Asia-Pacific markets finished mostly flat following a quiet Wall Street

Tourism ministers from regional member economies are coordinating their policies to revive the tourism and travel industry in the region, said the Asia-Pacific Economic Cooperation.

They are considering a series of policy recommendations to ensure that the benefits of tourism are distributed fairly among local communities.

These include policies to facilitate tourism journeys that are sustainable, respectful of local and traditional knowledge, and are gender-responsive.

According to World Travel and Tourism Council on Friday, the travel and tourism industry contributed to almost 11% to the total employment in the region, or about 162 million jobs in 2019.

This number dipped during pandemic, accounting for just 131 million jobs in 2020 and 138.7 million jobs in 2021.

“The havoc wreaked by COVID-19 in the past two years is certainly unprecedented and has viciously impacted the lives of everyone,” Thailand’s Minister of Tourism and Sports said Phiphat Ratchakitprakarn said in his opening remarks at the 11^th APEC Tourism Ministerial Meeting held in Bangkok.

“However, through the last couple of years, our relevant agencies have worked hard and are still, until today, working tirelessly to achieve a swift and healthy recovery as we believe that the lowest point of the economic crisis from the pandemic is now behind us.’

“It’s time for us to get back on track and move towards more positive territory.”

Thailand, for example expects to welcome 10 million international tourists this year after it shut completely to visitors during the pandemic. The sector contributes to around 20% of its gross domestic product.

— Su-Lin Tan

Defense stocks in South Korea rose slightly after North Korean state media shut down proposals to support Pyongyang’s economy in exchange for giving up its nukes.

“It would have been more favorable for his image to shut his mouth, rather than talking nonsense as he had nothing better to say,” North Korean leader Kim Jong Un’s sister, Yo Jong, said in the statement.

Kim called South Korean President Yoon Suk-yeol “really simple and still childish” for proposing to “barter economic cooperation for our honor, nukes.”

Korea Aerospace Industries rose as much as 3.56% earlier in the session before paring gains. LIG Nex was up as much as 2.5% and Hanwha Aerospace rose as much as 1.8%.

South Korea’s Unification Ministry expressed strong regret over Kim Yo Jong’s statement on Yoon’s plans, describing her statement as a reiteration of North Korea’s intentions to continue developing nuclear weapons.

—Jihye Lee

The Bank of Japan is not expected to change its monetary policy despite an uptick in headline inflation, according to Stefan…