And upon hearing the news, economy-related sectors have been calling on Japan to lift the the unfair restrictions.
For more, we have our Kim Da-mi on the line for us.
Da-mi, any remarks from the economy-related ministries so far?
Hi Ji-yoon,
So far, none have been announced by South Korea's trade or finance ministry.
But it's highly likely finance minister Hong Nam-ki will hold a briefing on Japan's decision in the afternoon...after a cabinet meeting scheduled for 2PM, Korea time.
South Korea's economy-related ministries have been strongly urging Japan to lift the unfair trade restrictions for weeks.
On Thursday, South Korea's trade ministry said Tokyo's whitelist removal decision would end up hurting not only Seoul-Tokyo trade, but also the global supply chain.
And of course, the ministry highlighted the negative impact it will have on Seoul's already decreasing trade volume.
South Korea's trade minister Sung Yoon-mo said this week that Seoul will pool all the capacity and resources of its public and private sectors to minimize the economic blow.
According to the minister, Seoul has been thoroughly reviewing parts and materials that could be heavily affected by Tokyo's additional export restrictions.
He added the South Korean government has prepared countermeasures for all possible scenarios, stressing Seoul will cope with Tokyo's measures.
That's all from me as of this hour, but I'll be back later with more updates. Jiyoon.
