The Kanko Keizai Shimbun’s “Nippon no Onsen 100-sen” (Japan’s Top 100 Onsen, にっぽんの温泉100選) has reached its 40th edition (40th anniversary), and two public votes — one for general travelers and one for hot-spring enthusiasts — are open until the end of October. In the previous 39th edition, Kusatsu, Gero and Dogo took the top three spots. This article organizes, for each of the 39th edition’s top 10 onsen towns, the number of inns, room counts and monthly estimated settled ADR. Kusatsu Town peaked at ¥21,300 in December 2025 and Gero City at ¥21,700 in November over the latest 12 months — both are “winter-type” markets, yet their peak months are one month apart. We look at where there is room to sell ahead of the winter-to-spring demand that follows the announcement.

Room stock in this article covers lodging facilities with 10 or more rooms (excluding leisure/love hotels) within a 1,000m radius of Yubatake (for Kusatsu). “Active” refers to properties with sale prices confirmed on major booking sites in the latest 3 months (August–October 2026) (as of October 27, 2026, compiled by MetroEngines Research). The other 9 onsen towns are compiled under the same conditions; center points and radii are listed in the table in the body text. Booking curve = the change in remaining OTA inventory leading up to the check-in date; LT (lead time) = number of days before check-in.

What Is “Japan’s Top 100 Onsen”? — Two Votes Open for the 40th Edition Until the End of October

“Nippon no Onsen 100-sen” is an annual onsen-town ranking compiled by the Kanko Keizai Shimbun (観光経済新聞社), with rankings determined by votes from “travel professionals” working at travel agencies and similar businesses across Japan. According to the publisher’s special 100-sen page, votes are accepted by postcard and online, and each vote can name up to five onsen towns. Results are announced after certification by a review committee made up of eight tourism-related organizations.

For the 40th edition, marking the 40th anniversary, two additional votes have been set up separately from the usual one. “Chosen by Everyone” — voted on by general travel lovers — is run with the full cooperation of a travel comparison site operator, while “Chosen by Onsen Enthusiasts” is conducted with the cooperation of enthusiasts and researchers, including the Onsen Sommelier Association. According to Kanko Keizai Shimbun (October 12, 2026), both are accepted via web form and close at the end of October. The announcement date for the 40th edition has not yet been published, but the previous 39th edition was announced in the paper’s December 15, 2025 issue.

The 39th Edition’s Top 10 Onsen Towns — Kusatsu, Gero and Dogo Take the Top 3

The overall ranking for the 39th edition (FY2025) is as follows. The rankings are quoted exactly as published by the Kanko Keizai Shimbun; we have not reordered or recompiled them.

Source: Kanko Keizai Shimbun, “39th Japan’s Top 100 Onsen Chosen by Professionals” overall ranking (announced in the December 15, 2025 issue)

The top 10 onsen towns are spread across 9 prefectures from Hokkaido to Kagoshima, with Hyogo contributing two — Arima and Kinosaki. The lineup mixes towns dominated by large ryokan, such as Kusatsu, Gero and Noboribetsu, with towns lined by small inns, such as Kurokawa and Kinosaki. Below, we first confirm this difference in scale through room stock.

Room Stock at the Top 10 Onsen Towns — From 2,437 Rooms Around Kusatsu to 359 Around Kurokawa

Counting lodging facilities within a 1km radius of each onsen town’s center point (a hot-spring source, public bathhouse, or the nearest station to the onsen district), Kusatsu Onsen has 98 listed properties with 3,051 rooms, of which 71 properties and 2,437 rooms were active (sales confirmed in the latest 3 months). Gero Onsen has 33 active properties with 1,588 rooms and Dogo Onsen 33 with 1,572 rooms; each of the top three holds more than 1,500 rooms within 1km.

Property size, however, varies greatly. All 14 properties within 1km of Noboribetsu Onsen are active, totaling 1,945 rooms — an average of 139 rooms per property, making it a town centered on large ryokan. By contrast, Kurokawa Onsen has 20 active properties with 359 rooms, an average of 18 rooms. Kinosaki Onsen has 45 properties and 907 rooms, with small ryokan averaging 20 rooms gathered around its public bathhouses. We also compare the inn makeup of bathhouse-centered onsen towns in Kinosaki 52 Inns vs Shibu 30: Sotoyu Onsen Town ADR Gap Hits 2.3x. In Beppu Hatto, hot springs are scattered across the city, and in Ibusuki, inns are dispersed along the coast, so these two were compiled with a 3km radius. The 4,901 active rooms within 3km of Beppu Station are the most in the table, but ryokan account for only 17.3%, with business hotels and resort hotels supplying most of the rooms.

