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WEEKLY NEWSLETTER
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South Korea
Index
The Chun government also brought about a significant change
in South Korea's relations with Japan. In 1981 Chun utilized the
United States' support and its strategy of allocating greater
responsibility to Japan in the East Asian region to persuade
Tokyo to grant Seoul a large public loan. The negotiations lasted
until early 1983 and aroused many conflicting emotions in both
countries. However, Chun was able to obtain a US$4 billion
low-interest loan that significantly contributed to boosting
South Korea's credit rating and to accelerating its economic
recovery; Seoul's foreign debt had reached US$41 billion at the
end of 1983 and was badly in need of an improved credit rating.
Japanese prime minister Nakasone Yasuhiro capped the negotiation
process by paying a state visit to Seoul in January 1983. While
other Japanese prime ministers had visited Seoul for
inaugurations or funerals, this was the first state visit to
South Korea by a Japanese leader since the country was liberated
from Japan in 1945.
Data as of June 1990
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