
A flight schedule screen shows gates for flights to Tokyo and Osaka in Japan, among other international cities, at Incheon International Aiport, July 1. Yonhap
The card spending of Korean travelers in Japan more than doubled in the first half of this year compared to a year earlier, as the Japanese yen is extending its weakening trend.
According to data Hana Card released Tuesday, offline payments using the firm's credit and debit cards in Japan totaled 431.4 billion won ($312.2 million) from January to June, an increase from 205.5 billion won in the same time period in 2023.
"The steep hike in spending is attributed to weak Japanese yen, which spurs more Koreans to buy the currency and travel to Japan," Hana Card said, noting that the yen has fallen to the lowest level against the dollar since 1990.
The company pointed out that the number of Hana Card customers who made payments in Japan was 427,295 in the January to June period, up from 225,507 in the previous year.
Over the two cited periods, spending per user also increased from 915,745 won to 1 million won.
Department stores accounted for 14.3 percent of the aforementioned 431.4 billion won. Restaurants made up 4.8 percent, while retail discount stores accounted for 4.7 percent.
Hana Card forecasts that the increase in card payments in Japan is likely to continue as peak travel season in the third quarter approaches.
Concerning the exchange rate with the Korean won, 100 yen has been traded in the mid-800 won range in recent weeks.
For comparison, it was once virtually the norm that 100 yen was equivalent to 1,000 won or slightly more.