Amid intensifying fears over Japan’s retaliatory moves against Korea, leaders of major South Korean conglomerates were invited to a private meeting with top policymakers on Sunday to discuss countermeasures, according to reports.

Economy and Finance Minister Hong Nam-ki and Kim Sang-jo, presidential chief of staff for policy, were to meet Hyundai Motor Executive Vice Chairman Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Gwang-mo, Yonhap News Agency reported, citing a person familiar with the matter.

 

Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin were not on the list as they were on overseas business trips.

Lee was reportedly on a trip to Japan to seek a breakthrough in the neighboring country’s export restrictions that began last week.

Last week, Japan started to tighten regulations on exports of three key materials for the production of chips and smartphone displays in a move widely seen as retaliation to a local court’s ruling on compensation for Koreans forced into labor during World War II.

The government said it would seek countermeasures, including filing a complaint to the World Trade Organization.

Items that face Japan’s export restrictions include fluorinated polyimide, photoresist and etching gas, all crucial for the semiconductor fabrication process.

The business leaders are also expected to meet President Moon Jae-in on Wednesday to share their views on Japan’s export limits.

By Cho Chung-un and news reports (christory@heraldcorp.com)