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In a scheduled report to the parliament on Thursday, the Bank of Korea (BOK), the South Korean central bank,  warned of economic impact from Japan’s export curbs.

The report read: “Effects from Japan’s export curbs are so far limited, but if the situation worsens, the impact could be bigger than what pricing regulations such as a tariff increase would have.”

“Semiconductor exports, which account for about a fifth of the country’s total shipments abroad, would likely continue to decline for the rest of this year”, the report added.

So far, the Japan-South Korea trade spat has had limited impact on the market, as the US-China trade war, global slowdown concerns and Fed’s policy grab the most attention.