And now, let's take a look at how South Korea is reacting to the news.
The presidential office had been closely monitoring the situation,... and we go straight to our Blue House correspondent Shin Se-min for more details.
Se-min, what are we learning so far?


The top office has just moments ago released its stance on Japan's decision to remove South Korea from its whitelist of trading partners.
Presidential Office spokesperson Ko Min-jung, holding a brief press conference within the past hour or so,... said South Korea expresses deep regret over Japan's decision,... and sent out a warning saying Seoul will handle the situation with strong determination.
Listen to this.

"The South Korean government was open to resolving the matter through talks until the last moment. We will deal with the unfair measures in a resolute manner."

The spokesperson also reconfirmed Seoul was open till the last minute to hold bilateral talks, as a means of resolving the matter diplomatically,... but as we all know now, Japan made its decision anyway.
Later today,... the spokesperson said President Moon Jae-in will express his stance during a Cabinet meeting he has convened in the afternoon.
Moving forward,... the presidential office said it will establish a task force to monitor and control the situation.

About that Cabinet meeting,... what sort of a message are we expecting from the South Korean government?
That meeting I believe was scheduled at the last minute too,... tell us more.


Right, normally Cabinet meetings are held every Tuesday,...but given the situation,... the president has convened an emergency Cabinet meeting today at 2PM, Korea time.
Also,... unlike many other Cabinet meetings, it will be broadcast live on TV in South Korea.
As for the message,... we are expecting that President Moon Jae-in will send out a determined message to Japan.
This shows the South Korean government is wasting no time in its response against Tokyo.
Jiyoon?