Source: Compiled by HotelBank Editorial Team from MetroEngines Research (as of October 2026). Properties with 10+ rooms, excluding leisure hotels. Active = properties with sale prices confirmed on major booking sites in the latest 3 months (August–October 2026)

Source: Compiled by HotelBank Editorial Team from MetroEngines Research. Circle size = active room count

The higher an onsen town’s ryokan share, the more likely the half-board (one night, two meals) rate becomes the price benchmark. In Kinosaki (97.0%) and Kurokawa (100.0%), nearly all lodgings are ryokan — one reason the estimated settled ADR levels we look at next come out on the high side.

Monthly Estimated Settled ADR — Kusatsu Peaks in December, Gero in November

Overlaying municipality-level estimated settled ADR for 2025 and 2026, both of the top two onsen towns peak in summer (August) and winter. Their winter peaks, however, are one month apart. Kusatsu Town rose in steps from ¥17,100 in October 2025 to ¥19,700 in November and ¥21,300 in December, with December marking the high of the latest 12 months (October 2025–September 2026) (N=77–94). Gero City climbed from ¥18,100 in October to a peak of ¥21,700 in November, then stayed high at ¥19,600 in December and ¥20,100 in January 2026 (N=42–49). For an analysis that reads Kusatsu’s December peak alongside visitor numbers, see Onsen Rate Peaks: Kusatsu in December, Takayama & Nikko in October.

Source: Compiled by HotelBank Editorial Team from MetroEngines Research (estimated settled ADR, finalized months only. Kusatsu Town N=77–96, Gero City N=42–50)

Both bottom out in June: in June 2026, Kusatsu Town was at ¥14,600 and Gero City at ¥12,900. The peak-to-trough ratio is 1.46x for Kusatsu Town and 1.68x for Gero City, so Gero’s rates swing more by season. Year over year, winter growth stood out: Kusatsu Town in December 2025 was +28.8% (¥16,500 in December 2024 → ¥21,300) and Gero City in January 2026 was +29.0% (¥15,600 in January 2025 → ¥20,100). Summer looked different — in August 2026, Kusatsu Town was −5.6% and Gero City −11.5%, both below the prior year.

Because Dogo Onsen lies within Matsuyama City, city-level figures diverge from the reality of the onsen district. Matsuyama’s citywide estimated settled ADR was ¥11,000 in November 2025, ¥11,100 in January 2026 and ¥8,300 in June (N=85–90), a level that includes many business hotels in the city center. When we narrow it down to active properties within 1km of Dogo Onsen Honkan and compute the median ourselves, it was ¥18,600 in December 2025 and ¥14,000 in June 2026 (N=26–27), showing that the onsen district itself follows a December-peak pattern.

Peaks and Troughs Across the 10 Onsen Towns — 8 Peak Between November and January

Extending the same view to all top 10, 8 of the 10 onsen towns saw their rate peak between November and January in the latest 12 months. The two exceptions are Matsuyama City, which peaks in August during summer vacation, and Minamioguni Town (incl. Kurokawa Onsen), which peaks in March. The peak-to-trough ratio is largest in Toyooka City (incl. Kinosaki Onsen) at 1.90x: ¥32,800 in December 2025 versus ¥17,200 in July 2026, a shape typical of Sea of Japan onsen towns where rates jump during crab season. Awara City also swings widely at 1.77x, peaking at ¥28,600 in December. How Sea of Japan ryokan price right after the crab season opens is analyzed in detail in Crab Season 2026: Ryokan Rates Up to 44% Above October Saturdays.

Source: Compiled by HotelBank Editorial Team from MetroEngines Research (finalized months, October 2025–September 2026. Peak ÷ trough = highest month ÷ lowest month of monthly estimated settled ADR)

Source: Compiled by HotelBank Editorial Team from MetroEngines Research. *For Kita Ward (Kobe) and Toyooka City, November 2025 was outside the compilation scope, so the peak was determined over the 11 months excluding November. Figures for Matsuyama City, Kita Ward (Kobe) and Toyooka City cover the entire city/ward containing the onsen town, not the onsen district alone

Onsen towns with small swings have their own characteristics. Minamioguni Town (1.29x) holds a high rate band of ¥25,000–32,000 year-round, suggesting an onsen town chosen by name regardless of season. How Minamioguni’s rates have recently recovered is examined in detail in Kurokawa Onsen After the Quake: 63 Listings Held, Sep ADR +8.7% YoY. Ibusuki City (1.30x) has a gentle winter peak, pointing to year-round demand that leverages its warm climate. No causal link can be drawn between ranking and rates, but for many of the top 10, the winter peak coincides with the announcement period (mid-December).

Guest Review Scores — Kurokawa and Kinosaki at 4.43 Overall, Noboribetsu at 4.51 for Baths/Onsen

As a supplementary indicator, we compiled guest review scores for active properties in each onsen town over the latest 24 months (November 2024–October 2026). Weighted by review count, the overall score exceeds 4.0 out of 5 in all 10 onsen towns. Kurokawa Onsen and Kinosaki Onsen both score 4.43, with Kinosaki rating especially high for dinner (4.63) and service (4.51).

