South Korea unveils extra budget to respond to Japan's export curbs

FILE PHOTO: A South Korean flag covers a ceremonial guard member prior to the arrival of South Korea’s President Moon Jae-in at the White House in Washington, U.S., April 11, 2019. REUTERS/Carlos Barria

SEOUL (Reuters) - South Korea’s ruling party said on Thursday it would include up to 300 billion won ($254.8 million) in an extra budget to cope with Japan’s recent export limits on high-tech materials.

The Democratic Party said in a statement the budget would be intended to support South Korea’s own technology development and commercialisation of items of which the country has relied on imports from Japan.

Japan has tightened curbs on exports of three materials crucial for advanced consumer electronics bound for South Korea, amid a deepening row between the two countries over wartime forced labour.

Reporting by Ju-min Park; Editing by Jacqueline Wong