South Korea's financial regulator has assessed the financial industry's readiness to brace for Japan's removal on Wednesday of Seoul from its "whitelist" of trusted trading partners.

Financial Services Commission(FSC) Chairperson Choi Jong-ku held a meeting with senior executives of state and commercial banks on Tuesday.

Choi said that the financial industry needs to play a role in limiting the impact of Japan's export curbs on South Korea, stressing the need to thoroughly implement support plans discussed in a similar meeting earlier this month.

The FSC, which formed a task force to support companies affected by Japan's export restrictions, said it has provided 265-point-four billion won in financial support for companies as of last Friday.

As for growing financial volatility caused by international trade rows, unrest in Hong Kong and other factors, Choi said the government is closely monitoring market developments and will take necessary steps to correct for excessive increases in volatility.