President Yoon & Japan PM Kishida Hold Leader's Summit In Seoul

South Korean President Yoon held a leader's summit with Japan PMI Kishida yesterday in Seoul. This was the first formal summit between leaders of the two countries in 12 years (held in South Korea), and follows Yoon's recent trip to Japan. It is a sign of thawing tensions between the two countries, as they seek to reduce economic barriers and enhance geopolitical cooperation.

• Japan PM Kishida stated that "“I myself feel pain in my heart that many people suffered pain and sadness in the very tough environment,” in relation to the forced labor issue from Japan's colonial rule of South Korea.
• Still, this remains an issue for many South Koreans, with local polls not in favor of Yoon's proposal for South Korea companies to fund a compensation program. Some local politicians are looking for a greater contribution from Japan.
• President Yoon stated this issue shouldn't prevent further discussions on closer ties between the two countries.
• The leaders did agree to greater cooperation around the semiconductor sector, although fresh details were lacking. Japan PM Kishida will today meet with key South Korean business leaders, with the aim of improving economic cooperation, particularly in terms of global supply chains.