South Korea President Moon pledges action against Japan's 'unfair' trade move

South Korea's Moon Jae-in sworn in
South Korean President Moon Jae-in Reuters

President Moon Jae-in vowed on Friday, August 2 to take stern action against Japan's decision to strip South Korea of its fast track export status, calling it a reckless and unfair retaliatory action by Tokyo.

"We won't be defeated by Japan again," Moon told a cabinet meeting in a rare live broadcast, but without giving details of possible countermeasures, however.

He also criticised Japan as a "selfish nuisance" for disrupting the global supply chain.

Japan's Cabinet on Friday approved a plan to remove South Korea from the list of countries that enjoy minimum export controls and this move to drop the country from "white list," has been protested fiercely by Seoul.

As reported Japan's trade minister Hiroshige Seko said "The government at a cabinet meeting today approved a revision to the export control law ... South Korea, the only Asian nation on the list, will be removed."