Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%, while the Shanghai composite index surged 1.8%. Japan's Nikkei added 2.4%.

US stock futures reversed early losses and rose 1%.

The Chinese yuan jumped versus the dollar in offshore trade, while safe-haven assets such as gold and the yen fell.

China's confirmation of trade talks added to upbeat geopolitical news overnight. A parliamentary vote in Britain put the brakes on the nation's no-deal exit from the European Union, Hong Kong withdrew a contentious extradition bill that sparked recent protests and political turmoil in Italy appeared to be easing.

China's Commerce Ministry said its trade team will consult with their US counterparts in mid-September&nbsp;in preparation for negotiations in early October, hinting at progress in reducing trade friction.

Both sides had agreed to take actual actions to create favourable conditions, the ministry added, without giving more details.

"Since yesterday, there has been a limited downside in markets because of what happened in Hong Kong, but now the US-China talks are the story," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co in Tokyo.

"It's the same about Brexit, which means less downside risk."

Hong Kong shares erased early losses to rise 0.5%. They had jumped in afternoon trade on Wednesday after leader Carrie Lam said she was withdrawing an extradition bill that had triggered months of often violent protests in the Asian financial hub.

In currency markets, sterling held onto gains against the dollar in Asia after rallying the most in more than five months on Wednesday after lawmakers voted to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31.

But, more than three years since the United Kingdom voted narrowly to leave the EU, the outcome of Brexit is still unclear, with possible outcomes ranging from a crash out of the EU to abandoning the whole endeavour.

Against the offshore yuan, the dollar fell 0.2% to 7.1324 yuan.

US Treasury yields extended gains in Asia and the yield curve steepened, both signs that investors were willing to take on riskier assets.

The 10-year yield rose to 1.4758%, while two-year yields rose to 1.4519%.

The spread between two- and 10-year Treasury yields, the most commonly used measure of the yield curve, rose to its highest since Aug&nbsp;21 on Wednesday but narrowed slightly in Asian trade.

The curve inverted on Aug 14 for the first time since 2007 when long-term yields traded below short-term yields, which is a widely accepted indicator of the coming recession.

US West Texas Intermediate crude also reversed losses to trade up 0.2%.

Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy.

Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%, while the Shanghai composite index surged 1.8%. Japan's Nikkei added 2.4%. US stock futures reversed early losses and rose 1%. The Chinese yuan jumped versus the dollar in offshore trade, while safe-haven assets such as gold and the yen fell. China's confirmation of trade talks added to upbeat geopolitical news overnight. A parliamentary vote in Britain put the brakes on the nation's no-deal exit from the European Union, Hong Kong withdrew a contentious extradition bill that sparked recent protests and political turmoil in Italy appeared to be easing. China's Commerce Ministry said its trade team will consult with their US counterparts in mid-September in preparation for negotiations in early October, hinting at progress in reducing trade friction. Both sides had agreed to take actual actions to create favourable conditions, the ministry added, without giving more details. "Since yesterday, there has been a limited downside in markets because of what happened in Hong Kong, but now the US-China talks are the story," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co in Tokyo. "It's the same about Brexit, which means less downside risk." Hong Kong shares erased early losses to rise 0.5%. They had jumped in afternoon trade on Wednesday after leader Carrie Lam said she was withdrawing an extradition bill that had triggered months of often violent protests in the Asian financial hub. In currency markets, sterling held onto gains against the dollar in Asia after rallying the most in more than five months on Wednesday after lawmakers voted to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31. But, more than three years since the United Kingdom voted narrowly to leave the EU, the outcome of Brexit is still unclear, with possible outcomes ranging from a crash out of the EU to abandoning the whole endeavour. Against the offshore yuan, the dollar fell 0.2% to 7.1324 yuan. US Treasury yields extended gains in Asia and the yield curve steepened, both signs that investors were willing to take on riskier assets. The 10-year yield rose to 1.4758%, while two-year yields rose to 1.4519%. The spread between two- and 10-year Treasury yields, the most commonly used measure of the yield curve, rose to its highest since Aug 21 on Wednesday but narrowed slightly in Asian trade. The curve inverted on Aug 14 for the first time since 2007 when long-term yields traded below short-term yields, which is a widely accepted indicator of the coming recession. US West Texas Intermediate crude also reversed losses to trade up 0.2%.

Confirmation of US: China trade talks buoys global shares, investor spirit

At least 30 were injured on Thursday when a truck and an express train with 500 people aboard collided in Japan's second-largest city of Yokohama, setting the truck on fire and derailing half the train.

Japan: Train derailed after collision, More than 30 injured

Japanese government officials on Wednesday told diplomats they were still considering options for handling contaminated water at Tokyo Electric Power's wrecked Fukushima nuclear power plant amid worries the water may be dumped into the ocean.

A massive body of tainted water - more than a million tons as of August - is building up at the plant, crippled by a 2011 earthquake and tsunami, as operator Tokyo Electric (Tepco) tries to cool the melted fuel cores by pouring water over them. Tepco has said it will run out of tank space by mid-2022.

The briefing for embassy officials in Tokyo follows a meeting in August of a government panel of experts looking into ways to solve the water problem. The final government decision will be made based on a report by the panel.

Asked by one of the participating embassy officials about the timing of the panel decision, Japanese officials said such timing has not been fixed, according to a media briefing held later on the day.

The briefing for diplomats was attended by 27 embassy officials from 22 countries and regions, including South Korea and the United States. No protests or demands have been made by the participating diplomats, according to the media briefing.

"With transparency in mind, Japan will continue providing the international community with information (on the Fukushima situation)," Koichiro Matsumoto, the Japanese Foreign Ministry's director of international cooperation, told diplomats at the start of the meeting, the outset of which was open to media.

The meeting comes after South Korea, locked in a trade and territorial rows with Japan, last month summoned a senior official from the Japanese embassy in Seoul, to ask about Japan's stance on dealing with the Fukushima water.

But a Japanese Foreign Ministry official told reporters that briefings for diplomats on the matter have been held more than 100 times since the March 2011 disaster, and the one on Wednesday was held to pass information discussed at the latest government panel meeting in August.

Japanese government officials on Wednesday told diplomats they were still considering options for handling contaminated water at Tokyo Electric Power's wrecked Fukushima nuclear power plant amid worries the water may be dumped into the ocean.

Japanese government officials on Wednesday told diplomats they were still considering options for handling contaminated water at Tokyo Electric Power's wrecked Fukushima nuclear power plant amid worries the water may be dumped into the ocean. A massive body of tainted water - more than a million tons as of August - is building up at the plant, crippled by a 2011 earthquake and tsunami, as operator Tokyo Electric (Tepco) tries to cool the melted fuel cores by pouring water over them. Tepco has said it will run out of tank space by mid-2022. The briefing for embassy officials in Tokyo follows a meeting in August of a government panel of experts looking into ways to solve the water problem. The final government decision will be made based on a report by the panel. Asked by one of the participating embassy officials about the timing of the panel decision, Japanese officials said such timing has not been fixed, according to a media briefing held later on the day. The briefing for diplomats was attended by 27 embassy officials from 22 countries and regions, including South Korea and the United States. No protests or demands have been made by the participating diplomats, according to the media briefing. "With transparency in mind, Japan will continue providing the international community with information (on the Fukushima situation)," Koichiro Matsumoto, the Japanese Foreign Ministry's director of international cooperation, told diplomats at the start of the meeting, the outset of which was open to media. The meeting comes after South Korea, locked in a trade and territorial rows with Japan, last month summoned a senior official from the Japanese embassy in Seoul, to ask about Japan's stance on dealing with the Fukushima water. But a Japanese Foreign Ministry official told reporters that briefings for diplomats on the matter have been held more than 100 times since the March 2011 disaster, and the one on Wednesday was held to pass information discussed at the latest government panel meeting in August.

Japan tells diplomats no decision yet on contaminated Fukushima water

Japan will not join a US-led security mission to protect merchant vessels passing through key Middle Eastern waterways, but will consider deploying its naval force independently, the Yomiuri newspaper reported on Tuesday.

Though the United States is Japan's most important ally, Tokyo has fostered economic ties with <a href="https://www.wionews.com/world/iran-warns-eu-over-nuclear-commitments-as-deadline-for-further-steps-looms-247187">Iran</a>, and Japanese firms had been major buyers of Iranian oil until US sanctions forced them to find other suppliers.

Citing unidentified government sources, the Yomiuri said Japan was considering a plan to send its Maritime Self-Defense Force (SDF) on information-gathering missions in the areas around the Strait of Hormuz and Bab al-Mandab shipping lane between Yemen, Djibouti and Eritrea.

It would also consider including the Strait of Hormuz in the SDF's sphere of activity if Iran agrees, the paper said.

Asked about the newspaper report, Japanese Chief Cabinet Secretary Yoshihide Suga declined to mention specific measures that the government was considering to ensure the safety of Japanese vessels.

"As for what kind of steps would be effective to secure the safety of navigation of Japanese ships in the Middle East, we would like to look into the matter from various angles including stable crude oil supply, and Japan's ties with the United States and Iran," Suga told a regular news conference.

"As we investigate the issue, we want to keep our principle of maintaining our diplomatic effort for easing tensions and stabilising the situation in the Middle East."

Iran has denounced US efforts to set up the coalition and says countries in the region can protect waterways and work towards signing a non-aggression pact.

The Japanese government is set to make a final decision, including whether the plan is feasible, after the United Nations General Assembly later this month, the Yomiuri said.

Suga said arrangements are being made for Prime Minister Shinzo Abe to meet with Iranian President Hassan Rouhani on the sidelines of the UN General Assembly later this month.

Global commodity trading has been rocked in recent months by the seizure of a <a href="https://www.wionews.com/world/britain-sends-another-warship-to-gulf-245373">British tanker</a> and a series of attacks on international merchant vessels that the US and Britain have blamed on Iran. Tehran denies involvement.

Britain last month became the first US ally to announce its participation, although most European countries have been reluctant to sign up for fear of adding to tension in the region.

Japan will not join a US-led security mission to protect merchant vessels passing through key Middle Eastern waterways, but will consider deploying its naval force independently, the Yomiuri newspaper reported on Tuesday.

Japan will not join a US-led security mission to protect merchant vessels passing through key Middle Eastern waterways, but will consider deploying its naval force independently, the Yomiuri newspaper reported on Tuesday. Though the United States is Japan's most important ally, Tokyo has fostered economic ties with Iran, and Japanese firms had been major buyers of Iranian oil until US sanctions forced them to find other suppliers. Citing unidentified government sources, the Yomiuri said Japan was considering a plan to send its Maritime Self-Defense Force (SDF) on information-gathering missions in the areas around the Strait of Hormuz and Bab al-Mandab shipping lane between Yemen, Djibouti and Eritrea. It would also consider including the Strait of Hormuz in the SDF's sphere of activity if Iran agrees, the paper said. Asked about the newspaper report, Japanese Chief Cabinet Secretary Yoshihide Suga declined to mention specific measures that the government was considering to ensure the safety of Japanese vessels. "As for what kind of steps would be effective to secure the safety of navigation of Japanese ships in the Middle East, we would like to look into the matter from various angles including stable crude oil supply, and Japan's ties with the United States and Iran," Suga told a regular news conference. "As we investigate the issue, we want to keep our principle of maintaining our diplomatic effort for easing tensions and stabilising the situation in the Middle East." Iran has denounced US efforts to set up the coalition and says countries in the region can protect waterways and work towards signing a non-aggression pact. The Japanese government is set to make a final decision, including whether the plan is feasible, after the United Nations General Assembly later this month, the Yomiuri said. Suga said arrangements are being made for Prime Minister Shinzo Abe to meet with Iranian President Hassan Rouhani on the sidelines of the UN General Assembly later this month. Global commodity trading has been rocked in recent months by the seizure of a British tanker and a series of attacks on international merchant vessels that the US and Britain have blamed on Iran. Tehran denies involvement. Britain last month became the first US ally to announce its participation, although most European countries have been reluctant to sign up for fear of adding to tension in the region.

Japan won't join US-led maritime coalition in Gulf: Report

Japan Kicks Off Taiji Cove Hunt Despite International Condemnation

Gravitas: Japan is hunting Dolphins again

Just over a month after resuming whaling, Japan on Sunday began its controversial dolphin hunt in the whaling town of Taiji, Wakayama Prefecture. &nbsp;&nbsp; 
 
The controversial hunting method involves herding dolphins into a cove which is a bay with a narrow entrance that is sealed. The dolphins are&nbsp;reportedly slaughtered by fishermen inside the cove with knives in shallow water. 
 
Japan had announced in July that it was leaving the International Whaling Commission (IWC) and would <a href="https://www.wionews.com/world/first-whales-caught-as-japan-resumes-commercial-hunt-after-30-years-232177">resume commercial whaling</a> from July 1. A global whaling moratorium was imposed in 1986.

Watch: Japan is hunting dolphins again

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Prime Minister Shinzo Abe belongs to Shimonoseki, a whaling centre. The Japanese prime minister had long campaigned to restart commercial whaling which began last month.

 
Reports said the island nation had resumed hunting minke whales in the coastal areas off Hokkaido on Monday and is likely to reach the "catch quota" by month-end. The Abe government has reportedly set 1,700 dolphins to be killed or captured. The dolphin hunting season usually lasts for six months. 
 
The Japanese government has apparently&nbsp;set&nbsp;a&nbsp;<a href="https://www.wionews.com/world/japan-under-pressure-over-past-hunting-of-endangered-whales-243496">catch quota of 53 minke whales</a>&nbsp;in order&nbsp;to prevent over-hunting, however, fishermen could reach the quota in September. 
 
