Japan to tighten curbs on tech exports to South Korea - Reuters

Dhwani Mehta FXStreet

A Japanese official at the Ministry of Economy, Trade and Industry told a briefing on Monday, Japan will tighten restrictions on exports of high-tech materials used in smartphone displays and chips to South Korea, effective July 4, Reuters reports.

This move comes in response to a lack of action by Seoul to address issues related to the top court ruling last October, which ordered Nippon Steel to compensate for forced labor during World War Two.

The official said: “South Korea has failed to show any measures on the forced labor issue ... and damaged mutual trust. As trust has been lost, we cannot have a dialogue and are unable to ensure that proper export controls are being taken.”

Responding to the Japanese restrictions on trade, the South Korean Trade Ministry said they will "firmly respond" in accordance with local and international laws.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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