Economics
South Korea Warns Japanese Economic Blow Could Backfire
- Efforts to hurt core competitiveness won’t succeed: Moon
- Tokyo’s export controls provide extra drag on sluggish growth
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South Korean President Moon Jae-in warned Japan that any effort to block his nation’s economic growth “will not succeed,” in the latest escalation of rhetoric between feuding neighbors.
Moon told a cabinet meeting on Monday that he was aware that export restrictions imposed by Japan earlier this month targeted South Korea’s semiconductor industry and “the nation’s core competitiveness.” He expressed confidence that local companies would be able to surmount short-term difficulties to reduce their dependence on Japanese suppliers.