Whales are widely consumed in Japan amounting to roughly 40-50 grams per Japanese person a year although just over 300 people are directly linked to hunting. 
 
Japan had pulled out of International Whaling Commission in December last year as it decided to resume commercial whaling. Japan has now joined Iceland and Norway in whale hunting in open defiance of other countries who signed up to the International Whaling Commission.

Just over a month after resuming whaling, Japan on Sunday began its controversial dolphin hunt in the whaling town of Taiji, Wakayama Prefecture. The controversial hunting method involves herding dolphins into a cove which is a bay with a narrow entrance that is sealed.

Just over a month after resuming whaling, Japan on Sunday began its controversial dolphin hunt in the whaling town of Taiji, Wakayama Prefecture. The controversial hunting method involves herding dolphins into a cove which is a bay with a narrow entrance that is sealed. The dolphins are reportedly slaughtered by fishermen inside the cove with knives in shallow water. Japan had announced in July that it was leaving the International Whaling Commission (IWC) and would resume commercial whaling from July 1. A global whaling moratorium was imposed in 1986. Watch: Japan is hunting dolphins again × Prime Minister Shinzo Abe belongs to Shimonoseki, a whaling centre. The Japanese prime minister had long campaigned to restart commercial whaling which began last month. Reports said the island nation had resumed hunting minke whales in the coastal areas off Hokkaido on Monday and is likely to reach the "catch quota" by month-end. The Abe government has reportedly set 1,700 dolphins to be killed or captured. The dolphin hunting season usually lasts for six months. The Japanese government has apparently set a catch quota of 53 minke whales in order to prevent over-hunting, however, fishermen could reach the quota in September. Whales are widely consumed in Japan amounting to roughly 40-50 grams per Japanese person a year although just over 300 people are directly linked to hunting. Japan had pulled out of International Whaling Commission in December last year as it decided to resume commercial whaling. Japan has now joined Iceland and Norway in whale hunting in open defiance of other countries who signed up to the International Whaling Commission.

Now, Japan begins dolphin hunt in whaling town of Taiji

By Pushan Dutt

Japan and South Korea are showing no signs of resolving an escalating trade dispute, which traces back to 1910. It now poses a threat to the world’s tech supply chain and has potentially severe consequences for the global economy. And the dispute is being played out within a complex confluence of historical grievances, domestic politics, the ongoing US-China trade war and a looming global recession.

Japan has officially removed South Korea from its list of trusted trade partners that receive preferential treatment for importing sensitive Japanese-made goods, as of August 28. The list of goods includes chemicals that are crucial to producing the semiconductor memory chips found in most modern electronic devices.

This means that Japanese companies will now have to apply for a licence to export the chemicals to South Korean companies, a process that could take up to 90 days. Semiconductors are South Korea’s top export item. With manufacturers reliant on the chemicals from Japan, any delay in their production could pose a significant threat to the country’s economy and the South Korean currency, the won, which has already dropped 8 per cent against the US dollar this year.

From a global perspective, South Korea semiconductor giants Samsung and SK Hynix, which supply 60 per cent&nbsp;of the world’s memory chips, have warned that they can’t rule out production disruption if the Japanese export restrictions remain in place. Any delay to supply could cause serious disruption to global tech supply chains and significantly impact other tech giants, like Apple and Huawei, who use memory chips and displays from Samsung.

A conflict with deep roots 
 
Japan has given no indication that it will change its mind. It claims the restrictions are a response to a national security concern, alluding to leaks to North Korea.

With no evidence put forward to support this, the likely scenario is that Japan’s action is part of an escalating and ongoing dispute involving historic grievances that date back to Japan’s colonisation of the Korean peninsula more than a century ago. During World War II, Japan conscripted more than 670,000 Koreans as forced labourers to support its military ambitions.

The recent decision to remove South Korea from trusted trade partner status originates with a South Korean high court ruling in October 2018. The court ordered Japanese companies to compensate individual victims of forced labour including the “comfort women” – Korean women taken as sex slaves and forced to work in war-time brothels.

Japan insists that most of the necessary compensation was settled as part of a $500m payout under a treaty signed in 1965 and then a new agreement that was reached in 2015. But the current South Korean president, Moon Jae-in, created a taskforce in 2018 which concluded that the 2015 agreement did not reflect the opinions of the victims, especially their demand that Japan admit direct responsibility. Tokyo refuses further discussion of this issue and the bilateral relationship has continued to deteriorate.

The dispute is an emotional one for both countries. Thousands of South Korean protesters have marched on the Japanese embassy in Seoul, to express their displeasure at being downgraded as a trading partner. Many South Koreans have also vowed to boycott Japanese products, and there are reports that petrol station operators have been urged to stop refuelling Japanese cars.

Global slowdown

Both Japan and South Korea are integral to the world economy and disruptions will have spillovers that will go beyond the two antagonists. The most immediate threat is to the global tech supply chain, but any slowdown increases the likelihood of a worldwide recession.

The dispute has come at a particularly bad time. Major economies are currently experiencing weak growth with negative numbers coming out of the UK and Germany and a general slowdown in the US, China and India. With the world’s two largest economies, the US and China, involved in an escalating tariff war that is chilling business investment, confidence and trade flows across the world, the Japan/Korean trade spat will only add to business uncertainty.

There is little indication as to when these disputes will be resolved, or in whose favour. Add to this the chaos surrounding Brexit and businesses are left wondering what will happen next. Not surprisingly, firms are already adopting a wait and see attitude, postponing investment and waiting for clarity amid increasing uncertainty, as bond markets &nbsp;send alarming signals of a looming recession.

Shifting power, weaponising trade

In the past, the US would have stepped in to prevent any flare up between its two South-east Asian allies from getting going out of hand. But the Trump administration has been hesitant to get involved, despite the important role both countries play in monitoring North Korea’s nuclear ambitions.

In a telling sign of shifting power in the region, China has already offered to step in and help mediate the dispute. The foreign ministers of the three countries met recently but failed to set a date for the annual meeting of their leaders.

China considers stability a priority and has been actively seeking to bolster regional economic integration as its relationship with the US sours. It will also be worried about the impact the Japan-South Korea trade spat could have on large Chinese technology companies like ZTE and Huawei, which rely on US suppliers like Qualcomm for chips and semiconductors. But if the US trade sanctions cut off this source of supply, they will be looking to South Korea for the vital components.

Another concern globally is Japan’s use of national security to justify its trade policy. This weaponising of trade follows Donald Trump’s citing of security concerns when putting tariffs on steel and aluminium imports. China sees the trade war as an attempt to disrupt its core development strategy, the Made in China 2025 plan, prevent it’s reemergence as a world power and views the trade dispute through the lens of security and sovereignty.

World Trade Organisation (WTO) rules which govern trade between countries are, to a large extent, based on norms. They include a national security exemption clause which relies on members applying it in good faith. Once member states start taking advantage of the provision, there is likely to be a cascading effect, tempting more countries to weaponise this exemption in a tit-for-tat trade war.

(Pushan Dutt is Professor of Economics, INSEAD) 
 
(This article was originally published on The Conversation. Read the <a href="https://theconversation.com/how-a-century-old-dispute-between-japan-and-south-korea-threatens-the-global-supply-of-smartphones-122502">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

 
&nbsp;

&nbsp;

By Pushan Dutt Japan and South Korea are showing no signs of resolving an escalating trade dispute, which traces back to 1910. It now poses a threat to the world’s tech supply chain and has potentially severe consequences for the global economy.

By Pushan Dutt Japan and South Korea are showing no signs of resolving an escalating trade dispute, which traces back to 1910. It now poses a threat to the world’s tech supply chain and has potentially severe consequences for the global economy. And the dispute is being played out within a complex confluence of historical grievances, domestic politics, the ongoing US-China trade war and a looming global recession. Japan has officially removed South Korea from its list of trusted trade partners that receive preferential treatment for importing sensitive Japanese-made goods, as of August 28. The list of goods includes chemicals that are crucial to producing the semiconductor memory chips found in most modern electronic devices. This means that Japanese companies will now have to apply for a licence to export the chemicals to South Korean companies, a process that could take up to 90 days. Semiconductors are South Korea’s top export item. With manufacturers reliant on the chemicals from Japan, any delay in their production could pose a significant threat to the country’s economy and the South Korean currency, the won, which has already dropped 8 per cent against the US dollar this year. From a global perspective, South Korea semiconductor giants Samsung and SK Hynix, which supply 60 per cent of the world’s memory chips, have warned that they can’t rule out production disruption if the Japanese export restrictions remain in place. Any delay to supply could cause serious disruption to global tech supply chains and significantly impact other tech giants, like Apple and Huawei, who use memory chips and displays from Samsung. A conflict with deep roots Japan has given no indication that it will change its mind. It claims the restrictions are a response to a national security concern, alluding to leaks to North Korea. With no evidence put forward to support this, the likely scenario is that Japan’s action is part of an escalating and ongoing dispute involving historic grievances that date back to Japan’s colonisation of the Korean peninsula more than a century ago. During World War II, Japan conscripted more than 670,000 Koreans as forced labourers to support its military ambitions. The recent decision to remove South Korea from trusted trade partner status originates with a South Korean high court ruling in October 2018. The court ordered Japanese companies to compensate individual victims of forced labour including the “comfort women” – Korean women taken as sex slaves and forced to work in war-time brothels. Japan insists that most of the necessary compensation was settled as part of a $500m payout under a treaty signed in 1965 and then a new agreement that was reached in 2015. But the current South Korean president, Moon Jae-in, created a taskforce in 2018 which concluded that the 2015 agreement did not reflect the opinions of the victims, especially their demand that Japan admit direct responsibility. Tokyo refuses further discussion of this issue and the bilateral relationship has continued to deteriorate. The dispute is an emotional one for both countries. Thousands of South Korean protesters have marched on the Japanese embassy in Seoul, to express their displeasure at being downgraded as a trading partner. Many South Koreans have also vowed to boycott Japanese products, and there are reports that petrol station operators have been urged to stop refuelling Japanese cars. Global slowdown Both Japan and South Korea are integral to the world economy and disruptions will have spillovers that will go beyond the two antagonists. The most immediate threat is to the global tech supply chain, but any slowdown increases the likelihood of a worldwide recession. The dispute has come at a particularly bad time. Major economies are currently experiencing weak growth with negative numbers coming out of the UK and Germany and a general slowdown in the US, China and India. With the world’s two largest economies, the US and China, involved in an escalating tariff war that is chilling business investment, confidence and trade flows across the world, the Japan/Korean trade spat will only add to business uncertainty. There is little indication as to when these disputes will be resolved, or in whose favour. Add to this the chaos surrounding Brexit and businesses are left wondering what will happen next. Not surprisingly, firms are already adopting a wait and see attitude, postponing investment and waiting for clarity amid increasing uncertainty, as bond markets send alarming signals of a looming recession. Shifting power, weaponising trade In the past, the US would have stepped in to prevent any flare up between its two South-east Asian allies from getting going out of hand. But the Trump administration has been hesitant to get involved, despite the important role both countries play in monitoring North Korea’s nuclear ambitions. In a telling sign of shifting power in the region, China has already offered to step in and help mediate the dispute. The foreign ministers of the three countries met recently but failed to set a date for the annual meeting of their leaders. China considers stability a priority and has been actively seeking to bolster regional economic integration as its relationship with the US sours. It will also be worried about the impact the Japan-South Korea trade spat could have on large Chinese technology companies like ZTE and Huawei, which rely on US suppliers like Qualcomm for chips and semiconductors. But if the US trade sanctions cut off this source of supply, they will be looking to South Korea for the vital components. Another concern globally is Japan’s use of national security to justify its trade policy. This weaponising of trade follows Donald Trump’s citing of security concerns when putting tariffs on steel and aluminium imports. China sees the trade war as an attempt to disrupt its core development strategy, the Made in China 2025 plan, prevent it’s reemergence as a world power and views the trade dispute through the lens of security and sovereignty. World Trade Organisation (WTO) rules which govern trade between countries are, to a large extent, based on norms. They include a national security exemption clause which relies on members applying it in good faith. Once member states start taking advantage of the provision, there is likely to be a cascading effect, tempting more countries to weaponise this exemption in a tit-for-tat trade war. (Pushan Dutt is Professor of Economics, INSEAD) (This article was originally published on The Conversation. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

How a century-old dispute between Japan and South Korea adds to global trade uncertainty

The GAVI global vaccines alliance on Friday called on donors for $7.4 billion to help immunize 300 million children against life-threatening diseases between 2021 and 2025, and save up to eight million lives.

GAVI, which is backed by the Bill &amp; Melinda Gates Foundation, the <a href="https://www.wionews.com/world/global-measles-cases-three-times-higher-than-last-year-who-246324">World Health Organisation (WHO)</a>, donor governments and others, funds immunisation programmes for poor nations that cannot afford to buy vaccines at rich-world prices.

"Over the past two decades the Vaccine Alliance has helped to protect a generation against some of the world's deadliest diseases," GAVI CEO Seth Berkley said in a statement.

"However, 1.5 million people are still dying every year from vaccine-preventable diseases ... This calls for an urgent response to ensure people continue to be protected against disease, to prevent deadly outbreaks and to help the next generation prosper."

The announcement was made in Yokohama, where Japan is hosting a three-day international conference on African development.&nbsp;

Democratic Republic of Congo, a mineral-rich Central African country, is being hit by the outbreak of the deadly Ebola virus.

