Following its meeting with three major global credit firms – Moody’s Investors Service, S&P and Fitch Ratings, the South Korean Finance Ministry stated that global rating agencies have expressed concerns over Japan’s export restrictions and its impact on the rest of the world.
Key Quotes:
“The credit rating companies expressed concerns that the economic impact of the Japanese measures currently remains limited but that it may have an adverse effect on not only South Korea and Japan but the global supply chain and the global economy as well should Japan’s trade restrictions intensify.”
“Our side stressed that the Japanese move violates the global trade order as it is a retaliatory measure that linked the economy with a historical issue and that it also runs counter to the mandate of the Group of 20 summit.”
“We also explained that the South Korean government is making various diplomatic efforts to have the export restrictions withdrawn and also minimize damage to the South Korean economy and its companies.”
“(They) stressed the importance of innovation and efforts to enhance productivity while noting that fundamentals of the South Korean economy still remain strong.”
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