Weakened Yen Drives Korean Travel and Currency Buying Surge

The weak Japanese yen has led to an increase in travel and currency buying among Koreans. Office worker Lee, planning to attend a friend's wedding in Okinawa in November, decided to extend his trip with his family after calculating that the lower exchange rate would not significantly add to their expenses.

According to Hana Bank, the won-yen exchange rate has fallen to 854.13 won per 100 yen, its lowest level since November 2023. This represents a 12% drop from the record high of 974.62 won on June 5 this year.

The number of Koreans visiting Japan is rising quickly, with 894,700 visitors in July, a 31.9% increase from the same month last year and the largest figure on record for July.