South Korea will soon unveil plans to reduce its economy’s reliance on Japanese industries, its finance minister said Wednesday, while repeating his call for Tokyo to end the tightening of controls on some exports.
Japan and South Korea have failed to mend a dispute that could threaten global supplies of microchips and smartphone displays, after officials met in Tokyo on Friday for a more than five-hour briefing that drew media attention for its frosty start.
South Korea’s foreign minister told US Secretary of State Mike Pompeo that Japan’s export curbs against Seoul are “undesirable”, the Foreign Ministry said on Thursday, as a trade row between the East Asian neighbors grows.
Kang Dong-wan, the head of an electronic goods supplier for South Korea’s biggest global brands, said it feels like Asia’s fourth-largest economy is in a recession as business conditions have deteriorated further after a tough 2018.
Japan plans to tighten restrictions on the export of high-tech material used in smartphones and chips to South Korea from July 4 in connection with a dispute over a South Korean ruling on war-time forced labor, the Sankei newspaper reported on Sunday.
South Korea's current account surplus with China rose from a year earlier in 2018 on record exports, central bank data showed on Friday, amid concerns that this year's performance will not be good given a sharp cut in shipments to the world's No.2 economy.
South Korea's economy is increasingly facing downside risks amid the trade tussle between the United States and China, the country's chief economic policymaker said on Friday, stressing the need to take quick and bold actions to buttress the economy.
South Korea’s exposure to a stressed global manufacturing supply chain has knocked its currency — Asia’s most risk sensitive — to over two-year lows as investors use it as a proxy to bet on the economic costs of a protracted US-China trade war.