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Yonhap News Summary

Yonhap News Summary 13:30 August 05, 2019

The following is the first summary of major stories moved by Yonhap News Agency on Monday.

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Financial regulator vows swift actions to calm markets if necessary

SEOUL -- South Korea's financial regulator on Monday pledged to take "swift and bold" actions to stabilize markets if necessary in the wake of Japan's decision to expand trade curbs against Seoul.

Financial Services Commission (FSC) Vice Chairman Sohn Byung-doo told a meeting of senior financial policymakers that there were no unusual movements of Korean financial markets, amid the Japanese measure and a deepening trade dispute between the United States and China.

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U.S. to decide missile deployment locations in consultation with allies: Esper

SEOUL -- The United States will consult allies and partners to decide where to deploy intermediate-range missiles in Asia and elsewhere to maintain deterrence after withdrawing from an anti-missile treaty with Russia, Secretary of Defense Mark Esper has said.

The comments came after the U.S pledged to begin testing new missiles and deploy them around the world, including in Asia, after it formally pulled out of the Intermediate-Range Nuclear Forces (INF) treaty with Russia last week.

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Japanese funds show no unusual signs despite trade row: watchdog

SEOUL -- South Korea's financial watchdog said Monday it has found no indications of unusual behavior among Japanese investors in the South Korean capital market despite an escalating bilateral trade row.

The neighboring countries have been locked in a trade dispute since Tokyo imposed curbs on exports of high-tech materials to Seoul on July 4, in apparent retaliation against a Seoul court ruling ordering a Japanese firm to provide compensation for wartime forced labor.

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S. Korea 'carefully' mulling whether to scrap intel-sharing deal with Japan

SEOUL -- South Korea is "carefully" considering whether to scrap a military intelligence-sharing pact with Japan over Tokyo's export curbs against the South, the defense minister said Monday.

Defense Minister Jeong Kyeong-doo also told lawmakers that the government is not considering redeploying U.S. tactical nuclear weapons withdrawn from the Korean Peninsula in the early 1990s.

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S. Korea to invest in 100 key strategic items for stable supply

SEOUL -- South Korea said Monday it will heavily invest in 100 key strategic items to have a stable supply by 2024, in the latest move to cope with Japan's economic retaliation.

"We will upgrade the competitiveness of the materials, parts and equipment industries," Hong Nam-ki, minister of economy and finance, said in a meeting with officials in Seoul.

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S. Korea misses direct Olympic qualification in women's volleyball

SEOUL -- South Korea has missed out on direct Olympic qualification in women's volleyball after blowing a lead against Russia.

South Korea won the first two sets before Russia rallied to win 3-2 (21-25, 20-25, 25-22, 25-16, 15-11) in the final Group E match of the FIVB Intercontinental Olympic Qualification Tournament at DS Yantarny in Kaliningrad, Russia, on Sunday (local time).

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(LEAD) Korean won sharply down vs dollar amid increased uncertainty

SEOUL -- The South Korean won traded at a three-year low against the U.S. dollar on Monday on concerns that the escalating trade row between the United States and China, and more recently South Korea's own conflict with Japan, could further cast a pall on its economy.

The won was changing hands at 1,212.30 to the greenback as of 10:56 a.m., down 14.3 won from the previous session's close, after easily breaching the psychologically significant level of 1,200 won.

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S. Korea reviews 'propriety' of military intel-sharing pact with Japan: ministry

SEOUL -- South Korea is reviewing whether it is right to continue exchanging military intelligence with Japan under a bilateral information-sharing pact, the defense ministry said Monday, amid speculation Seoul could rescind the agreement over a trade and diplomatic row with Tokyo.

Officials in Seoul have hinted at the possibility of scrapping the General Security of Military Information Agreement (GSOMIA) in response to a series of retaliatory measures Japan has taken over a row surrounding wartime forced labor.

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Tax agency to delay probes into smaller firms affected by Japan's export curbs

SEJONG -- South Korea's tax agency said Monday that it will delay its probes into smaller companies affected by Japan's export curbs in a move to help local companies overcome their difficulties in the escalating bilateral trade row.

The National Tax Service said tax probes into companies with annual sales less than 150 billion won (US$124.6 million) would be delayed if they suffer damages from the Japanese move.

(END)

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