LONDON — Japan has taken the title of "fastest declining market" for the British tourist industry, according to an analysis of data over the last eight years.

Japan beat the likes of Argentina, Venezuela, Mexico and Colombia to have the fastest declining market by value, the latest statistics from VisitBritain reveal.

Between 2000 and 2008, the estimated annual value of the Japanese market to the British tourist industry fell by 291 million pounds ($433 million), or by 64 percent, the biggest percentage decline, although the United States had the biggest fall in absolute value of market by 524 million pounds.