South Korea's top economic policymakers will reportedly meet with the chiefs of three major conglomerates on Sunday to discuss Japan's export restrictions.

Finance Minister Hong Nam-ki and presidential chief of staff for policy Kim Sang-jo are expected to meet with Hyundai Motor Executive Vice Chairman Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Gwang-mo.

The meeting had originally been expected to include Samsung Electronics Vice Chairman Lee Jae-yong and Lotte Group Chairman Shin Dong-bin, but the two are unable to attend as they are on overseas business trips. Sources said Lee has left for Japan to discuss Tokyo's export restrictions.

On Wednesday, President Moon Jae-in will also meet with the heads of the country's 30 leading companies at the presidential office to listen to their opinions and difficulties from Japan's export curbs.

Last week, Japan announced that it would tighten regulations on exports of three materials used in chips and smartphone displays to Korea in an apparent retaliation against South Korean court rulings ordering Japanese firms to compensate Korean victims of Japan's wartime forced labor.