The GAVI global vaccines alliance on Friday called on donors for $7.4 billion to help immunize 300 million children against life-threatening diseases between 2021 and 2025, and save up to eight million lives.

The GAVI global vaccines alliance on Friday called on donors for $7.4 billion to help immunize 300 million children against life-threatening diseases between 2021 and 2025, and save up to eight million lives. GAVI, which is backed by the Bill & Melinda Gates Foundation, the World Health Organisation (WHO), donor governments and others, funds immunisation programmes for poor nations that cannot afford to buy vaccines at rich-world prices. "Over the past two decades the Vaccine Alliance has helped to protect a generation against some of the world's deadliest diseases," GAVI CEO Seth Berkley said in a statement. "However, 1.5 million people are still dying every year from vaccine-preventable diseases ... This calls for an urgent response to ensure people continue to be protected against disease, to prevent deadly outbreaks and to help the next generation prosper." The announcement was made in Yokohama, where Japan is hosting a three-day international conference on African development. Democratic Republic of Congo, a mineral-rich Central African country, is being hit by the outbreak of the deadly Ebola virus.

Vaccines group seeks $7.4 billion to save up to 8 million lives

Two people were confirmed dead on Wednesday as heavy rains pounded southwest Japan, prompting flood and landslide warnings, and orders for 670,000 people to seek safety.

The evacuation orders came after the Japan Meteorological Agency issued its highest-level alert for several parts of the northern Kyushu region.

The alert is issued "if there is a significant likelihood of catastrophes" and is activated once a disaster is declared, ordering people to take measures to protect their lives.

Nearly a million more people are under a lower-level evacuation advisory over the heavy rains.

Evacuation orders and advisories are issued by local authorities but are not mandatory even though officials urge residents to heed them.

The fire and disaster management agency said it had already received multiple reports of houses flooded in Saga prefecture and officials were working to confirm details of the damage.

"We are seeing unprecedented levels of heavy rains in cities where we issued special warnings," the Japan Meteorological Agency added in a hastily organised press conference Wednesday morning.

"It is a situation where you should do your best to protect your lives," weather agency official Yasushi Kajiwara said.

He also urged those currently facing evacuation advisories to act before the warning was upgraded further.

"Please don't wait," he said.

The JMA's emergency warnings affect areas in Saga, Fukuoka and Nagasaki in northern Kyushu, where the rains have already killed one person.

A Saga official confirmed to AFP a man was found dead in his car on Wednesday after being swept away by floodwaters.

The severe weather has also disrupted transport, with train services partially suspended in parts of northern Kyushu and some roads closed.

Footage on local television showed rivers swollen by rainwater and parked cars surrounded by muddy brown water rising nearly up to the vehicles' roofs.

In some parts of the affected area, small landslides have already been reported.

Inside Saga station, stranded passengers were sat on benches with water around their ankles.

Japanese authorities regularly urge people to take evacuation orders seriously, particularly after disastrous heavy rains last summer in Japan's west killed more than 200 people.

Many of the deaths were blamed on the fact that evacuation orders were issued too late and some people failed to follow them. Entire neighbourhoods were buried beneath landslides or submerged in floodwaters during the disasters.

Two people were confirmed dead on Wednesday as heavy rains pounded southwest Japan, prompting flood and landslide warnings, and orders for 670,000 people to seek safety.

Two people were confirmed dead on Wednesday as heavy rains pounded southwest Japan, prompting flood and landslide warnings, and orders for 670,000 people to seek safety. The evacuation orders came after the Japan Meteorological Agency issued its highest-level alert for several parts of the northern Kyushu region. The alert is issued "if there is a significant likelihood of catastrophes" and is activated once a disaster is declared, ordering people to take measures to protect their lives. Nearly a million more people are under a lower-level evacuation advisory over the heavy rains. Evacuation orders and advisories are issued by local authorities but are not mandatory even though officials urge residents to heed them. The fire and disaster management agency said it had already received multiple reports of houses flooded in Saga prefecture and officials were working to confirm details of the damage. "We are seeing unprecedented levels of heavy rains in cities where we issued special warnings," the Japan Meteorological Agency added in a hastily organised press conference Wednesday morning. "It is a situation where you should do your best to protect your lives," weather agency official Yasushi Kajiwara said. He also urged those currently facing evacuation advisories to act before the warning was upgraded further. "Please don't wait," he said. The JMA's emergency warnings affect areas in Saga, Fukuoka and Nagasaki in northern Kyushu, where the rains have already killed one person. A Saga official confirmed to AFP a man was found dead in his car on Wednesday after being swept away by floodwaters. The severe weather has also disrupted transport, with train services partially suspended in parts of northern Kyushu and some roads closed. Footage on local television showed rivers swollen by rainwater and parked cars surrounded by muddy brown water rising nearly up to the vehicles' roofs. In some parts of the affected area, small landslides have already been reported. Inside Saga station, stranded passengers were sat on benches with water around their ankles. Japanese authorities regularly urge people to take evacuation orders seriously, particularly after disastrous heavy rains last summer in Japan's west killed more than 200 people. Many of the deaths were blamed on the fact that evacuation orders were issued too late and some people failed to follow them. Entire neighbourhoods were buried beneath landslides or submerged in floodwaters during the disasters.

Life-threatening rains in south Japan kill two, emergency warning issued

Pyongyang appears to be developing warheads to penetrate a ballistic missile shield defending Japan, the country's defence chief said on Tuesday, pointing to the irregular trajectories of the <a href="https://www.wionews.com/world/north-korea-launches-short-range-missiles-again-complicating-us-attempts-for-talks-245221">latest missiles launched by North Korea</a>.

Defence Minister Takeshi Iwaya told a news conference that Japan believes the rockets were a new short-range ballistic missile, according to a ministry spokesman who confirmed his comments carried by domestic media.

Recent short-range missile tests by Pyongyang have stoked alarm in neighbouring Japan even as <a href="https://www.wionews.com/world/trump-says-us-has-really-good-relationship-with-north-korea-245245">US&nbsp;President Donald Trump</a> has dismissed the launches as unimportant.

Saturday's test firings came a day after Seoul said it was ending a military intelligence-sharing pact with Tokyo, amid a worsening spat over wartime forced labour.

Iwaya and other Japanese officials called Seoul's decision "irrational" as the threat posed by North Korea grows.

Japan and the United States have Aegis destroyers deployed in the Sea of Japan armed with interceptor missiles designed to destroy warheads in space. Japan also plans to build two land-based Aegis batteries to bolster its ballistic missile shield.

Those defence systems, however, are designed to counter projectiles on regular and therefore, predictable, trajectories, and any variation in flight path would make interception trickier.

Detailed analysis of the latest North Korean launches was underway with the United States, an official of South Korea's defence ministry said on Tuesday.

Pyongyang appears to be developing warheads to penetrate a ballistic missile shield defending Japan, the country's defence chief said on Tuesday, pointing to the irregular trajectories of the latest missiles launched by North Korea.

Pyongyang appears to be developing warheads to penetrate a ballistic missile shield defending Japan, the country's defence chief said on Tuesday, pointing to the irregular trajectories of the latest missiles launched by North Korea. Defence Minister Takeshi Iwaya told a news conference that Japan believes the rockets were a new short-range ballistic missile, according to a ministry spokesman who confirmed his comments carried by domestic media. Recent short-range missile tests by Pyongyang have stoked alarm in neighbouring Japan even as US President Donald Trump has dismissed the launches as unimportant. Saturday's test firings came a day after Seoul said it was ending a military intelligence-sharing pact with Tokyo, amid a worsening spat over wartime forced labour. Iwaya and other Japanese officials called Seoul's decision "irrational" as the threat posed by North Korea grows. Japan and the United States have Aegis destroyers deployed in the Sea of Japan armed with interceptor missiles designed to destroy warheads in space. Japan also plans to build two land-based Aegis batteries to bolster its ballistic missile shield. Those defence systems, however, are designed to counter projectiles on regular and therefore, predictable, trajectories, and any variation in flight path would make interception trickier. Detailed analysis of the latest North Korean launches was underway with the United States, an official of South Korea's defence ministry said on Tuesday.

North Korea developing warheads to penetrate missile defences: Japan

<a href="https://www.wionews.com/world/south-koreas-moon-open-to-dialogue-with-japan-amid-trade-row-243077">South Korean President Moon Jae-in</a> has put more than 50 million won (around $41,000) of his own money into a fund investing in firms looking to replace Japanese suppliers, his office said Monday, as the Asian neighbours remain locked in a bitter trade dispute.

It was the first-ever stock market investment by Moon, a former human rights lawyer whose economic policies critics blame for slowing growth in the once-booming South.

Seoul and Tokyo are embroiled in a tit-for-tat row that has seen them remove each other from their lists of trusted trade partners, raising concerns in Washington, which has security treaties with both.

Tokyo imposed restrictions on exports crucial to tech giants such as Samsung following a series of South Korean court rulings ordering Japanese firms to pay for forced labour during World War II.

Japan dominates the global market for some vital materials, but Moon has announced measures he hopes will help develop domestic supply chains.

The Victory Korea Fund was launched by Nonghyup Bank earlier this month to invest in listed South Korean firms that manufacture materials, components and equipment.

"It has become a very important time to raise the competitiveness of our materials, components and equipment industry," he said, according to his office.

Japan's new export restrictions last month caught South Korean firms off guard and sent tech giants such as Samsung and SK Hynix scrambling.

Both Japan and South Korea are market economies and major US allies faced with an overbearing China and nuclear-armed North Korea.

But their relationship continues to be heavily affected by Japan's 35-year colonial rule of the Korean peninsula in the early 20th century.

Japan says a 1965 treaty that normalised relations with a significant financial contribution effectively settled all reparation claims. 
&nbsp;

South Korean President Moon Jae-in has put more than 50 million won (around $41,000) of his own money into a fund investing in firms looking to replace Japanese suppliers, his office said Monday, as the Asian neighbours remain locked in a bitter trade dispute.

South Korean President Moon Jae-in has put more than 50 million won (around $41,000) of his own money into a fund investing in firms looking to replace Japanese suppliers, his office said Monday, as the Asian neighbours remain locked in a bitter trade dispute. It was the first-ever stock market investment by Moon, a former human rights lawyer whose economic policies critics blame for slowing growth in the once-booming South. Seoul and Tokyo are embroiled in a tit-for-tat row that has seen them remove each other from their lists of trusted trade partners, raising concerns in Washington, which has security treaties with both. Tokyo imposed restrictions on exports crucial to tech giants such as Samsung following a series of South Korean court rulings ordering Japanese firms to pay for forced labour during World War II. Japan dominates the global market for some vital materials, but Moon has announced measures he hopes will help develop domestic supply chains. The Victory Korea Fund was launched by Nonghyup Bank earlier this month to invest in listed South Korean firms that manufacture materials, components and equipment. "It has become a very important time to raise the competitiveness of our materials, components and equipment industry," he said, according to his office. Japan's new export restrictions last month caught South Korean firms off guard and sent tech giants such as Samsung and SK Hynix scrambling. Both Japan and South Korea are market economies and major US allies faced with an overbearing China and nuclear-armed North Korea. But their relationship continues to be heavily affected by Japan's 35-year colonial rule of the Korean peninsula in the early 20th century. Japan says a 1965 treaty that normalised relations with a significant financial contribution effectively settled all reparation claims.

South Korean president invests in local firms fund amid Japan row

South Korea Sunday began two days of war games to practise defending disputed islands off its east coast against an unlikely attack from Japan, further stoking tensions between the Asian neighbours.

The annual drills come just days after Seoul terminated a <a href="https://www.wionews.com/world/japan-says-south-korea-fails-to-grasp-north-korea-threat-with-scrapping-of-pact-245084">military intelligence-sharing pact with Tokyo</a>, with the countries at loggerheads over Japan's use of forced labour during World War II.

The two-day exercise will involve warships and aircraft, the South Korean navy said in a text message without providing more detail.

The drill -- re-named "East Sea territory defence training" -- will solidify the military's resolve to defend the Dokdo islands and the area surrounding the Sea of Japan, the navy said.

While a Japanese attack is deemed highly unlikely, South Korea first staged the drills in 1986 and has conducted them twice a year -- usually in June and December.

The delayed exercise comes as tensions with neighbouring Japan continue.

Seoul has controlled the rocky islets in the Sea of Japan since 1945 when Tokyo's 35-year colonial rule over the Korean peninsula ended.

Tokyo also claims the islands and accuses South Korea of occupying them illegally.

The two nations are both market economies, democracies and US allies, and both are threatened by nuclear-armed North Korea.

But the two neighbours have been embroiled in intensifying trade and diplomatic disputes in recent weeks, following a run of South Korean court rulings ordering Japanese firms to pay for forced labour during World War II.

The series of tit-for-tat measures that began in July after Japan imposed new restrictions on exports crucial to South Korean tech firms has seen Seoul and Tokyo remove each other from their lists of trusted trade partners.

South Korea Sunday began two days of war games to practise defending disputed islands off its east coast against an unlikely attack from Japan, further stoking tensions between the Asian neighbours.

