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WSJ: Tourism Soars on Won's Decline

Written: 2009-03-25 11:24:06Updated: 0000-00-00 00:00:00

WSJ: Tourism Soars on Won's Decline

A U.S. daily says South Korea is experiencing a surprise tourist boom as the global economic crisis turns it into a shopper’s paradise.

The Wall Street Journal (WSJ) reported Monday that due to the won’s depreciation, the number of tourists to the nation surged six-point-nine percent last year, more than any other Asian destination.

The paper said the boom was led by tourists from Japan, where the appreciation of the Japanese yen has magnified the effect of the drop in the won, adding that the number of Japanese tourists surged 52% in December and 55% in January.

The newspaper also said that the tourist boom narrowed the usual gap between the number of Koreans who leave the country and the foreigners who visit it. The number of inbound tourists increased 25 percent to about 600-thousand in January, while the number of outbound travelers fell 38 percent to about 810-thousand.

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