Japan has threatened retaliation against a South Korean court's planned sale of assets belonging to a Japanese company that has refused an order to compensate Korean victims of wartime forced labor.

At a press conference Tuesday, Japan's Chief Cabinet Secretary Yoshihide Suga said Tokyo will respond in a resolute manner by considering all means to protect the legitimate economic activities of Japanese companies.

Claiming that the South Korean Supreme Court's legal measures regarding the wartime forced labor issue violate international law, Suga said Tokyo will continue to demand that Seoul resolve the issue in a prompt manner.

Japanese media outlets have speculated that Tokyo may increase tariffs on South Korea, tighten visa requirements, impose financial sanctions, seize South Korean assets in Japan or recall Japan's ambassador from South Korea.

Based on a 2018 Supreme Court ruling, Daegu District Court is, as of 12:00 a.m. Tuesday, able to proceed with the liquidation of some of Nippon Steel Corporation's stake in PNR, a joint venture established with South Korea's top steelmaker POSCO.

Nippon Steel, however, has said it will make an appeal, a move expected to delay the judicial process.