South Korea relies on materials from Japan to make products such as memory chips.
The move comes after Japan last month cut South Korea from a list of so-called “white list” of nations it deems safe for export of strategic materials. The escalated tension bodes ill for the economies already struggling amid weak global demand and the US-China trade war. Last year, the South Korean Supreme Court ruled in favour of individuals seeking compensation from Japanese firms for forced labour during the colonial era.In the statement, South Korea’s trade ministry said the revision is to improve the country’s control of strategic material exports, and is not a retaliation against Japan.
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