Japan to Take Immediate Action over S. Korea Asset Seizure: Kono

January 8, 2019

New Delhi--Tokyo will take immediate action if necessary as a Japanese company faces a risk of its assets in South Korea being seized, Foreign Minister Taro Kono said Monday.

"We'll have to take immediate action if a Japanese company faces disadvantage," Kono told reporters while on a visit to New Delhi.

Nippon Steel & Sumitomo Metal Corp. <5401> faces the possibility of its assets in South Korea being seized in connection with a damages suit against the Japanese company over wartime labor.

Japanese Prime Minister Shinzo Abe recently said he has instructed officials to consider specific steps against the possible asset seizure.

Kono said preparations are under way to take measures to avoid disadvantage to any Japanese company. He did not elaborate.

Referring to Tokyo's claim that a South Korean destroyer directed its fire-control radar at a Japanese patrol plane, Kono said he will closely watch developments in discussions on the matter between the two countries' defense officials. Jiji Press