South Korea's Finance Minister Hong Nam-ki on Thursday urged Japan to withdraw its high-tech material export restrictions on South Korea, denouncing them as "economic retaliation."

During a radio interview, the minister said that South Korea believes the move is clear retaliation for South Korean court rulings ordering Japanese firms to compensate wartime forced laborers or their families.

He rejected Japan’s claims that deteriorating bilateral trust is the cause of the export controls.

Hong said that the Seoul government will decide when to file a complaint with the World Trade Organization over Japan's decision as soon as an internal review is complete.

The minister warned that Japan's export restrictions could hurt not only Seoul but Tokyo as well.

Japan announced earlier this week that beginning Thursday, it will tighten regulations on exports to South Korea of three high-tech materials that are essential for the production of semiconductors and display panels.