Japan’s Seko: S. Korea failed to justify trade restriction, USD/JPY off highs

Japanese Industry Minister Hiroshige Seko was on the wires earlier today, via Twitter, responding to the removal of Tokyo's fast-track trade status by South Korea on Monday.

Seko tweeted out: "From the start, it is totally unclear under what basis South Korea can say that Japan's export control measures don't meet the export control regime."

On Monday, South Korean Ministry of Trade, Industry and Energy said in a statement, it is considering dropping Japan from its “white list” of countries with fast-track trade status from September, in response to the Japanese export controls on the South.

The risk tones remain buoyed heading into the European open, with the USD on the front foot across the board while USD/JPY is seen fading its bounce to 105.60 levels.