Japanese and South Korean finance ministers are due to resume talks in May.

(AFP)

[Financial Channel/Comprehensive Report] The relationship between Japan and South Korea has continued to heat up recently. South Korean Finance Minister Cho Kyung-ho recently revealed that after meeting with Japanese Finance Minister Shunichi Suzuki, the two sides have reached an agreement to restart the Finance Ministers’ Meeting next month. The bilateral finance ministers meeting, which will be held again in seven years, can be regarded as the first step after the financial departments of the two countries resume exchanges.

Since 2016, Japan and South Korea have been deadlocked over the issue of World War II compensation. In addition to Japan’s restrictions on the export of key semiconductor materials to South Korea, the regular annual talks between the two countries’ finance ministers have also been canceled many times. Japan's goodwill has greatly eased the conflict between the two countries. Qiu Qinghao also believes that it is necessary to strengthen cooperation with Japan in the economic and financial fields.

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The two sides will attend the Asian Development Bank (ADB) annual meeting to be held in Incheon, South Korea from May 2nd to 5th. They will use the spare time to meet and discuss economic and trade issues between the two countries. However, relevant details are still to be finalized.

In addition, "Yonhap News Agency" reported that the South Korean government met today (18th) and decided to strengthen strategic cooperation with Japan in the fields of raw materials, equipment, and parts. Japan has previously promised to lift restrictions on the export of key semiconductor materials to South Korea. There is a chance to return to Japan's export white list at the end of April.

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