are cheap in Japan but these are Japanese only consoles designed to revive the economic doldrum they are in.
A certain version of JP Zelda Link to the Past is needed for speedrunning and “legally” running randomizers. It was far easier and cheaper to find in Tokyo than online.
As late as 2012-2015 it was still extremely cheap to get suits in HK, but I'm sure that's no longer the case.
The last time I did it, I bought fabric for $60 USD at Joann's, flew to HK, and gave a guy the fabric for a suit. The suit cost $45 USD to make.
I think, latterly, my dad was getting them made in Seoul and I had some clothing made there and Singapore as well. But I had admittedly not been in HK for years and years and didn't really need suits in any case.