South Korea Sunday began two days of war games to practise defending disputed islands off its east coast against an unlikely attack from Japan, further stoking tensions between the Asian neighbours. The annual drills come just days after Seoul terminated a military intelligence-sharing pact with Tokyo, with the countries at loggerheads over Japan's use of forced labour during World War II. The two-day exercise will involve warships and aircraft, the South Korean navy said in a text message without providing more detail. The drill -- re-named "East Sea territory defence training" -- will solidify the military's resolve to defend the Dokdo islands and the area surrounding the Sea of Japan, the navy said. While a Japanese attack is deemed highly unlikely, South Korea first staged the drills in 1986 and has conducted them twice a year -- usually in June and December. The delayed exercise comes as tensions with neighbouring Japan continue. Seoul has controlled the rocky islets in the Sea of Japan since 1945 when Tokyo's 35-year colonial rule over the Korean peninsula ended. Tokyo also claims the islands and accuses South Korea of occupying them illegally. The two nations are both market economies, democracies and US allies, and both are threatened by nuclear-armed North Korea. But the two neighbours have been embroiled in intensifying trade and diplomatic disputes in recent weeks, following a run of South Korean court rulings ordering Japanese firms to pay for forced labour during World War II. The series of tit-for-tat measures that began in July after Japan imposed new restrictions on exports crucial to South Korean tech firms has seen Seoul and Tokyo remove each other from their lists of trusted trade partners.

South Korea begins annual war games to defend against Japan

US&nbsp;President Donald Trump and Japanese Prime Minister Shinzo Abe displayed their differences over the seriousness of North Korea's series of short-range&nbsp;missile&nbsp;launches on Sunday while maintaining that they would remain in sync on the issue.

Trump, who <a href="https://www.wionews.com/world/trump-says-us-has-really-good-relationship-with-north-korea-245245">prizes his relationship with North Korean leader Kim Jong-un</a>, said the launches did not violate an agreement and were in line with what others were doing. Abe said the launches violated UN&nbsp;resolutions.

Launches of <a href="https://www.wionews.com/world/north-korea-launches-short-range-missiles-again-complicating-us-attempts-for-talks-245221">short-range ballistic&nbsp;missiles on Saturday</a> were the seventh by North Korea since Trump and Kim met at the inter-Korean border in June.

The launches have complicated attempts to restart talks between US&nbsp;and North Korean negotiators over the future of Pyongyang's nuclear weapons and ballistic&nbsp;missile&nbsp;programmes.

North Korean leader Kim Jong-Un oversaw the test of a "super-large multiple rocket launcher" on Saturday, state news agency KCNA reported on Sunday.

North Korea fired what appeared to be two short-range ballistic missiles into the sea off its east coast, the South Korean military said, the latest in a series of launches in recent weeks amid stalled denuclearization talks.

Photos released by North Korean state media showed rockets launching from large tubes mounted on the back of an eight-wheel vehicle.

Watch:&nbsp;North Korea fires two suspected missiles, 7th missile in a month

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Analysts said it appeared to be at least the fourth new missile system unveiled by North Korea since denuclearization talks stalled at a February summit between Kim and US&nbsp;President Donald Trump.

North Korea must step up development of new strategic and tactical weapons to counter "ever-mounting military threats and pressure offensive of the hostile forces," Kim said on Saturday, according to KCNA.

North Korea's young defence scientists who developed the missiles are a "precious treasure and wealth of the country which cannot be bartered for anything," Kim said.

On Saturday, a KCNA commentary said North Korea "will never barter the strategic security of the country for the sanctions relief."

American officials have been trying to restart the stalled talks with North Korea over its nuclear weapons and ballistic missile programs, which are heavily sanctioned.

After the latest tests, Trump again touted his good relationship with Kim and said the North Korean leader had been "pretty straight with me."

US President Donald Trump and Japanese Prime Minister Shinzo Abe displayed their differences over the seriousness of North Korea's series of short-range missile launches on Sunday while maintaining that they would remain in sync on the issue.

US President Donald Trump and Japanese Prime Minister Shinzo Abe displayed their differences over the seriousness of North Korea's series of short-range missile launches on Sunday while maintaining that they would remain in sync on the issue. Trump, who prizes his relationship with North Korean leader Kim Jong-un, said the launches did not violate an agreement and were in line with what others were doing. Abe said the launches violated UN resolutions. Launches of short-range ballistic missiles on Saturday were the seventh by North Korea since Trump and Kim met at the inter-Korean border in June. The launches have complicated attempts to restart talks between US and North Korean negotiators over the future of Pyongyang's nuclear weapons and ballistic missile programmes. North Korean leader Kim Jong-Un oversaw the test of a "super-large multiple rocket launcher" on Saturday, state news agency KCNA reported on Sunday. North Korea fired what appeared to be two short-range ballistic missiles into the sea off its east coast, the South Korean military said, the latest in a series of launches in recent weeks amid stalled denuclearization talks. Photos released by North Korean state media showed rockets launching from large tubes mounted on the back of an eight-wheel vehicle. Watch: North Korea fires two suspected missiles, 7th missile in a month × Analysts said it appeared to be at least the fourth new missile system unveiled by North Korea since denuclearization talks stalled at a February summit between Kim and US President Donald Trump. North Korea must step up development of new strategic and tactical weapons to counter "ever-mounting military threats and pressure offensive of the hostile forces," Kim said on Saturday, according to KCNA. North Korea's young defence scientists who developed the missiles are a "precious treasure and wealth of the country which cannot be bartered for anything," Kim said. On Saturday, a KCNA commentary said North Korea "will never barter the strategic security of the country for the sanctions relief." American officials have been trying to restart the stalled talks with North Korea over its nuclear weapons and ballistic missile programs, which are heavily sanctioned. After the latest tests, Trump again touted his good relationship with Kim and said the North Korean leader had been "pretty straight with me."

Japan's Abe refutes Trump, says North Korea missile launches violate UN resolutions

Taiwan braced for Typhoon Bailu on Friday, prompting cancellations of domestic flights amid warnings of floods and high season the island.

Typhoon Bailu, categorised at the weakest typhoon level by Taiwan's weather bureau, was expected to approach off the island's southeastern coast early on Saturday.&nbsp;

It was moving across the ocean in a northwesterly direction at 24 km per hour (15 mph), weather officials said.

Bailu was carrying maximum winds of 126 km per hour (78 mph) as it approaches <a href="https://www.wionews.com/world/us-state-department-approves-sale-of-66-f-16-fighters-to-taiwan-244591">Taiwan</a>, the weather bureau said, adding that the storm could gain in strength and become the first typhoon to make landfall on the island in more than two years.

Thousands of people were moved to safety, most of them tourists on islands off the east coast, while dozens of domestic flights and ferry services were cancelled.

Some 34,000 soldiers were deployed in the south amid fears of floods.

The bureau issued wind and rain warnings for southeastern Taiwan, and other southern counties were expected to be included in the warnings later in the day. It also put out a warning to seafarers.

After passing over Taiwan, the typhoon is expected to cross the Taiwan Strait and hit the Chinese province of Fujian, forecasters said.

Typhoons regularly hit Taiwan, China, the Philippines, and Japan in the second half of the year, gathering strength from the warm waters of the Pacific Ocean or the South China Sea.

Typhoon Morakot devastated the island in 2009, killing nearly 700 people, most of them in landslides.

Taiwan braced for Typhoon Bailu on Friday, prompting cancellations of domestic flights amid warnings of floods and high season the island. Typhoon Bailu, categorised at the weakest typhoon level by Taiwan's weather bureau, was expected to approach off the island's southeastern coast early on Saturday.

Taiwan braced for Typhoon Bailu on Friday, prompting cancellations of domestic flights amid warnings of floods and high season the island. Typhoon Bailu, categorised at the weakest typhoon level by Taiwan's weather bureau, was expected to approach off the island's southeastern coast early on Saturday. It was moving across the ocean in a northwesterly direction at 24 km per hour (15 mph), weather officials said. Bailu was carrying maximum winds of 126 km per hour (78 mph) as it approaches Taiwan, the weather bureau said, adding that the storm could gain in strength and become the first typhoon to make landfall on the island in more than two years. Thousands of people were moved to safety, most of them tourists on islands off the east coast, while dozens of domestic flights and ferry services were cancelled. Some 34,000 soldiers were deployed in the south amid fears of floods. The bureau issued wind and rain warnings for southeastern Taiwan, and other southern counties were expected to be included in the warnings later in the day. It also put out a warning to seafarers. After passing over Taiwan, the typhoon is expected to cross the Taiwan Strait and hit the Chinese province of Fujian, forecasters said. Typhoons regularly hit Taiwan, China, the Philippines, and Japan in the second half of the year, gathering strength from the warm waters of the Pacific Ocean or the South China Sea. Typhoon Morakot devastated the island in 2009, killing nearly 700 people, most of them in landslides.

Flights cancelled as Taiwan braces for typhoon

South Korea will scrap an intelligence-sharing pact with Japan amid an intensifying dispute over <a href="https://www.wionews.com/world/south-koreas-moon-open-to-dialogue-with-japan-amid-trade-row-243077">history and trade</a>, South Korea's presidential office said on Thursday.

The decision was made after a meeting of the presidential National Security Council. The deal was due to be automatically renewed on Saturday, unless either side decided to cancel it.

Japan created a "grave change" in the environment for bilateral security cooperation by removing <a href="https://www.wionews.com/world/japan-in-the-dark-over-south-korea-trade-controls-minister-sung-yun-mo-242609">South Korea's fast-track</a> export status, said Kim You-geun, a deputy director of the National Security Council.

Relations between the two countries soured after the South Korean Supreme Court ordered some Japanese firms to compensate Korean wartime workers last October, a move strongly condemned by Tokyo, which says the matter was resolved by a 1965 treaty normalising ties.

The feud has spilled over into trade, after Japan tightened export controls on materials vital to South Korean chipmakers and then dropped Seoul from a list of countries eligible for fast-track exports, prompting South Korea to take a similar step towards Japan.

The number of South Korean tourists visiting Japan fell last month to its lowest in nearly a year, amid a far-reaching boycott of Japanese products and services, from cars to beer and tours.

Abe last month tightened curbs on exports to South Korea of three high-tech materials needed to make memory chips and display panels. The government this month cancelled South Korea's fast-track trade status.

Removing South Korea from a "white-list" of favoured export destinations means some Japanese exporters face more paperwork and on-site inspections before they can win permits, which could slow Korea-bound exports for a wide range of goods. 
&nbsp;

South Korea will scrap an intelligence-sharing pact with Japan amid an intensifying dispute over history and trade, South Korea's presidential office said on Thursday.

South Korea will scrap an intelligence-sharing pact with Japan amid an intensifying dispute over history and trade, South Korea's presidential office said on Thursday. The decision was made after a meeting of the presidential National Security Council. The deal was due to be automatically renewed on Saturday, unless either side decided to cancel it. Japan created a "grave change" in the environment for bilateral security cooperation by removing South Korea's fast-track export status, said Kim You-geun, a deputy director of the National Security Council. Relations between the two countries soured after the South Korean Supreme Court ordered some Japanese firms to compensate Korean wartime workers last October, a move strongly condemned by Tokyo, which says the matter was resolved by a 1965 treaty normalising ties. The feud has spilled over into trade, after Japan tightened export controls on materials vital to South Korean chipmakers and then dropped Seoul from a list of countries eligible for fast-track exports, prompting South Korea to take a similar step towards Japan. The number of South Korean tourists visiting Japan fell last month to its lowest in nearly a year, amid a far-reaching boycott of Japanese products and services, from cars to beer and tours. Abe last month tightened curbs on exports to South Korea of three high-tech materials needed to make memory chips and display panels. The government this month cancelled South Korea's fast-track trade status. Removing South Korea from a "white-list" of favoured export destinations means some Japanese exporters face more paperwork and on-site inspections before they can win permits, which could slow Korea-bound exports for a wide range of goods.

South Korea to scrap intelligence-sharing pact with Japan

Japan's Self Defence Forces (JSDF) demonstrated their firepower at the foot of Mount Fuji on August 22 during their annual summer military exercise. Over 2,400 JSDF personnel, 80 tanks and 20 aircraft participated in a variety of live fire and combat drills. Watch this video to know more.

Japan conducts live fire drills near Mount Fuji

The Indian men's hockey team registered a 6-3 win over Japan in their third match of the Olympic Test Event at the Oi Hockey Stadium here on Tuesday to reach the final of the tournament.

Mandeep Singh displayed a brilliant form as he scored thrice in the game. Nilakanta Sharma found the target first through a field goal in the third minute.

India were awarded a penalty corner four minutes after Sharma's goal and Nilam Sanjeep Xess made no mistake, taking lead to 2-0. Mandeep Singh did not take much time to consolidate the position as he netted in the ninth minute.

Kentaro Fukuda opened the account for Japan striking in the 25th minute. However, impeccable goals by Mandeep Singh in the 29th and 30th minute took the tally to 5-1.

Japan's Kenta Tanaka fought back and scored in the 36th minute. India registered their sixth goal through Gurjant Singh in the 41st minute.

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FT: 🇮🇳 6-3 🇯🇵 
 
WHAT. A. WIN. 
 
After a hiccup in the previous game, <a href="https://twitter.com/hashtag/TeamIndia?src=hash&amp;ref_src=twsrc%5Etfw">#TeamIndia</a> are back to winning ways as they book their berth in the FINALS. 💪 🇮🇳<a href="https://twitter.com/hashtag/IndiaKaGame?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaKaGame</a> <a href="https://twitter.com/hashtag/ReadySteadyTokyo?src=hash&amp;ref_src=twsrc%5Etfw">#ReadySteadyTokyo</a> <a href="https://twitter.com/hashtag/Tokyo2020?src=hash&amp;ref_src=twsrc%5Etfw">#Tokyo2020</a> <a href="https://twitter.com/hashtag/INDvJPN?src=hash&amp;ref_src=twsrc%5Etfw">#INDvJPN</a> <a href="https://twitter.com/WeAreTeamIndia?ref_src=twsrc%5Etfw">@WeAreTeamIndia</a> <a href="https://t.co/flOg7JAJbE">pic.twitter.com/flOg7JAJbE</a>
— Hockey India (@TheHockeyIndia) <a href="https://twitter.com/TheHockeyIndia/status/1163671138842509312?ref_src=twsrc%5Etfw">August 20, 2019</a></blockquote>
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Japan launched an attack in the fourth quarter and succeded in the 52nd minute.

