Japan's Asahi TV reported on July 10 that Samsung Electronics vice chairman Lee Jae-yong met with major Japanese banks and expressed concerns over the possibility of deterioration of South Korea-Japan relations with Japanese product boycotts and anti-Japan rallies spreading ahead of the Aug. 15 National Liberation Day.
Analyses vary on why he visited major Japanese banks in that the banks have little to do with the Japanese government’s current export restrictions. Some experts point out that the banks are financially backing Japanese enterprises and the export restrictions can be somewhat handled via the banks. It is also pointed out that the vice chairman is aiming to forestall an outflow of Japanese funds and manage them with more efficiency.
Asahi TV also reported that the vice chairman is concerned over the deterioration of the relations affecting other material and component supply networks in Japan. “Japan’s economic retaliation can be expanded beyond semiconductor and display materials as the conflict spreads to the private sector,” it said.