South Koreans’ credit card spending on Japanese products has halved over the past month amid an escalating trade row between the two countries, government data showed.
Many Korean consumers began boycotting Japanese products and tourism in early July, when Japan restricted exports of key materials to Korea. A Japanese Cabinet decision early this month to exclude Korea from Japan’s list of trusted trading partners has fueled anti-Japan sentiment.
In a report submitted to Rep. Lee Tae-kyu of the minor opposition Bareunmirae Party, the Financial Supervisory Service said credit card spending in Japanese brand stores -- such as casual clothing chain Uniqlo, retailer Muji, cosmetics firm DHC and shoe store ABC Mart -- on cards issued by the country’s eight card companies had plunged to 4.98 billion won ($4.1 million) as of the end of July, from 10.23 billion won a month earlier. (Yonhap)