South Korean Ministry of Trade, Industry and Energy said in a statement on Monday, it is considering dropping Japan from its “white list” of countries with fast-track trade status from September, in response to the Japanese export controls on the South.
The statement read: “Tighter trade regulations, including potential lengthy permit application processes, will apply to South Korean exports to Japan related to weapons production and machine tools.”
The Ministry added that South Korea is ready to have talks with japan on export controls at anytime, anywhere.
The rising South Korea-Japan trade tensions continue to underpin the sentiment around the safe-haven Yen, keeping USD/JPY in the red below the 105.50 level.
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