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<a href="https://twitter.com/hashtag/TeamIndia?src=hash&amp;ref_src=twsrc%5Etfw">#TeamIndia</a> are back on track as they defeated the hosts 6-3, that included a hat-trick by star Striker <a href="https://twitter.com/mandeepsingh995?ref_src=twsrc%5Etfw">@mandeepsingh995</a>, powering 🇮🇳 into the Finals against New Zealand on 21st August: <a href="https://t.co/bQhZel7QSb">https://t.co/bQhZel7QSb</a><a href="https://twitter.com/hashtag/IndiaKaGame?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaKaGame</a> <a href="https://twitter.com/hashtag/ReadySteadyTokyo?src=hash&amp;ref_src=twsrc%5Etfw">#ReadySteadyTokyo</a> <a href="https://twitter.com/hashtag/Tokyo2020?src=hash&amp;ref_src=twsrc%5Etfw">#Tokyo2020</a> <a href="https://twitter.com/hashtag/INDvJPN?src=hash&amp;ref_src=twsrc%5Etfw">#INDvJPN</a> <a href="https://twitter.com/WeAreTeamIndia?ref_src=twsrc%5Etfw">@weareteamindia</a> <a href="https://t.co/Q9Y9pBnOos">pic.twitter.com/Q9Y9pBnOos</a>
— Hockey India (@TheHockeyIndia) <a href="https://twitter.com/TheHockeyIndia/status/1163705165855068161?ref_src=twsrc%5Etfw">August 20, 2019</a></blockquote>
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Shortly before the final whistle, India saved a penalty corner. India will play against New Zealand in the final tomorrow.

The Indian men's hockey team registered a 6-3 win over Japan in their third match of the Olympic Test Event at the Oi Hockey Stadium here on Tuesday to reach the final of the tournament.

The Indian men's hockey team registered a 6-3 win over Japan in their third match of the Olympic Test Event at the Oi Hockey Stadium here on Tuesday to reach the final of the tournament. Mandeep Singh displayed a brilliant form as he scored thrice in the game. Nilakanta Sharma found the target first through a field goal in the third minute. India were awarded a penalty corner four minutes after Sharma's goal and Nilam Sanjeep Xess made no mistake, taking lead to 2-0. Mandeep Singh did not take much time to consolidate the position as he netted in the ninth minute. Kentaro Fukuda opened the account for Japan striking in the 25th minute. However, impeccable goals by Mandeep Singh in the 29th and 30th minute took the tally to 5-1. Japan's Kenta Tanaka fought back and scored in the 36th minute. India registered their sixth goal through Gurjant Singh in the 41st minute. FT: 🇮🇳 6-3 🇯🇵 WHAT. A. WIN. After a hiccup in the previous game, #TeamIndia are back to winning ways as they book their berth in the FINALS. 💪 🇮🇳#IndiaKaGame #ReadySteadyTokyo #Tokyo2020 #INDvJPN @WeAreTeamIndia pic.twitter.com/flOg7JAJbE — Hockey India (@TheHockeyIndia) August 20, 2019 × Japan launched an attack in the fourth quarter and succeded in the 52nd minute. #TeamIndia are back on track as they defeated the hosts 6-3, that included a hat-trick by star Striker @mandeepsingh995, powering 🇮🇳 into the Finals against New Zealand on 21st August: https://t.co/bQhZel7QSb#IndiaKaGame #ReadySteadyTokyo #Tokyo2020 #INDvJPN @weareteamindia pic.twitter.com/Q9Y9pBnOos — Hockey India (@TheHockeyIndia) August 20, 2019 × Shortly before the final whistle, India saved a penalty corner. India will play against New Zealand in the final tomorrow.

India reaches final of Olympic Test Event after 6-3 win over Japan

&nbsp;Japanese police on Monday arrested a man claiming to be Chinese for throwing a black ink-like liquid on a curtain at one of the buildings of Tokyo's Yasukuni Shrine for war dead, the Metropolitan Police Department said.

<a href="https://www.wionews.com/.../high-end-rebrand-makes-life-sweet-for-japans- ice-farmers-243768">Japan</a>'s neighbours see the shrine as a symbol of the country's former militarism, since it honours 14 Japanese leaders convicted by an Allied tribunal as war criminals, along with other war dead.

Prime Minister Shinzo Abe sent a ritual offering to the shrine on Thursday, the anniversary of Japan's World War Two surrender, but refrained from visiting in person.

Details such as the motives, address and occupation of the man arrested for property damage were unclear, a police official said.

No one was immediately available for comment at the Chinese embassy in Tokyo.

Japanese police on Monday arrested a man claiming to be Chinese for throwing a black ink-like liquid on a curtain at one of the buildings of Tokyo's Yasukuni Shrine for war dead, the Metropolitan Police Department said.

Japanese police on Monday arrested a man claiming to be Chinese for throwing a black ink-like liquid on a curtain at one of the buildings of Tokyo's Yasukuni Shrine for war dead, the Metropolitan Police Department said. Japan's neighbours see the shrine as a symbol of the country's former militarism, since it honours 14 Japanese leaders convicted by an Allied tribunal as war criminals, along with other war dead. Prime Minister Shinzo Abe sent a ritual offering to the shrine on Thursday, the anniversary of Japan's World War Two surrender, but refrained from visiting in person. Details such as the motives, address and occupation of the man arrested for property damage were unclear, a police official said. No one was immediately available for comment at the Chinese embassy in Tokyo.

Japan shrine for war dead vandalised by man claiming to be Chinese

In a mountainous area north of Tokyo, a priest blows a conch shell as Yuichiro Yamamoto bows and thanks to the nature gods for this year's "good harvest": natural ice.

In a mountainous area north of Tokyo, a priest blows a conch shell as Yuichiro Yamamoto bows and thanks to the nature gods for this year's "good harvest": natural ice. Yamamoto is one of Japan's few remaining "ice farmers", eschewing the ease of refrigeration for open-air pools to create a product that is sold to high-end shaved ice shops in trendy Tokyo districts. His trade had all but disappeared in recent decades, and the shaved ice or kakigori that is popular throughout Japan in summer had been produced with cheap machine-made ice. But reinventing natural-made ice as a high-end artisanal product has helped revive the sector and save his firm. "When I started making natural ice, I wondered how I should market it. I thought I needed to transform kakigori," Yamamoto tells AFP at his ice-making field in the town of Nikko, north of Tokyo. Yamamoto took over a traditional ice-making business 13 years ago in Nikko, where he also runs a leisure park. At the time, shaved ice cost just 200 yen ($2) in the local area and Yamamoto, who was fascinated by traditional ice-making, knew he couldn't make ends meet. "My predecessor used to sell ice at the same price as the fridge-made one, which can be manufactured easily anytime throughout the year," the 68-year-old says. The situation made it "impossible" to compete he explains, as producing natural ice is labour intensive. Instead, he decided to transform cheap kakigori into a luxury dessert, made with his natural ice and high-grade fruit puree rather than artificially flavoured syrup. After months of research, he began producing his small batches of artisanal kakigori. A gruelling process "I put the price tag at 800 yen for a bowl of kakigori. I also priced the ice at 9,000 yen per case, which is six times more than my predecessor," he says. At first, there were days he threw away tonnes of ice because he could not find clients. But one day buyers from the prestigious Mitsukoshi department store discovered his product and began stocking it, turning around his fortunes. Kakigori dates back to the Heian Period (794-1185) when aristocratic court culture flourished in the then-capital of Kyoto. It was a rare delicacy reserved for the rich, with the ice naturally made and stored in mountainside holes covered with silver sheets. It was only after 1883 when the first ice-making factory was built in Tokyo, that ordinary person could taste the dessert. With the development of ice-making machines, the number of traditional ice makers dropped to fewer than 10 nationwide. The story is one familiar to many traditional Japanese crafts and foodstuffs with expensive and labour-intensive products losing ground as cheaper, machine-driven versions become available. And making ice naturally is a gruelling task. The season begins in the autumn when workers prepare a swimming-pool-like pit by cultivating the soil and pouring in spring water. Thin frozen initial layers are scraped away along with dirt and fallen leaves. The ice-making begins in earnest in the winter, when water is poured in to freeze solid, but it must be carefully protected. Producers regularly scrape off the snow that can slow the freezing process. "I once spent 16 hours non-stop removing snow," Yamamoto recalls. Cult product And rain too can ruin the product, causing cracks that mean the whole batch has to be discarded. "I check the weather forecast 10 times a day," Yamamoto laughs. Once the ice is 14 centimetres (5.5 inches) thick, which takes at least two weeks, workers begin cutting out rectangular blocks. Each block, which weighs about 40 kilogrammes (88 pounds), is glided into an ice room filled with sawdust on a long bamboo slide. The blocks are sold to some of Tokyo's high-end shaved ice shops as well as department stores. In the Yanaka district, more than 1,000 people queue up every day for a taste of kakigori made with natural ice produced by another ice-maker from Nikko. Owner Koji Morinishi says the naturally made ice has a texture that is different from machine-made products. "It feels very different when you shave it. It's harder because it's frozen over a long period," explains Morinishi. "It's easier to shave thin if the ice is hard. If not hard, it dissolves too quickly." Morinishi himself struggled when he first opened the kakigori shop but has gradually built a cult following for his desserts topped with purees of mango, watermelon, peach or other fruit. And Yamamoto's firm has seen demand soar he now harvests 160 tons a year and knows two new producers who have entered the market. He says: "This business has become attractive and the ice makers are all busy."

High-end rebrand makes life sweet for Japan's 'ice farmers'

North Korea launched at least two short-range ballistic missiles on Friday which was its 6th launch within a month. Otherside, Japan's Shinzo Abe said that no threat to security from North Korea projectile launch. Watch this video to know more.

6th launch of N. Korea within a month, Japan's Abe says no threat to security from projectile launch

<a href="https://www.wionews.com/.../over-400000-advised-evacuating-as-the-storm- bears-down-on-japan-243089">Japan </a>insisted Friday it no longer hunts endangered sei whales in international waters but faced accusations of still violating a wildlife treaty by allowing commercialisation of meat from past catches.

The standing committee of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) last October found Japan in breach of the treaty and ordered it to rectify the situation or face trade sanctions.

The elected panel, which handles the treaty's compliance and enforcement, dismissed Japan's claims that the cull since 2002 of some 1,500 North Pacific sei whales was only scientifically motivated.

Instead, it found that the hunt was primarily commercially motivated, and thus constituted international trade in a protected species and a clear violation of the treaty.

Japan told the committee meeting in Geneva on Friday that it no longer permits taking sei whales on the high sea and is therefore in compliance with CITES.

"This matter should be considered closed," a member of the Japanese delegation said, &nbsp;a day before a global conference of all 183 countries that have signed the treaty kicks off in Geneva.

But committee members from a range of countries, including the European Union, Israel, Niger, Peru and the United States, disagreed.

Many voiced outrage&nbsp;at the continued sale of meat and blubber from the whales deemed to have been illegally culled and imported over a 16-year period.

According to conservationists, 1,500 tonnes of meat from 131 sei whales killed in 2018 alone have been commercialised in Japan, and sei whale meat remains widely available in shops and restaurants in the country.

'Truly shocking'&nbsp;

"It is truly shocking," the representative from Niger told the meeting, maintaining that when illegal international trade is detected in other endangered species, such as elephant ivory, the stockpiles are ordered confiscated and destroyed.&nbsp;

The European Union representative agreed, pointing to article 8 of the convention, which he said "requires ... confiscating specimens traded, or in this case introduced from the sea, in violation of CITES."

Japan meanwhile stressed that it had immediately followed the committee's October ruling, but baulked at the idea it should be applied retroactively.

In the end, the committee ordered Japan to report back on its use of the sei whale stockpiles, but put off the thorny discussion on confiscation until next year.

While Japan remains bound by CITES &nbsp;international wildlife trade restrictions, it has withdrawn from the International Whaling Commission (IWC), enabling it last month to resume commercial whaling in its territorial waters for the first time in decades.

It has allotted itself a hunting quota of 227 of the giant sea mammals this year, including 25 sei whales.

Japan insisted Friday it no longer hunts endangered sei whales in international waters but faced accusations of still violating a wildlife treaty by allowing commercialisation of meat from past catches.

