Japan has begun preparations to impose its own set of economic sanctions on North Korea after the regime rejected a UN Security Council resolution condemning its ballistic missile tests, a top government official said yesterday.
Chief Cabinet Secretary Shinzo Abe said that he has instructed officials to ready procedures necessary for banning cash remittances to North Korea, in addition to sanctions already called for in the UN resolution.
North Korea drew international condemnation this month after firing seven missiles, including a long-range Taepodong-2 believed capable of reaching parts of the US, violating a self-imposed moratorium. Japan so far has placed only limited sanctions on Pyongyang.
"We have started preparations to properly achieve necessary steps involving financial restrictions [on North Korea]," Abe said, adding that Japan will make a final decision following consultation and cooperation with other countries to make the sanctions effective.
"International coordination with the United States and other countries is extremely important," Abe said.
Japanese newspapers reported on Monday that Japan was also considering freezing assets held by North Korea as part of the economic sanctions.
On Saturday, the UN Security Council unanimously passed a resolution criticizing the launches, and banning all UN member states from dealing with North Korea in the aspects of materials or the technology needed for missiles or weapons of mass destruction.
The North's UN ambassador promptly rejected the resolution at the Security Council and left the chamber, a breach of typical diplomatic protocol.
Finance Minister Sadakazu Tanigaki said yesterday that government officials were looking into imposing restrictions on financial assets and fund flows to North Korea.
"The purpose is to get North Korea to abandon its development of ballistic missiles. We need to work in the international arena and I believe restrictions on the transferral of funds will be important and effective," Tanigaki said.
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