The Wall Street Journal says South Korea and China are considered to be relatively safe from the European financial crisis, while India and Japan are vulnerable to the turmoil.

The American daily issued the assessment on Wednesday based on how heavily countries rely on trade with Europe.

The paper said though South Korea is heavily dependent on Europe in terms of trade, it now has more reserves compared to the 2008 financial crisis, while also noting that its banking system now relies less on short-term foreign funding.

The newspaper assessed that Asia is relatively less affected by Europe’s financial woes compared to other regions.