Japan insisted Friday it no longer hunts endangered sei whales in international waters but faced accusations of still violating a wildlife treaty by allowing commercialisation of meat from past catches. The standing committee of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) last October found Japan in breach of the treaty and ordered it to rectify the situation or face trade sanctions. The elected panel, which handles the treaty's compliance and enforcement, dismissed Japan's claims that the cull since 2002 of some 1,500 North Pacific sei whales was only scientifically motivated. Instead, it found that the hunt was primarily commercially motivated, and thus constituted international trade in a protected species and a clear violation of the treaty. Japan told the committee meeting in Geneva on Friday that it no longer permits taking sei whales on the high sea and is therefore in compliance with CITES. "This matter should be considered closed," a member of the Japanese delegation said, a day before a global conference of all 183 countries that have signed the treaty kicks off in Geneva. But committee members from a range of countries, including the European Union, Israel, Niger, Peru and the United States, disagreed. Many voiced outrage at the continued sale of meat and blubber from the whales deemed to have been illegally culled and imported over a 16-year period. According to conservationists, 1,500 tonnes of meat from 131 sei whales killed in 2018 alone have been commercialised in Japan, and sei whale meat remains widely available in shops and restaurants in the country. 'Truly shocking' "It is truly shocking," the representative from Niger told the meeting, maintaining that when illegal international trade is detected in other endangered species, such as elephant ivory, the stockpiles are ordered confiscated and destroyed. The European Union representative agreed, pointing to article 8 of the convention, which he said "requires ... confiscating specimens traded, or in this case introduced from the sea, in violation of CITES." Japan meanwhile stressed that it had immediately followed the committee's October ruling, but baulked at the idea it should be applied retroactively. In the end, the committee ordered Japan to report back on its use of the sei whale stockpiles, but put off the thorny discussion on confiscation until next year. While Japan remains bound by CITES international wildlife trade restrictions, it has withdrawn from the International Whaling Commission (IWC), enabling it last month to resume commercial whaling in its territorial waters for the first time in decades. It has allotted itself a hunting quota of 227 of the giant sea mammals this year, including 25 sei whales.

Japan under pressure over past hunting of endangered whales

Japan hit by powerful storm, 720 domestic flights cancelled in Western Japan cities. Watch video to know more.

Japan hit by powerful storm, 720 domestic flights cancelled in Western Japan cities

Many of the world's top triathletes battled the heat and humidity in Tokyo on Friday (August 16) at the International Triathlon Union (ITU) Olympic qualifying race, which doubled as a test event for the Games.

Triathletes happy to survive battle with humidity at Tokyo 2020 test event

<a href="https://www.wionews.com/world/torrential-rains-kill-at-least-81-in-western-japan-150012">Heavy rains lashed parts of western Japan</a> on Thursday as tropical storm Krosa bore down on the country, forcing the cancellations of hundreds of flights and trains as authorities advised more than 400,000 people to evacuate.

Krosa, a Khmer word for crane, was heading northeast towards the smallest Japanese main island of Shikoku with sustained winds of 108 km per hour (67 mph) and gusts up to 162 km per hour (100 mph), with landfall likely in the early afternoon, the Japan Meteorological Agency said.

Authorities warned that the total rainfall in some areas could surpass 1,000 mm (39 inches) over 24 hours to Friday morning and advised some 446,000 people to evacuate, but as of Thursday morning, there were no reports of major flooding and only a handful of minor injuries.

"Given the predictions of record rains and high winds, we'd like to ask people in the affected areas to avoid going outside if they can and to make early preparations to evacuate if needed according to directions of the local authorities," Yoshihide Suga, chief cabinet secretary, told a news conference.

Eighteen people, including a baby, became trapped on Wednesday when a river rose suddenly as they were having a barbeque.

None were injured and preparations for their rescue were being made on Thursday morning.

The Shinkansen bullet train service was halted in one part of western Japan, as were all local train lines, and several highways were closed.

A total of 679 flights were cancelled, NHK national television said, snarling travel plans for thousands at the end of Japan's main summer holiday period.

"My flight got cancelled today, and without any trains running, there isn't anything I can do," one man told NHK.&nbsp;

More than 200 people died in torrential rains and flooding in parts of western Japan in 2018, areas that could also be hit by severe rains from Krosa.

Heavy rains lashed parts of western Japan on Thursday as tropical storm Krosa bore down on the country, forcing the cancellations of hundreds of flights and trains as authorities advised more than 400,000 people to evacuate.

Heavy rains lashed parts of western Japan on Thursday as tropical storm Krosa bore down on the country, forcing the cancellations of hundreds of flights and trains as authorities advised more than 400,000 people to evacuate. Krosa, a Khmer word for crane, was heading northeast towards the smallest Japanese main island of Shikoku with sustained winds of 108 km per hour (67 mph) and gusts up to 162 km per hour (100 mph), with landfall likely in the early afternoon, the Japan Meteorological Agency said. Authorities warned that the total rainfall in some areas could surpass 1,000 mm (39 inches) over 24 hours to Friday morning and advised some 446,000 people to evacuate, but as of Thursday morning, there were no reports of major flooding and only a handful of minor injuries. "Given the predictions of record rains and high winds, we'd like to ask people in the affected areas to avoid going outside if they can and to make early preparations to evacuate if needed according to directions of the local authorities," Yoshihide Suga, chief cabinet secretary, told a news conference. Eighteen people, including a baby, became trapped on Wednesday when a river rose suddenly as they were having a barbeque. None were injured and preparations for their rescue were being made on Thursday morning. The Shinkansen bullet train service was halted in one part of western Japan, as were all local train lines, and several highways were closed. A total of 679 flights were cancelled, NHK national television said, snarling travel plans for thousands at the end of Japan's main summer holiday period. "My flight got cancelled today, and without any trains running, there isn't anything I can do," one man told NHK. More than 200 people died in torrential rains and flooding in parts of western Japan in 2018, areas that could also be hit by severe rains from Krosa.

Over 400,000 advised evacuating as the storm bears down on Japan

China's threat to impose countermeasures in retaliation for the latest US tariffs knocked stocks sprawling on Thursday, checking earlier attempts to recover from a rout sparked by fears of a world recession.

China's threat to impose countermeasures in retaliation for the latest US tariffs knocked stocks sprawling on Thursday, checking earlier attempts to recover from a rout sparked by fears of a world recession. Wall Street futures signalled another weak open for US stocks, which fell 3 per cent on Wednesday after long-dated bond yields dropped, raising fears the US economy was hurtling towards recession and dragging world stocks with it. Expectations that the US Federal Reserve and other central banks would respond robustly to the recession warning helped world stocks to steady earlier. But that recovery was cut short by the latest rhetoric from Beijing "The only game in town is the central banks, hence the bond markets are rallying," said Peter Schaffrik, global macro strategist at RBC Capital Markets. "We have regional bonfires in Hong Kong, Argentina, Japan against South Korea, and none of these is going away easily; everyone is not necessarily strong enough to cause trouble." Recession fears grew on Wednesday after yields on 10-year Treasury bonds dropped to less than two-year rates for the first time in 12 years when the same yield curve inversion presaged the 2008 recession. The curve has inverted before every recession in the past 50 years and sent a false signal just once. The latest inversion has since reversed, albeit marginally, and yields on 30-year Treasuries rose off the record 1.965 per cent low reached in Asian trade. But they are still down 60 basis points in just 12 sessions. Markets appear to be pinning their hopes, yet again, on central banks, betting that scale of the scare would alarm policymakers, especially at the Fed. Money markets price in a growing chance the Fed will cut rates by half a point at its September meeting. "We have seen stocks trading very poorly as a result of the yield curve inversion, so that will be flashing some additional warning lights for the Fed that they have to do more," said Andrea Iannelli, investment director at Fidelity International. "The only question is, can the Fed out-dove the market? At the very least they will have to match market expectations in the short term." The Chinese comments sent a pan-European equity index down half a per cent and markets in London and Frankfurt lost over 1 per cent. Earlier, Asian shares fell 0.5 per cent. Japan's Nikkei shed 1.2 per cent as the recent yen surge hit the export-heavy market. German 30-year yields are below minus 0.2 per cent for the first time. Ten-year yields touched a record low of minus 0.67 per cent. The growth worries come amid economic stress in Argentina and some other emerging markets, fears of Chinese military intervention in Hong Kong and trade tensions that show no sign of abating. "Hoping for the best on the policy front but positioning for the worst on the economic backdrop seems to be the flavour of the day," said Stephen Innes, a managing partner at Valour Markets. "The Fed, now out of necessity alone, will need to adjust policy much more profoundly than they expected." Not everyone buys the argument that recession is inevitable bond markets have been distorted by a decade of multi-trillion-dollar central bank stimulus. Mark Haefele, chief investment officer at UBS Global Wealth Management, said how long the curve remained inverted, and to what extent, was crucial. "If Fed rate cuts successfully steepen the curve comfortably into positive territory, this brief curve inversion may be a premature recession signal. Neither does a yield curve inversion indicate it is time to sell equities," Haefele said. He noted that since 1975, every curve inversion had been followed by an S&P 500 rally that lasted almost two years and delivered average gains around 40 per cent. Safety plays As the Sino-US trade war escalates, long-dated bond yields have fallen across the developed world, flattening yield curves in what is considered a clear signal of a worsening growth outlook. What sent the US curve over the brink into inversion was German data on Wednesday that showed the economy had contracted in the quarter to June. That came on the heels of dire Chinese data for July. The British yield curve also inverted. The German curve is at its flattest since 2008. Oil prices plunged with Brent crude losing another 2 per cent to $58.4 a barrel, after shedding 3 per cent overnight. Safe-haven gold was up 0.3 per cent at $1,520 per ounce, just off recent six-year highs. The yen was flat at 105.8 to the dollar, having earlier traded at 106.74. The currency has gained against the dollar for eight of the past 10 sessions. Excluding a mini-crash episode in January, it recently hit 17-month highs.

Global Markets: China's trade threats deal a fresh blow to world stock

A 400-year-old temple in Japan is attempting to hot-wire interest in Buddhism with a robotic priest it believes will change the face of the religion -- despite critics comparing the android to "Frankenstein's monster."

The android Kannon, based on the Buddhist deity of mercy, preaches sermons at Kodaiji temple in Kyoto, and its human colleagues predict that with artificial intelligence it could one day acquire unlimited wisdom.

"This robot will never die, it will just keep updating itself and evolving," priest Tensho Goto told AFP.

"That's the beauty of a robot. It can store knowledge forever and limitlessly.&nbsp;

"With AI we hope it will grow in wisdom to help people overcome even the most difficult troubles. It's changing Buddhism," added Goto.

The adult-sized robot began service earlier this year and is able to move its torso, arms and head.

But only its hands, face and shoulders are covered in silicone to replicate human skin.

Clasping its hands together in prayer and speaking in soothing tones, the rest of the droid's mechanical parts are clearly visible.

Wiring and blinking lights fill the cranial cavity of its open-top head and snake around its gender-neutral, aluminium body.

A tiny video camera installed in the left eye completes an eerie, cyborg-like frame seemingly lifted straight out of a dystopian Hollywood sci-fi thriller.&nbsp;

Developed at a cost of almost $1m in a joint project between the Zen temple and renowned robotics professor Hiroshi Ishiguro at Osaka University, the humanoid -- called Mindar -- teaches about compassion and of the dangers of desire, anger and ego.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/playing-god-japan-temple-puts-faith-in-robot-priest-242934/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"You cling to a sense of selfish ego," it warns worshippers. "Worldly desires are nothing other than a mind lost at sea."

No 'fuddy-duddy' priest&nbsp;

With religion's influence on daily life flat-lining in Japan, Goto hopes Kodaiji's robot priest will be able to reach younger generations in a way traditional monks can't.

"Young people probably think a temple is a place for funerals or weddings," he said, trying to explain the disconnect with religion.

"It might be difficult to relate to fuddy-duddy priests like me, but hopefully the robot is a fun way to bridge that gap. We want people to see the robot and think about the essence of Buddhism."

Goto insisted, however, that Mindar was no gimmick to boost income from tourists.

"This robot teaches us ways to overcome pain," he said. "It is here to save anyone who seeks help."

The pious droid delivers sermons from the Heart Sutras in Japanese, with translations in English and Chinese projected onto a screen for foreign visitors.

"The goal of Buddhism is to ease suffering," said Goto. "Modern society brings other kinds of stress, but the goal hasn't really changed for over 2,000 years."

A recent Osaka University survey showed a wide range of feedback from those who have seen the android at work, with many expressing surprise at how "human" it looked.

"I felt a warmth you wouldn't feel from a regular machine," said one of those polled.

"At first it felt a little unnatural, but the android was easy to follow," replied another temple-goer. "It made me think deeply about right and wrong."&nbsp;

Others were less convinced, some insisting the robot was too "fake".

"The sermon felt uncomfortable," complained one worshipper. "The robot's expressions felt too engineered."

'Frankenstein's monster'

Kodaiji temple has also faced criticism -- mostly from foreigners -- for tampering with the sanctity of religion.

"Westerners have been the most upset by the robot," said Goto, noting largely positive feedback from Japanese visitors.

"It could be the influence of the Bible, but Westerners have compared it to Frankenstein's monster," he added.

"Japanese people don't possess any prejudices against robots. We were brought up on comics where robots are our friends. Westerners think differently."

Goto denies accusations that Kodaiji, recently visited by French President Emmanuel Macron, is guilty of sacrilege.

"Obviously a machine doesn't have a soul," he said.&nbsp;

"But Buddhist faith isn't about believing in God. It's about following Buddha's path, so it doesn't matter whether it is represented by a machine, a scrap of iron or a tree."

The temple insists the deity of mercy is able to transform itself at will and that an android is merely the latest incarnation.

"Artificial intelligence has developed to such an extent we thought it logical for the Buddha to transform into a robot," said Goto.

"We hope it will touch people's hearts and minds."

A 400-year-old temple in Japan is attempting to hot-wire interest in Buddhism with a robotic priest it believes will change the face of the religion -- despite critics comparing the android to "Frankenstein's monster.

