So we wait with baited breath for Japan's decision on whether it's going to cut South Korea from its trade 'whitelist'.
Let's get an expert's take on the situation and his thoughts on where this trade spat might end up heading.
Joining me in the studio is Doctor Bong Young-shik, Research Fellow at Seoul's Yonsei University.
Thanks for joining us.
First things first, do you expect Japan's cabinet to approve South Korea's removal from the "white list"? And if so, do you think its claims for wanting to do so to protect national security holds any water?
There are international concerns that if Japan pushes ahead, there could be an economic decoupling of South Korea and Japan - the glue that's long secured political and security cooperation between the two. Do you share similar concerns?
South Koreans have been boycotting Japanese products and canceling trips to Japan so the Japanese economy is suffering as well. Do you think a widening boycott in South Korea might prompt Japan to rethink its current position?
Experts point to U.S. role in order to keep the trilateral security architecture firmly in place between Seoul, Washington, and Tokyo.
Do you think the U.S. rise to the occasion and how effective will such pressure be... if it comes at all?
Thanks for your insights. As we are expecting Tokyo's announcement any moment now, we'll come to you shortly for your reaction.
