It's time now for an in-depth look at the global markets on this Friday.
And for that I'm joined by Dr. Kim Seiwan, Professor of Economics at Ewha Womans University.
Dr. Kim, thank you for coming on today.
You're welcome.
We'll get into the issue of trade between Korea and Japan in just a minute, but first the minimum wage hike here in Korea. Minimum pay going up by a little under 3 percent next year to 8,590 won an hour. That's about 7 dollars and 30 cents an hour. This wasn't the big increase labor was hoping for. What does this mean for the Korean economy?
Korea and Japan are holding working-level talks in Tokyo on Japan's export restrictions. This is the first time they're getting together since all this started. But at this level of government, with no ministers or anyone there, do they have any power to resolve this at all?
We'll hear from both sides probably not too long from now. What kinds of points do you think the two sides will have tried to make in the meeting? Where are they coming from and what do you think happened?
South Korea's Deputy National Security Advisor Kim Hyun-chong is in Washington. He now works in national security but previously he was trade minister and chief trade negotiator, so he knows what he's doing in that area. Do you think Korea can expect help from the U.S. on this issue with Japan?
Korea has already brought up the Japan issue at the WTO in Geneva. And I believe there'll be another WTO meeting later this month where that can happen again. What's Korea's argument, though? There are serious doubts about the idea that, strictly speaking, Japan has broken WTO rules.
Alright, Dr. Kim. Very interesting discussion.
Thanks so much for coming on. Enjoy your weekend.
