The Lowest Yen Price Recorded: Increase in Japanese Tourists

The Lowest Yen Price Recorded: Increase in Japanese Tourists

Analyzing the sudden escalation of Japanese tourists caused by a low yen exchange rate

News Published 2023.07.03 | Taekyun Kong

(Photo = Reporter Kang Jin-hyeong aymsdream@)

On June 20th, 2023, an unprecedented low Yen price resulted in a burgeoning number of Japanese tourists. Numerically, the Japanese tourism industry received a crowd larger than the US, China, and Hong-Kong’s combined. The conventional exchange rate is roughly 1,000 won to 100 yen, and this fell to about 900 won on June 19th. Expert’s 5r4t5 claim states that this progression during the following week - the currency rate, for the first time in 8 years, entering the 800 won range - has significantly reduced financial burdens regarding excursions. Moreover, a short flight time alleviates time pressures set on the common citizen, which only adds to its popularity. 

(Photo = Jeju Air website)

Taking advantage of Japan’s travel industry’s high popularity, airlines have also launched relatively cheap air tickets to Japan. This was done by introducing more flight shifts. In particular, Jeju airlines launched an exclusive service from Incheon to Oita, while Jin airlines changed their flight schedules to operate the Busan, Sapporo route 7 days a week. ULCC, airlines based in Cheongju, and Aero-K also launched their first international flight to Osaka.These phenomena makes clear that Japanese travel from Korea is an extremely popular and significant incident that influences the route and cost decisions of numerous airlines. 

Furthermore, as the cost disparity between domestic and international flights decreases, more citizens choose to travel to Japan. In fact, though Jeju Island was one of the most preferred travel destinations, due to the price inflation during COVID, increasing reactions claim Japan to be a more practical option. 

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