On Friday, the 9th of August 2019, an informal boycott of Japanese goods in South Korea had started to rattle Japanese consumer goods’ markets in South Korea, as a Japanese casual clothing chain store operator, Uniqlo, had told that the South Korean boycotts had begun to make its marks over Japanese economy by curbing revenues from South Korea exports, underscoring extents of a heightening economic hit on Japanese economy meaded from a diplomatic conflict of interest over Tokyo’s forced wartime labor issue during World War II.
In context of a tempestuous trade relationship between two noisy neighbors beside the South Pacific, South Korea’s retail stores had unofficially boycotted Japanese export later last month, after Japan had imposed a ban on critical tech supplies to South Korea over a forced wartime labor compensation, however, trade frictions between Seoul and Tokyo had ramped up further after South Korean retailers started off a boycott on Japanese imports, accountable for roughly 10-15 percent of the world’s third-largest economy’s entire revenue generated from exports.
Meanwhile, both Seoul and Tokyo had rubbed out each other’s enrolment in a favored trading partners’ list, fanning the flames of another set of trade spat further, which had every potentiality to lean world’s economy towards a potential recession risk while disrupting supply chains for global tech titans likes of US-based Apple Inc.
alongside China’s tech conglomerate Huawei. While relations between two of the most prominent Asian allies of the United Sates had been witnessing their worst trade tie-up in decades, without revealing an exact figure, a spokeswoman for Uniqlo owner Fast Retailing said on Friday (August 9th), “We can confirm that there has been an impact on the sales in Korea. ”