Anchor: For the first time since Japan announced its retaliatory trade restrictions on South Korea last week, President Moon Jae-in publicly urged Tokyo to retract the new rules. While the president suggested the two sides first try to diplomatically resolve the issue, he also warned of countermeasures should the new rules hurt local firms.
Choi You Sun reports.

Report: President Moon Jae-in called on Japan to retract its restrictions on exports of key high-tech materials to South Korea instituted last Thursday in apparent retaliation to the wartime forced labor compensation issue.

[Sound bite: President Moon Jae-in (Korean)] 
"I urge Japan to withdraw its decision and take part in sincere bilateral dialogue. I hope Japan will live up to the international community's faith in the principles of free trade it has always advocated for as means of achieving common prosperity."  

Revealing for the first time his stance on the issue, Moon said at a meeting with aides on Monday that Seoul will have to take countermeasures to Tokyo's restrictions should the new rules inflict damage on South Korean businesses.

[Sound bite: President Moon Jae-in (Korean)] "The government will also try to resolve the problem diplomatically. A vicious cycle of a response and counter-response is not desirable for either side. But if actual damage is incurred on the Korean corporate side, the [South Korean] government will be bound to issue necessary counter-responses. I hope we do not have to resort to that." 

Moon is expected to meet with the leaders of South Korea's major conglomerates on Wednesday to discuss the restrictions.

Meanwhile, Finance Minister Hong Nam-ki urged Tokyo to retract the trade restrictions that he says are in violation of World Trade Organization(WTO) rules. He warned that the restrictions could be damaging not only to South Korea and Japan but also to the global economy.

Hong and presidential chief of staff for policy Kim Sang-jo met on Sunday with conglomerate heads to seek ways to mitigate the negative impacts of Tokyo's new trade rules.

While the presidential office revealed very little details about the meeting, Hyundai Motor Executive Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Kwang-mo reportedly attended the meeting.

While Samsung Electronics Vice Chairman Lee Jae-yong was initially thought not to have attended due to his trip to Japan, reports now suggest he may have been present at the meeting as well.

Lee, who arrived at Tokyo's Haneda Airport late Sunday, is expected to meet with local business leaders and discuss Seoul's response to Tokyo's retaliatory export controls.

South Korea's rival political parties on Monday agreed to send a delegation to Japan and to pass a resolution during the current legislative session urging Tokyo to walk back the restrictions.
Choi You Sun, KBS World Radio News.