North Korea fired a projectile toward the East Sea on Friday that appears to be a short-range ballistic missile.

South Korea's Joint Chiefs of Staff (JCS) announced Friday that it had detected the suspected launch from Taegwan County in North Pyongan Province around 12:35 p.m.

The JCS said the missile traveled around 700 kilometers.

South Korea and the United States are analyzing the details of the incident.

The launch comes a day after Pyongyang announced that it would "respond accordingly" to U.S. Treasury Department sanctions of eight individuals and two entities accused of laundering money for North Korea.

The JCS said U.S. and South Korean authorities had detected North Korea's launch preparations in advance and monitored related movements.

The allies tracked down the projectile immediately after it was fired and shared relevant information with Japan.

Japan, for its part, said the missile flew 450 kilometers after peaking at a top altitude of 50 kilometers.

The South Korean military said it intends to keep tabs on the situation through a firm combined defense posture with the U.S., stressing that it maintains the capability and readiness to respond to any provocation by the North.

Pyongyang last fired a ballistic missile on October 22.