Around hundred days since Japan's trade curbs on S. Korea
- 5 years ago
South Korea has been forced to endure Japan's unprecedented trade curbs for almost one-hundred days now.
Tokyo's decision and subsequent countermeasures by Seoul have seen bilateral ties sour to levels not seen in many years with no end in sight.
Since Friday will mark the 100th day of the curbs, we thought we'd take a look at how local consumers have been responding to Japan's efforts to turn the screws on the South Korean economy.
Kim Bo-kyoung reports.
One hundred days have passed since Japan imposed trade restrictions on South Korea in July… and South Korea's boycott of Japanese products is still going strong.
This street outside Gangnam station is one of the busiest streets in Seoul. But despite the number of people passing by, the inside of this Japanese brand shop looks rather quiet.
Japanese clothing brand UNIQLO saw its sales decline in July by around 70% compared to June… according to an analysis of eight credit card companies.
"Japan's trade retaliation and economic restrictions triggered me not to buy products related to Japan."
South Koreans also decided not to take vacations in Japan.
A recent report by the Korea Economic Research Institute said that only 8-hundred-and-seventy-thousand South Koreans took a trip to Japan during the summer vacation period in July and August. That's a 27 percent decrease on-year.
"As the number of Korean tourists in Japan fell during the summer vacation period, Japan saw a decrease of about 200 million U.S. dollars in indirect production. Accommodation saw the biggest decrease, followed by food services and retail."
Yet, Japanese firms aren't the only ones feeling the effects of the boycott.
"As the demand for Japan tours decreased, sales and business profits of domestic airlines also dropped, eventually harming South Korea's economy."
Thus, some people are saying Seoul has to improve ties with Japan by having talks... for Seoul's own sake.
"The current economic situation isn't very good... so I wish we could talk this out, trying to pursue what's good for our nation."
As the boycott continues, the harm to both countries' economies will only increase.
Kim Bo-kyoung, Arirang News.
Tokyo's decision and subsequent countermeasures by Seoul have seen bilateral ties sour to levels not seen in many years with no end in sight.
Since Friday will mark the 100th day of the curbs, we thought we'd take a look at how local consumers have been responding to Japan's efforts to turn the screws on the South Korean economy.
Kim Bo-kyoung reports.
One hundred days have passed since Japan imposed trade restrictions on South Korea in July… and South Korea's boycott of Japanese products is still going strong.
This street outside Gangnam station is one of the busiest streets in Seoul. But despite the number of people passing by, the inside of this Japanese brand shop looks rather quiet.
Japanese clothing brand UNIQLO saw its sales decline in July by around 70% compared to June… according to an analysis of eight credit card companies.
"Japan's trade retaliation and economic restrictions triggered me not to buy products related to Japan."
South Koreans also decided not to take vacations in Japan.
A recent report by the Korea Economic Research Institute said that only 8-hundred-and-seventy-thousand South Koreans took a trip to Japan during the summer vacation period in July and August. That's a 27 percent decrease on-year.
"As the number of Korean tourists in Japan fell during the summer vacation period, Japan saw a decrease of about 200 million U.S. dollars in indirect production. Accommodation saw the biggest decrease, followed by food services and retail."
Yet, Japanese firms aren't the only ones feeling the effects of the boycott.
"As the demand for Japan tours decreased, sales and business profits of domestic airlines also dropped, eventually harming South Korea's economy."
Thus, some people are saying Seoul has to improve ties with Japan by having talks... for Seoul's own sake.
"The current economic situation isn't very good... so I wish we could talk this out, trying to pursue what's good for our nation."
As the boycott continues, the harm to both countries' economies will only increase.
Kim Bo-kyoung, Arirang News.