Each town’s strengths show up in the individual categories. For “Baths/Onsen,” Kurokawa (4.59) and Noboribetsu (4.51) exceed 4.5. In Dogo, service (4.43) and dinner (4.49) lift the overall score, while Awara’s dinner score of 4.53 reflects high satisfaction with food. Kusatsu and Gero both score 4.39 for “Baths/Onsen,” above their overall scores (4.09 and 4.11) — a sign that many guests come for the hot-spring water itself.

Source: HotelBank Editorial Team research (guest reviews, November 2024–October 2026. Covers active properties in each onsen town with 10 or more reviews, weighted by review count)

Winter to Spring After the Announcement — A Market Where Bookings Within 45 Days Make Up Over 20%

A useful clue for thinking about post-announcement demand is when bookings come in. Plotting the monthly-average booking curve from LT45 to LT1 for September 2026 stay dates, Kusatsu Town’s estimated occupancy rose from 62.3% at LT45 to 85.2% the day before (LT1) (67 properties / 2,022 rooms, based on listings on major booking sites). Gero City went from 63.6% to 89.0% (36 properties / 1,507 rooms) and Matsuyama City from 56.2% to 86.2% (73 properties / 4,696 rooms) — in each case, a little over 20% to 30% of all rooms filled between 45 days out and the day before the stay.

Source: Compiled by HotelBank Editorial Team from MetroEngines Research (monthly average for September 2026 stay dates. Kusatsu Town 67 properties / 2,022 rooms, Gero City 36 properties / 1,507 rooms, Matsuyama City 73 properties / 4,696 rooms, based on listings on major booking sites. Estimates based on the sell-through of inventory sold on OTAs; they differ from each property’s actual overall occupancy)

Applying this pattern, if results are announced in mid-December, stay dates from late January onward are still more than 45 days away. In other words, when the announcement is generating buzz, most February and March inventory is still on sale. Estimated settled ADR in February and March 2026 was ¥17,600 and ¥17,500 for Kusatsu Town and ¥16,700 and ¥18,200 for Gero City — about 17–18% below the peak for Kusatsu Town (December) and about 23% below for Gero City in February (vs. its November peak). This gap between peak and trough represents upside that can be captured through pricing during a period of heightened onsen-town buzz and through plan design for multi-night and weekday stays.

Source: Compiled by HotelBank Editorial Team from MetroEngines Research (occupancy estimated from OTA-listed inventory, monthly average as of the day before stay. *June covers the 21 days from June 10. Properties covered are those listing at least 30% of their total rooms on OTAs)

Summer occupancy was highest in August in all three municipalities, with Gero City reaching 92.0%. June–July held at 77–85%, months with room left to sell, mainly on weekdays. Forward estimates based on current listed prices (subject to change) show Kusatsu Town at ¥17,800 for December 2026 (N=85), ¥19,200 for January 2027 (N=67) and ¥20,300 for February (N=55) — the reverse of last season’s finalized pattern, with the new year coming in higher. Gero City’s November 2026 estimate of ¥22,000 (N=47) is the highest level between October and the following March. These are values for months not yet finalized and cannot be compared directly with finalized months.

Summary

The top 10 onsen towns in the 39th “Japan’s Top 100 Onsen” vary widely in room scale and lodging type. Some, like Noboribetsu, gather large ryokan; others, like Kurokawa and Kinosaki, have small inns shaping the streetscape. Even so, rate movements share a common thread: 8 of the 10 peaked between November and January. Within the same winter type, Kusatsu peaks in December and Gero in November, and some towns, such as Toyooka (Kinosaki) and Awara, see the gap between peak and trough widen to nearly 2x.

Voting for the 40th edition closes at the end of October. If results are announced in mid-December as last time, most February–March inventory will still be on sale at that point. The gap between the winter peak and February–March levels (about 17–18% for Kusatsu Town and about 23% for Gero City in February) is room that can be captured through pricing and plan design that respond to post-announcement buzz. One approach is to make the strengths rated highly in reviews — “baths,” “food” and “hospitality” — the core selling points for winter-to-spring sales.

Frequently Asked Questions

Q. When does voting for the 40th “Japan’s Top 100 Onsen” close?
A. Both votes — “Chosen by Everyone” for general travelers and “Chosen by Onsen Enthusiasts” for hot-spring enthusiasts — close at the end of October (Kanko Keizai Shimbun, October 12, 2026).

Q. When will the results be announced?
A. The announcement date for the 40th edition has not been published. The previous 39th edition was announced in the December 15, 2025 issue of the Kanko Keizai Shimbun.

Q. What were the top 3 in the 39th edition?
A. 1st: Kusatsu Onsen (Gunma), 2nd: Gero Onsen (Gifu), 3rd: Dogo Onsen (Ehime).

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