[Asia Economy Reporter Jeong Hyunjin] On the 4th, the Japanese government stated that it will "consider all options" regarding the sale of seized assets in South Korea belonging to Japanese companies that were ordered to compensate for forced labor by South Korean courts.
According to Nihon Keizai Shimbun and others, at a regular briefing on the same day, Yoshihide Suga, Chief Cabinet Secretary of Japan, made this statement concerning the forced sale procedure of Japanese company assets seized by South Korean courts. Secretary Suga said, "From the perspective of protecting the economic activities of Japanese companies, we want to keep all options in view and respond calmly."
Secretary Suga also emphasized, "We have repeatedly pointed out to South Korea, including during the Japan-South Korea Foreign Ministers' telephone talks the day before, that the liquidation of seized assets causes a serious situation and must not be avoided," adding, "The judicial process is a clear violation of international law. Our position of strongly demanding an early resolution from the South Korean side has not changed at all."
Regarding countermeasures, Secretary Suga did not mention specific details. However, in April, Sankei Shimbun reported that if Japanese companies' assets are sold, the Japanese government is considering double-digit countermeasures such as seizing South Korean assets or raising tariffs.
Earlier, the Daegu District Court Pohang Branch recently decided to publicly notify the seizure order for PNR, a joint venture between POSCO and Nippon Steel. Public notification is a system where, if the address of the litigation opponent is unknown or they do not respond to documents and refuse to participate in the trial, the court posts the notice on its bulletin board or official gazette, and it is considered that the content has been delivered. According to the court's decision, the effect of the notification will take place on August 4.
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