S.Korea to take measures to minimize impact from Japan quake

08:31, March 14, 2011      

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The South Korean government said Sunday that it will closely monitor the impact from Japan's biggest earthquake and take preemptive measures to minimize the negative impact on the country's economy.

"Japan's quake is expected to have a limited impact on the local economy for now, but uncertainties are very high. We need a closer monitoring given Japan's status as the world's third- largest economy and the second-biggest trading partner of South Korea," Finance Minister Yoon Jeung-hyun said in an emergency economic policy coordination meeting, attended by heads from the country's major ministries.

"Considering uncertainties from higher oil prices and unpredictable developments in Japan's earthquake, we should continue to monitor and respond to the impact of the quake on the local economy. The government plans to minimize the impact by taking preemptive actions if necessary," Yoon said.

His remarks came as Japan was devastated on Friday by a 9- magnitude earthquake and tsunami it triggered, the worst in Japan' s history, which is estimated to have killed more than 10,000.

Source: Xinhua

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