In recent days, in the major shopping centers of South Korea, the boycott of Japanese goods has increased because Japan recently introduced a regulation to restrict the export of some items to Korea.
The Korean Supermarket association called for a boycott and the removal of 100 Japanese products in sales systems, although these goods were loved by the people, to support the country.
The Japanese boycott movement has also been taking place for about 2 weeks now in Korea. A number of large corporations such as Lotte which are facing difficulties in doing business with China are also greatly affected. Because, this group has trade relations with many Japanese companies.
Accordingly, this group’s revenue has been reduced by about 1,000 billion won over the past time. Lotte is a large Korean corporation operating in many fields such as real estate, catering, retail ... with 95% of sales in the Korean market.
Meanwhile, today (July 18), a number of South Korean opposition parties, such as the Democratic Party, have held a plenary meeting to discuss policies to cope with restrictions on export of high-tech materials. Japanese. The chairman of the party also said that Japan is breaking the international trade order.
The Korean government also stressed that it will persevere in the principle of not retaliating economically with political issues. Korea will also promote the expansion of production of domestic materials, diversify import places ... to limit Japan’s influence.
A South Korean investigating organization has just released the investigation results on Japan restricting the export of high-tech materials to South Korea, causing trade conflicts between the two countries and whose responsibility belongs to? Up to 65% of Koreans believe that the responsibility belongs to the Japanese government, 17% belongs to the Korean government, 13% by both governments.
Trade tension between Korea and Japan starts from the beginning of July 2019. On July 4, the Japanese side limited exports to South Korea 3 important high-tech materials in the manufacture of semiconductors and displays, including thermoplastic and color-barrier materials.
These are the main materials for creating screens on TVs, smartphones and semiconductors. Large technology companies in Korea such as Sumsung, LG ... depend on more than 90% of these Japanese materials.
