The leaders of South Korea and Japan have agreed on a joint response to North Korea's planned rocket launch, calling it a violation of the U.N. Security Council Resolution 1718.

President Lee Myung-bak met Japanese Prime Minister Aso Taro in London Wednesday, one day ahead of the G-20 financial summit.

Aso said his government is prepared to intercept North Korean rocket or its debris on land and at see should it enter Japan's territory or territorial waters. Lee said he understood the measure was for the safety of Japanese people.

The Japanese leader said if Pyongyang launches a rocket, Japan is mulling a ban on all imports and exports with the communist country.

The two leaders agreed to cooperate in overcoming the current global economic and financial difficulties, noting that the G-20 financial summit should yield an agreement that's more advanced than the one reached at the Washington summit in November.