Finance Minister Hong Nam-ki said on Sunday that although Japan is unlikely to impose additional export curbs against South Korea, the government is making full preparations for a possibility that the current restrictions will be protracted.

Appearing on a KBS program on Sunday, the minister also said that there are no local companies yet which have witnessed disruptions in their production due to Japan's export restrictions.

Regarding Seoul's recent termination of a military information sharing agreement with Japan, Hong did not expect the United States to put South Korea at an economic disadvantage over the termination.

He said that the government examined possibilities of Washington slapping tariffs on Seoul or any currency steps, but there was nothing unusual.

As for the government's proposal of a record 513 trillion won budget for next year, the minister said that the government decided that an expansionary fiscal plan that proactively deals with downside economic uncertainties will help increase tax revenues and stimulate private consumption.