South Korea's authorities have criticized Japan's government policies. The Prime Minister of South Korea called upon the G8 countries for a coordinated response to the negative consequences of the economic measures introduced by Shinzo Abe. The monetary policy of the Land of the Rising Sun is leading to the yen fall, the aftermath of which will be more serious than the military threat from the north. Considering the fact that more than 10 export leaders of South Korea compete with the Japanese companies, the issue of the yen devaluation appears to be quite urgent.
South Korea's Finance Minister Hyun Oh Seok announced that the yen debasement have an impact on the exporting companies of South Korea. "Whether it is intentional or not, the yen's decline is wreaking a practical havoc on the competitiveness of neighboring countries," he said. "I hope that there will be international coordination to deal with a ripple effect of the yen's decline."
The country's authorities hope for a compromise resolution of the issue at the G8 summit in North Ireland on June 17-18. Besides the head of South Korea's Ministry of Finance, Germany's government is also concerned about the descent of the yen's value.