A 400-year-old temple in Japan is attempting to hot-wire interest in Buddhism with a robotic priest it believes will change the face of the religion -- despite critics comparing the android to "Frankenstein's monster." The android Kannon, based on the Buddhist deity of mercy, preaches sermons at Kodaiji temple in Kyoto, and its human colleagues predict that with artificial intelligence it could one day acquire unlimited wisdom. "This robot will never die, it will just keep updating itself and evolving," priest Tensho Goto told AFP. "That's the beauty of a robot. It can store knowledge forever and limitlessly. "With AI we hope it will grow in wisdom to help people overcome even the most difficult troubles. It's changing Buddhism," added Goto. The adult-sized robot began service earlier this year and is able to move its torso, arms and head. But only its hands, face and shoulders are covered in silicone to replicate human skin. Clasping its hands together in prayer and speaking in soothing tones, the rest of the droid's mechanical parts are clearly visible. Wiring and blinking lights fill the cranial cavity of its open-top head and snake around its gender-neutral, aluminium body. A tiny video camera installed in the left eye completes an eerie, cyborg-like frame seemingly lifted straight out of a dystopian Hollywood sci-fi thriller. Developed at a cost of almost $1m in a joint project between the Zen temple and renowned robotics professor Hiroshi Ishiguro at Osaka University, the humanoid -- called Mindar -- teaches about compassion and of the dangers of desire, anger and ego. "You cling to a sense of selfish ego," it warns worshippers. "Worldly desires are nothing other than a mind lost at sea." No 'fuddy-duddy' priest With religion's influence on daily life flat-lining in Japan, Goto hopes Kodaiji's robot priest will be able to reach younger generations in a way traditional monks can't. "Young people probably think a temple is a place for funerals or weddings," he said, trying to explain the disconnect with religion. "It might be difficult to relate to fuddy-duddy priests like me, but hopefully the robot is a fun way to bridge that gap. We want people to see the robot and think about the essence of Buddhism." Goto insisted, however, that Mindar was no gimmick to boost income from tourists. "This robot teaches us ways to overcome pain," he said. "It is here to save anyone who seeks help." The pious droid delivers sermons from the Heart Sutras in Japanese, with translations in English and Chinese projected onto a screen for foreign visitors. "The goal of Buddhism is to ease suffering," said Goto. "Modern society brings other kinds of stress, but the goal hasn't really changed for over 2,000 years." A recent Osaka University survey showed a wide range of feedback from those who have seen the android at work, with many expressing surprise at how "human" it looked. "I felt a warmth you wouldn't feel from a regular machine," said one of those polled. "At first it felt a little unnatural, but the android was easy to follow," replied another temple-goer. "It made me think deeply about right and wrong." Others were less convinced, some insisting the robot was too "fake". "The sermon felt uncomfortable," complained one worshipper. "The robot's expressions felt too engineered." 'Frankenstein's monster' Kodaiji temple has also faced criticism -- mostly from foreigners -- for tampering with the sanctity of religion. "Westerners have been the most upset by the robot," said Goto, noting largely positive feedback from Japanese visitors. "It could be the influence of the Bible, but Westerners have compared it to Frankenstein's monster," he added. "Japanese people don't possess any prejudices against robots. We were brought up on comics where robots are our friends. Westerners think differently." Goto denies accusations that Kodaiji, recently visited by French President Emmanuel Macron, is guilty of sacrilege. "Obviously a machine doesn't have a soul," he said. "But Buddhist faith isn't about believing in God. It's about following Buddha's path, so it doesn't matter whether it is represented by a machine, a scrap of iron or a tree." The temple insists the deity of mercy is able to transform itself at will and that an android is merely the latest incarnation. "Artificial intelligence has developed to such an extent we thought it logical for the Buddha to transform into a robot," said Goto. "We hope it will touch people's hearts and minds."

Japan temple puts faith in robot priest, faces criticism

Japan is "in the dark" as to why South Korea has downgraded Tokyo's trading status, its trade minister said Tuesday, amid an intensifying trade war between the two neighbours and US allies.

South Korea on Monday created a new category of trading status for Japan, with Trade Minister Sung Yun-mo saying it was "hard to work closely with a country that frequently violates the basic rules."

South Korea's list of trade partners was divided into two groups, those who are members of the world's top four export control agreements and those who are not.

But Seoul said Monday it had created a new category for countries that had signed the four pacts "but operate an export control system that violates international norms".

Japan is the only country in the new category.

The move left officials in Tokyo bemused.

"After watching the South Korean press conference, we remain completely in the dark as to the grounds on which it claims that Japan's export control system fails to comply with (international) principles," tweeted Trade Minister Hiroshige Seko on Tuesday.

Monday's move is the latest in a series of tit-for-tat measures between the two neighbours.

On July 4, Japan tightened its rules on awarding official export permits for South Korea, meaning that screening applications could take up to 90 days.

Japan has also announced it will remove South Korea from a list of favoured export partners from August 28.

South Korea quickly fired back, rescinding Japan's favoured export partner status and saying it would also review a military information agreement.

The dispute has raised concerns over the potential implications for their security cooperation in the face of North Korean missile tests, and the possible impact on global supply chains.

Despite mutual criticism over policies linked to wartime history, both Japan and South Korea insist these measures have been introduced on national security grounds.

South Korea is the fifth-largest importer of Japanese goods, while petroleum products, iron and steel products, and electrical machinery including semiconductors are the major South Korean imports to Japan, according to finance ministry trade data.

"Although the de-listing does not come as a surprise, it nevertheless illustrates that the bilateral tensions between Japan and South Korea show no sign of abating," said Tobias Harris, an expert at Teneo consultants, in a note on Tuesday.

Japan is "in the dark" as to why South Korea has downgraded Tokyo's trading status, its trade minister said Tuesday, amid an intensifying trade war between the two neighbours and US allies.

Japan is "in the dark" as to why South Korea has downgraded Tokyo's trading status, its trade minister said Tuesday, amid an intensifying trade war between the two neighbours and US allies. South Korea on Monday created a new category of trading status for Japan, with Trade Minister Sung Yun-mo saying it was "hard to work closely with a country that frequently violates the basic rules." South Korea's list of trade partners was divided into two groups, those who are members of the world's top four export control agreements and those who are not. But Seoul said Monday it had created a new category for countries that had signed the four pacts "but operate an export control system that violates international norms". Japan is the only country in the new category. The move left officials in Tokyo bemused. "After watching the South Korean press conference, we remain completely in the dark as to the grounds on which it claims that Japan's export control system fails to comply with (international) principles," tweeted Trade Minister Hiroshige Seko on Tuesday. Monday's move is the latest in a series of tit-for-tat measures between the two neighbours. On July 4, Japan tightened its rules on awarding official export permits for South Korea, meaning that screening applications could take up to 90 days. Japan has also announced it will remove South Korea from a list of favoured export partners from August 28. South Korea quickly fired back, rescinding Japan's favoured export partner status and saying it would also review a military information agreement. The dispute has raised concerns over the potential implications for their security cooperation in the face of North Korean missile tests, and the possible impact on global supply chains. Despite mutual criticism over policies linked to wartime history, both Japan and South Korea insist these measures have been introduced on national security grounds. South Korea is the fifth-largest importer of Japanese goods, while petroleum products, iron and steel products, and electrical machinery including semiconductors are the major South Korean imports to Japan, according to finance ministry trade data. "Although the de-listing does not come as a surprise, it nevertheless illustrates that the bilateral tensions between Japan and South Korea show no sign of abating," said Tobias Harris, an expert at Teneo consultants, in a note on Tuesday.

Japan 'in the dark' over South Korea trade controls: Minister Sung Yun-mo

Sri Lanka could lose access to global debt markets if a new government shifts away from the country's current fiscal policy that's aimed at shoring up the economy and managing inflation, a central bank official said on Friday.

<a href="https://www.wionews.com/world/sri-lanka-president-vetoes-military-deal-with-washington-that-allows-us-troops-free-access-to-islands-ports-233571">The Indian Ocean island nation</a> is preparing for the presidential election later this year and a parliament election in 2020, which is causing uncertainty among investors over potential policy shifts.

'The question is whether any new government coming after elections will move in a different direction compared to what we have been, or rather this government, has been doing for the last four years,' Nandalal Weerasinghe, Senior Deputy Governor at the Central Bank of Sri Lanka, told Reuters in an interview on Friday.

'If anyone tries to move away from this fiscal, macro-economic stability, they will not have access to global markets,' he said.

The economy cannot afford to lose access to global markets as it has to repay more than $16 billion in foreign loans over the next four years.

'Anyone who comes to power will have to make sure we have access to a global investor base so that we can meet payments in the next couple of years through market borrowings,' Weerasinghe said.

During Prime Minister Ranil Wickremesinghe's government, the central bank has tightened monetary policies to back the administration's overall goal of fiscal consolidation, an effort supported by a $1.5 billion loan from the International Monetary Fund.

Though Wickremesinghe is widely seen as a business-friendly leader, critics say his economic politics have stunted economic growth.

The central bank has introduced an inflation-targeting monetary policy and a flexible exchange rate transformed short-term high-cost borrowings to long-term lower-cost ones and reduced the outflow of foreign exchange for luxury goods.

SLOWED GROWTH

Those measures contributed to pulling down the economic growth rate in 2018 to an 18-year low of 3.2 per cent. A power tussle in 2018 for the prime minister's job and this year's Easter Islamist militant bombings, which killed more than 250 people, further weigh on the economy.

Weerasinghe of the central bank said proposed changes to monetary policy law, expected to win parliament approval soon, will help bolster the central bank's independence.

'Already there's central bank independence in the current law, and we are now proposing a new monetary act which will strengthen the central bank's independence as well as accountability to the public, to the parliament.'

Weerasinghe forecast 3 per cent growth this year.

In May, the central bank reduced the key interest rates by 50 basis points to boost credit growth and the economy.

There was still room to reduce market interest rates, Weerasinghe said.

'I don't see any reason to tighten at this point.'

He also said the central bank is in advance discussions to borrow $500 million from Japan via a bond sale this year.

Sri Lanka could lose access to global debt markets if a new government shifts away from the country's current fiscal policy that's aimed at shoring up the economy and managing inflation, a central bank official said on Friday.

Sri Lanka could lose access to global debt markets if a new government shifts away from the country's current fiscal policy that's aimed at shoring up the economy and managing inflation, a central bank official said on Friday. The Indian Ocean island nation is preparing for the presidential election later this year and a parliament election in 2020, which is causing uncertainty among investors over potential policy shifts. 'The question is whether any new government coming after elections will move in a different direction compared to what we have been, or rather this government, has been doing for the last four years,' Nandalal Weerasinghe, Senior Deputy Governor at the Central Bank of Sri Lanka, told Reuters in an interview on Friday. 'If anyone tries to move away from this fiscal, macro-economic stability, they will not have access to global markets,' he said. The economy cannot afford to lose access to global markets as it has to repay more than $16 billion in foreign loans over the next four years. 'Anyone who comes to power will have to make sure we have access to a global investor base so that we can meet payments in the next couple of years through market borrowings,' Weerasinghe said. During Prime Minister Ranil Wickremesinghe's government, the central bank has tightened monetary policies to back the administration's overall goal of fiscal consolidation, an effort supported by a $1.5 billion loan from the International Monetary Fund. Though Wickremesinghe is widely seen as a business-friendly leader, critics say his economic politics have stunted economic growth. The central bank has introduced an inflation-targeting monetary policy and a flexible exchange rate transformed short-term high-cost borrowings to long-term lower-cost ones and reduced the outflow of foreign exchange for luxury goods. SLOWED GROWTH Those measures contributed to pulling down the economic growth rate in 2018 to an 18-year low of 3.2 per cent. A power tussle in 2018 for the prime minister's job and this year's Easter Islamist militant bombings, which killed more than 250 people, further weigh on the economy. Weerasinghe of the central bank said proposed changes to monetary policy law, expected to win parliament approval soon, will help bolster the central bank's independence. 'Already there's central bank independence in the current law, and we are now proposing a new monetary act which will strengthen the central bank's independence as well as accountability to the public, to the parliament.' Weerasinghe forecast 3 per cent growth this year. In May, the central bank reduced the key interest rates by 50 basis points to boost credit growth and the economy. There was still room to reduce market interest rates, Weerasinghe said. 'I don't see any reason to tighten at this point.' He also said the central bank is in advance discussions to borrow $500 million from Japan via a bond sale this year.

Sri Lanka risks losing debt market access if future government policy changes

<a href="https://www.wionews.com/world/us-senate-confirms-mark-esper-as-secretary-of-defense-238023">US&nbsp;Defence&nbsp;Secretary&nbsp;Mark Esper</a> met with senior&nbsp;South&nbsp;Korean leaders on Friday amid a series of&nbsp;regional&nbsp;challenges&nbsp;ranging from a bitter trade row between Seoul and Tokyo to the cost of&nbsp;US troops stationed in&nbsp;South&nbsp;Korea.

Esper, on his first international trip since being confirmed as&nbsp;defence&nbsp;secretary, arrived in&nbsp;South&nbsp;Korea&nbsp;on Thursday evening amid an escalating trade feud between two of Washington's main Asian allies.

While the trade issue,<a href="https://www.wionews.com/world/south-korea-warns-japan-of-security-pact-risk-calls-for-cooling-off-in-trade-row-240488"> which threatens&nbsp;regional intelligence sharing,</a> came up in his meetings in Seoul, Esper reiterated the importance of the&nbsp;South&nbsp;Korean US alliance and said the allies would continue to coordinate on North&nbsp;Korea.

