Japan-South Korea spat an economic lose-lose

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Japan-SouthKorea spat an economic lose-lose

A diplomatic spat that prompted Japan and South Korea to downgrade trade and military ties is an economic lose-lose, experts say, with both countries already feeling the impact.[TOKYO] A diplomatic spat that prompted Japan and South Korea to downgrade trade and military ties is an economic lose-lose, experts say, with both countries already feeling the impact.

A series of South Korean court rulings have demanded Japanese companies compensate victims, but Tokyo says the issue was settled by a reparations package agreed decades ago.As ties worsened, Japan imposed restrictions on the export of chemicals key to the South Korean chip and phone industries, and this week removed Seoul from a favoured trading partner 'white list.

The country's export-oriented economy was already suffering the effects of the US-China trade war and the global economic slowdown. South Koreans were the second largest contingent of foreign visitors to Japan last year, just behind visitors from China, according to the Japan National Tourism Organisation.

The diplomatic spat has had other economic impacts in the form of boycotts in South Korea of Japanese products from clothing to alcohol.South Korea accounted for 61 per cent of Japanese beer-makers' exports last year, and imports were down 45 per cent in July from June according to South Korean customs.

 

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