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Minimize economic fallout

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Contingency plan needed to avoid any crisis

The escalating Seoul-Tokyo standoff over historical and trade issues is expected to cast a darker cloud over the Korean economy. Pessimism is growing as the conflict is spreading to security matters. On Thursday, the Moon Jae-in administration decided to terminate a military intelligence-sharing pact with Japan. This decision was part of Seoul's countermeasures against Tokyo's expanding export restrictions on industrial materials and parts crucial for South Korean companies.

On top of that, the Korean armed forces launched a two-day military exercise Sunday to defend the easternmost islets of Dokdo. This drill is likely to further aggravate bilateral ties which have already plunged to the worst level since the countries normalized diplomatic relations in 1965. Dokdo has long been a thorny issue between the Asian neighbors because Japan continues to........

© The Korea Times