Japan's surplus in spending by overseas travelers declined in July from a y...
TOKYO - Japan’s surplus in spending by overseas travelers declined in July from a year earlier as the number of visitors from South Korea tumbled, a sign the souring bilateral relations are taking a toll on the world’s third largest economy.
Japan’s decision in July to tighten controls on exports of materials to South Korea, which are used to make semiconductors, has prompted a backlash in Korea, with consumers boycotting Japanese goods and cancelling tours to the neighboring country. The decline in the travel account surplus helped cause a 32% rise in Japan’s service account deficit, the data showed.
Since Abe took office in late 2012, foreign visitors to Japan have more than tripled to 30 million people as of 2018, helped by a weaker yen and easing of visa requirements.
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