The presidential office said South Korea's top economic policymakers met with the chiefs of major conglomerates on Sunday to discuss ways to cope with Japanese export restrictions. 

Presidential spokesperson Ko Min-jung on Sunday told reporters in a text message that Finance Minister Hong Nam-ki and presidential chief of staff for policy Kim Sang-jo had consultations with representatives from "major companies on the uncertainty over external economic conditions." 

Ko added that the participants agreed to communicate actively and closely with each other going forward.

While the top office did not reveal details of the discussions or who was present, it was reported that Hyundai Motor Executive Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Gwang-mo were among those in attendance.

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 were reportedly unable to attend as they were on overseas business trips. 

Last week, Japan tightened regulations on exports of three high-tech materials to South Korea in apparent retaliation against South Korean court rulings ordering Japanese firms to compensate Korean victims of Japan's wartime forced labor.