South Koreans' combined purchase of the Japanese currency at major local banks rose nearly fivefold in May from a year earlier as the yen depreciated to the lowest level in eight years.

According to market data Sunday, the amount of Japanese currency sold at the country's four major banks – KB Kookmin, Shinhan, Hana and Woori – came to 30-point-16 billion yen, or 273-point-two billion won, in May, up seven-point-three billion yen from a month earlier.

The figure is four-point-eight times larger than the six-point-three billion yen logged a year earlier.

The increase comes as more people are traveling to Japan and buying Japanese currency for investment amid a weak yen.

On Friday, the won-yen exchange rate fell to 903-point-82 won against 100 yen, the lowest level in eight years since June 2015.