Jeju's tourism revenue expected to decline because of weak yen

Park Sae-jin Reporter() | Posted : April 26, 2013, 09:08 | Updated : April 26, 2013, 09:08
Jeju Island's tourism revenue is expected to dwindle because of weakened Japanese yen.

Jeju office of the Bank of Korea said that if the won-yen exchange rates drop 10 percent, the number of Japanese tourists who visit Jeju will decrease 1.5 percent. As a result, Jeju's tourism revenue could declined up to 130 billion won this year, it added.

The weak yen is adversely affecting Korea's domestic tourism industry. As yen is getting weakened, South Korean tourists prefer to go Japan instead of making domestic trips.

The won-yen exchange rate has dropped 14 percent for the past one year. Japanese Prime Minister Shinzo Abe is pressuring the Bank of Japan to extend quantitative easing.

Lee Kyu-jin, staff reporter
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