A Japanese think tank says that if South Korea realizes its free trade agreements (FTA) with the U.S., China and the European Union, this will deal a heavy blow to Japan.

Japan's Asahi Shimbun daily quoted a study released by the Japan External Trade Organization that calculated the financial impact South Korean free trade deals would have on neighboring countries.

The report forecast that if all three of the FTAs take effect, Japan's exports to the U.S., China and the EU will drop over eleven billion dollars in the first year following the effectuation of the FTAs.

The report says that if South Korea inks a trade deal with Japan, Seoul stands more to gain than Tokyo in terms of exports.