7/1/2019, 5:57 AM (Source: TeleTrader)
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Japan to restrict exports of tech materials to South Korea

Japanese industry ministry announced on Monday it will impose restrictions on exports of certain high-tech materials to South Korea in response to Seoul's recent ruling which instructs Japanese companies to compensate people for forced war-time labor.

The measures, scheduled to go into effect on July 4, will target certain chemicals used in the production of smartphone displays and chips. The harsher rules will require exporters to apply for permission before shipping each batch of materials to South Korea, which will effectively slow down the export process by around 90 days. Companies such as Samsung, SK Hynix and LG are expected to be especially impacted by Tokyo's latest move.

Meanwhile, South Korea expressed regret with Japan's move and announced a "firm" response in line with local and international laws.

Breaking the News / FH