Finance Minister Hong Nam-ki met with the chief of the International Monetary Fund in Washington on Thursday and raised issue with Japan's export restrictions against South Korea, saying they violate WTO regulations.

During talks with IMF Managing Director Kristalina Georgieva, Hong said Japan's export curbs are based on non-economic reasons and run counter to the spirit of the Osaka G20 summit agreement in June, which called for fostering a free trade environment.

The minister said although Japan's action has yet to deal a direct blow to Korea, such as a disruption in output, increased volatility remains a risk factor for companies, and he stressed the situation must be swiftly resolved.

Regarding the U.S.-China trade dispute, the IMF chief called for an end to the prolonged war rather than a mere ceasefire, while Hong requested the IMF's active role in strengthening the global value chain. 

Seoul's finance chief is in Washington to attend the Group of 20 finance ministers and central bank governors' meeting as well as meetings of the IMF and World Bank.