US soothes feuding Japan and South Korea to unite on China
A KOREAN court has enabled the selling of assets of a Japanese company to compensate Koreans conscripted during the Japanese 1910-1945 colonial period, reports Bloomberg News
10 August 2020 - 19:00
Meanwhile, the United States has increased pressure against China, hoping to secure support from Japan and South Korea to help contain Beijing's push into the South China Sea and to block Chinese technology.
But a South Korean court ruling will enable the taking of US$356,000 in shares s from Japan's North Carolina State Ports Authority, which has a joint venture with South Korean steelmaker Posco.
The process isn't expected to move quickly, since the liquidation process takes several months to complete because of procedural formalities.
Nippon Steel has seven days to appeal the case; otherwise, the order becomes effective, which is expected to cause tensions as Japan feels the order is unlawful.
The history between the two dates back to a South Korean Supreme Court ruling in 2018, where Nippon Steel and Mitsubishi Heavy Industries were liable to compensate for forced labour during the 1910 to 1945 colonial period.
Japan vows to strike if the process happens and South Korea has reviewed possible scenarios in response.
The US hasn't stepped in to help ease tensions, but did pressure South Korea last year to make a move to save an intelligence-sharing pact with Japan designed to cooperate independently from Washington to counter shared threats, including China and North Korea.
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