Following Japan's export restrictions on high-tech materials essential for producing semiconductors and display panels-- which are Korea's top export items--- Seoul authorities and the country's top business leaders are putting their heads together respond to Japan's controversial trade action.
Our Park Hee-jun has our top story.
Finance minister Hong Nam-ki and the presidential chief of staff for policy Kim Sang-jo,... met the top executives of major South Korean companies on Sunday to address the issue of Japan's new export controls, which came into effect on Thursday.
According to Blue House Spokesperson Ko Min-jung,... they exchanged ideas on the economic uncertainties and agreed to continue close coordination.
Local media reports say the luncheon was with leaders of Hyundai Motor Group, SK Group, and LG Group.
These firms are among the many that are vulnerable to the trade tensions,... as Japan's regulations limit vital components for chips and smartphone displays from being exported to Korea.
The heads of Samsung Electronics and Lotte Group are said to have been unable to join the meeting due to overseas travel.
Samsung Electronics Vice Chairman Lee Jae-yong is believed to have traveled to Japan the same day,... to find ways to minimize the damage to its semiconductor business.
Lotte Group Chairman Shin Dong-bin is also holding meetings with Lotte affiliates and investors in Japan.
The presidential office says it cannot confirm who was at the session.
It appears to be keeping the details of such meetings under wraps,... to minimize the damage to the affected companies.
The gathering is believed to be a preparatory one ahead of President Moon Jae-in's meeting Wednesday with around 30 major South Korean companies,... being arranged by Cheong Wa Dae.
The president will take the matter into his own hands by listening to the difficulties local firms are facing,... and will reflect their voices in the government's countermeasure plans.
A Blue House official told Arirang News that the event can pretty much be seen as fixed.
President Moon has yet to make any public messages or give any instructions concerning Japan's export restrictions.
The president could be saving his strong comments toward Japan as the final card in dealing with the trade dispute.
But there is a possibility that this issue could be raised by Moon,... during a meeting with his top aides on Monday or during his meeting with the conglomerates.
Park Hee-jun, Arirang News.
