The purpose of this study was to identify Australian students’ activity preferences, perceived physical risk and interest in Japan as a vacation destination. Based on a sample of 422 Australian students, five activity factors were determined. These were labeled as cultural, outdoor, excitement, built attractions and personal. Australian students were extremely interested in vacationing in Japan and they generally perceived few physical risks of a Japanese vacation. Hygiene risk significantly contributed to variance in interest in vacationing in Japan. Four activity types significantly contributed to interest in travel to Japan and perceived physical risk did not mediate the activity preference and interest relationship. Theoretical and practical implications for this research are outlined and limitations and opportunities for future research are provided.