In his opening remarks of the meeting with Esper,&nbsp;<a href="https://www.wionews.com/world/north-korea-test-fired-same-type-of-missiles-in-may-seoul-223632">South&nbsp;Korean&nbsp;Defense&nbsp;Minister Jeong Kyeong-doo</a> said Japan's export restrictions against&nbsp;South&nbsp;Korea&nbsp;are "causing adverse effects on&nbsp;South&nbsp;Korea-Japan relations and security cooperation among&nbsp;South&nbsp;Korea, the&nbsp;US, and Japan".

South&nbsp;Korea&nbsp;has said it was exploring all options in a bitter trade dispute with Japan, including scrapping an intelligence-sharing pact.

The accord, the General Security of Military Information Agreement (GSOMIA), facilitates a three-way intelligence gathering with Washington, which is crucial in fending off North&nbsp;Korea's nuclear and missile threats. The deal is automatically renewed annually on Aug. 24.

Relations between&nbsp;South&nbsp;Korea&nbsp;and Japan are at their worst in decades, with the trade row rooted in a long-running dispute over compensation for&nbsp;South&nbsp;Koreans forced to work for Japanese firms during World War Two.

Esper arrived in Seoul a day after&nbsp;US President Donald Trump said&nbsp;South&nbsp;Korea&nbsp;agreed to 'pay a lot more' to shoulder the costs required for the upkeep of 28,500&nbsp;US troops in South&nbsp;Korea&nbsp;and that talks are underway to discuss&nbsp;the issue.

But a spokesman at&nbsp;South&nbsp;Korea's foreign ministry told reporters on Thursday that the negotiations have not yet begun, and a ministry official said on Friday that Esper did not mention the costs during his meeting with Foreign Minister Kang Kyung-Wha, according to Yonhap.

The trip comes after North&nbsp;Korea&nbsp;recently carried out a series of missile tests and with de-nuclearisation talks between the United States and North&nbsp;Korea&nbsp;stalled.

"At a time when the security environment is so severe, it is very meaningful to discuss&nbsp;the security situation on the&nbsp;Korean Peninsula and the&nbsp;South&nbsp;Korea-US alliance," Jeong said.

Noting that&nbsp;South&nbsp;Korea&nbsp;and the United States are working together to denuclearise North&nbsp;Korea, Jeong praised "President Trump's amazing imagination that transcends conventions" for bringing about his meeting with North&nbsp;Korean leader Kim Jong Un at the inter-Korean border in June.

On Tuesday, Esper said the United States would not overreact to the short-range missile launches by North&nbsp;Korea&nbsp;and would keep the door open to talks with Pyongyang. He also added that, despite complaints by North&nbsp;Korea, there was no plan to alter future joint military drills with Seoul.

Esper's visit comes as&nbsp;South&nbsp;Korean President Moon Jae-in tapped a seasoned diplomat as the new ambassador to Washington on Friday. 
South&nbsp;Korea&nbsp;is Esper's last stop on a trip that has also included&nbsp;visits&nbsp;to Australia, Japan, and Mongolia.

US Defence Secretary Mark Esper met with senior South Korean leaders on Friday amid a series of regional challenges ranging from a bitter trade row between Seoul and Tokyo to the cost of US troops stationed in South Korea.

US Defence Secretary Mark Esper met with senior South Korean leaders on Friday amid a series of regional challenges ranging from a bitter trade row between Seoul and Tokyo to the cost of US troops stationed in South Korea. Esper, on his first international trip since being confirmed as defence secretary, arrived in South Korea on Thursday evening amid an escalating trade feud between two of Washington's main Asian allies. While the trade issue, which threatens regional intelligence sharing, came up in his meetings in Seoul, Esper reiterated the importance of the South Korean US alliance and said the allies would continue to coordinate on North Korea. In his opening remarks of the meeting with Esper, South Korean Defense Minister Jeong Kyeong-doo said Japan's export restrictions against South Korea are "causing adverse effects on South Korea-Japan relations and security cooperation among South Korea, the US, and Japan". South Korea has said it was exploring all options in a bitter trade dispute with Japan, including scrapping an intelligence-sharing pact. The accord, the General Security of Military Information Agreement (GSOMIA), facilitates a three-way intelligence gathering with Washington, which is crucial in fending off North Korea's nuclear and missile threats. The deal is automatically renewed annually on Aug. 24. Relations between South Korea and Japan are at their worst in decades, with the trade row rooted in a long-running dispute over compensation for South Koreans forced to work for Japanese firms during World War Two. Esper arrived in Seoul a day after US President Donald Trump said South Korea agreed to 'pay a lot more' to shoulder the costs required for the upkeep of 28,500 US troops in South Korea and that talks are underway to discuss the issue. But a spokesman at South Korea's foreign ministry told reporters on Thursday that the negotiations have not yet begun, and a ministry official said on Friday that Esper did not mention the costs during his meeting with Foreign Minister Kang Kyung-Wha, according to Yonhap. The trip comes after North Korea recently carried out a series of missile tests and with de-nuclearisation talks between the United States and North Korea stalled. "At a time when the security environment is so severe, it is very meaningful to discuss the security situation on the Korean Peninsula and the South Korea-US alliance," Jeong said. Noting that South Korea and the United States are working together to denuclearise North Korea, Jeong praised "President Trump's amazing imagination that transcends conventions" for bringing about his meeting with North Korean leader Kim Jong Un at the inter-Korean border in June. On Tuesday, Esper said the United States would not overreact to the short-range missile launches by North Korea and would keep the door open to talks with Pyongyang. He also added that, despite complaints by North Korea, there was no plan to alter future joint military drills with Seoul. Esper's visit comes as South Korean President Moon Jae-in tapped a seasoned diplomat as the new ambassador to Washington on Friday. South Korea is Esper's last stop on a trip that has also included visits to Australia, Japan, and Mongolia.

US defence secretary visits South Korea as the region faces myriad challenges

Japan has approved the shipment of a high-tech material to South Korea for the first time since imposing export curbs last month, but doubled down on political pressure and warned it could broaden restrictions on deliveries to its Asian neighbour.

Japan has approved the shipment of a high-tech material to South Korea for the first time since imposing export curbs last month, but doubled down on political pressure and warned it could broaden restrictions on deliveries to its Asian neighbour. The approval and subsequent warning illustrate how Tokyo is ready to up the ante in the diplomatic row and yet unwilling to fully cut off exports to South Korea. The dispute, rooted in their wartime past and exacerbated by the recent tightening of curbs on shipments of three high-tech components, has stoked nationalism and raised trade concerns. Relations between the two US allies worsened late last year as part of a decades-old dispute over compensation for forced labourers during Japan's occupation. South Korea has invoked its difficult history with Japan, which colonised the Korean peninsula during World War Two. "Usually, we don't announce each time we give export permission. However, the South Korean government has referred to our moves as an embargo on exports, which is unfair criticism," Japanese Industry Minister Hiroshige Seko told a briefing. It is the first time since the export curbs were introduced last month that Japan has allowed shipment of one of the three high-tech materials, he said. He was quick to add Tokyo would expand the curbs beyond the three specialised chemicals - fluorinated polyimides, photoresists and hydrogen fluoride - if there were any cases of "improper" use. Some of the chemicals, which are used to make smartphone displays and chips, can also be used in weapons. Japanese officials have cited unspecified security reasons for their export curbs. But they have pointed to an erosion of trust after South Korean court rulings last year ordered Japanese firms to compensate wartime forced labourers. Tokyo says the matter was settled by a 1965 treaty normalising bilateral ties. South Korea's president, Moon Jae-in, said on Thursday that tighter curbs would undermine Japan's international credibility and accused Tokyo of using its industrial advantage as a weapon against another country. "Even if there are any gains, it will be short-lived. In the end, it is a game without winners, where everyone, including Japan itself, becomes a victim," Moon said. White list The high-tech material that has been just cleared by Japan for export is EUV photoresists, South Korean Prime Minister Lee Nak-yon said. The chemical is crucial for Samsung's advanced contract chipmaking production. Samsung declined to comment. But it remains unclear if this approval from Tokyo signals a breakthrough in trade relations. "They approved only one out of a number of items," a South Korean senior trade ministry official pointed out. A presidential official said: "It doesn't mean that uncertainties have been completely removed for the other items." Japan has removed South Korea from the "white list" of countries with fast-track trade status, meaning some exporters may have to go through a lengthy permit application process to ship restricted items to South Korea. That covers a broad range of items, including those applicable to weapons production and machine tools. South Korea, which was scheduled to take a call on a plan to drop Japan from its "white list" on Thursday, has, however, put off the decision until further discussions. But the country has said it plans to tighten regulations on imported coal ashes, mostly from Japan, used to produce cement, and has proposed tax benefits for local firms in case they need to buy foreign chemical makers as Seoul tries to cut reliance on Japan. The curbs have also prompted concern among corporate Japan. "This situation benefits neither Japan nor South Korea," Masashi Oka, senior executive vice president at Nikon, told a recent briefing. "We strongly hope that both countries can return to normal economic activity as soon as possible." Given the curbs in place, Japan's approval to export the three materials could take up to 90 days, slowing shipments. Vital link The export curbs highlight how Japan controls a vital link in the global supply chain. It remains a major player in specialised chip components, even though it was overtaken as a chipmaker years ago by South Korea. At a New York event for a new flagship phone launch, the head of Samsung's mobile division told reporters he could not rule out a potential impact on the supply chain for smartphone production if the curbs dragged on for more than four months. Shares of Tokyo Ohka Kogyo rose 3.9% and Stella Chemifa surged 10.1% after the latest export approval. Tokyo Ohka Kogyo makes photoresists and Stella Chemifa produces hydrogen fluoride, both materials affected by the export curbs. South Korean chipmakers are hitting a dead-end in their quest to find alternatives for key Japanese materials that have been slapped with restrictions, raising the prospect of major disruption to their operations in coming months.

Japan greenlights first South Korea export since July curbs, but with a warning

The mayor of Hiroshima urged Japan to sign a landmark UN treaty banning nuclear weapons as the city Tuesday marked 74 years since being targeted in the <a href="https://www.wionews.com/world/hiroshima-marks-73rd-anniversary-of-atomic-bombing-in-wwii-157247">world's first atomic attack</a>.

Prime Minister Shinzo Abe led commemorations at the Peace Memorial Park in Hiroshima as residents offered silent prayers, lit candles and placed wreathes to remember those killed in the August 6, 1945 bombing.

And mayor Kazumi Matsui used the occasion to push the Abe administration to sign the UN treaty on the prohibition of nuclear weapons (TPNW), approved by more than 120 nations, but rejected by the US and other nuclear armed countries.

"I call on the government of the only country to experience a nuclear weapon in war to accede to the hibakusha's (atomic bomb victims) request that the TPNW be signed and ratified," said Matsui.

"I urge Japan's leaders to manifest the pacifism of the Japanese constitution by displaying leadership in taking the next step towards a world free from nuclear weapons."

The mayor urged world leaders to come to the city to see the memorial for themselves, amid expectations that Pope Francis will visit later this year.

The ongoing threat from atomic weapons in the region was demonstrated as nuclear-armed North Korea fired off two "unidentified projectiles" off its eastern coast -- the latest in a series of tests.

Meanwhile, the US and Russia failed to renew a<a href="https://www.wionews.com/world/us-formally-withdraws-from-1987-nuclear-pact-with-russia-mike-pompeo-240169"> Cold War-era nuclear pact </a>last week, triggering renewed fears of an arms race.

Japan remains the only country to have experienced atomic attack -- against Hiroshima and Nagasaki, days ahead of the country's surrender on August 15, 1945 to end World War II.

For his part, Abe reiterated a pledge to serve as a "bridge" between nations with and without nuclear weapons to rid the world of them.

"With help from both sides, I will patiently encourage them to engage in dialogue and I am resolved to lead international efforts towards this end," he said.&nbsp;

The mayor of Hiroshima urged Japan to sign a landmark UN treaty banning nuclear weapons as the city Tuesday marked 74 years since being targeted in the world's first atomic attack.

The mayor of Hiroshima urged Japan to sign a landmark UN treaty banning nuclear weapons as the city Tuesday marked 74 years since being targeted in the world's first atomic attack. Prime Minister Shinzo Abe led commemorations at the Peace Memorial Park in Hiroshima as residents offered silent prayers, lit candles and placed wreathes to remember those killed in the August 6, 1945 bombing. And mayor Kazumi Matsui used the occasion to push the Abe administration to sign the UN treaty on the prohibition of nuclear weapons (TPNW), approved by more than 120 nations, but rejected by the US and other nuclear armed countries. "I call on the government of the only country to experience a nuclear weapon in war to accede to the hibakusha's (atomic bomb victims) request that the TPNW be signed and ratified," said Matsui. "I urge Japan's leaders to manifest the pacifism of the Japanese constitution by displaying leadership in taking the next step towards a world free from nuclear weapons." The mayor urged world leaders to come to the city to see the memorial for themselves, amid expectations that Pope Francis will visit later this year. The ongoing threat from atomic weapons in the region was demonstrated as nuclear-armed North Korea fired off two "unidentified projectiles" off its eastern coast -- the latest in a series of tests. Meanwhile, the US and Russia failed to renew a Cold War-era nuclear pact last week, triggering renewed fears of an arms race. Japan remains the only country to have experienced atomic attack -- against Hiroshima and Nagasaki, days ahead of the country's surrender on August 15, 1945 to end World War II. For his part, Abe reiterated a pledge to serve as a "bridge" between nations with and without nuclear weapons to rid the world of them. "With help from both sides, I will patiently encourage them to engage in dialogue and I am resolved to lead international efforts towards this end," he said.

Mayor urges Japan to sign UN nuke ban on Hiroshima anniversary

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