<Anchor>

President Moon Jae-in said that the basic strength of our economy is strong, and he should be alert to fake news that raises market instability regarding Japan's economic retaliation measures. The government, the ruling party and the Blue House also said they would waive preliminary feasibility studies on projects worth KRW 1.65 trillion to strengthen our industrial competitiveness against Japan.

I'm Jung Yumi.

<Reporter>

The government, ruling party and the Blue House yesterday held the first meeting of Japan's Export Control Measures, and decided to exempt preliminary feasibility studies, ie, to apply R & D projects related to materials, parts and equipment as emergency situations.

Under the National Fiscal Law, businesses worth more than 30 billion won are going to be put to the fore, allowing work to begin immediately without being cut.

As a result, related projects worth KRW 1.67 trillion are expected to be exempted.

The company also decided to expedite tax support such as the deduction of overseas merger and acquisition tax and the reduction of income tax from overseas professionals.

President Moon Jae-in presided over the State Council, saying that global credit ratingers rated our credit ratings two levels higher than Japan's, and should guard against fake news that raises public anxiety.

[President Moon Jae-in: The basic stamina of our economy is strong. Be wary of raising market jitters with unfounded fake news, false information, and exaggerated prospects.]

Mr. Moon repeatedly stressed that the government should take firm action and take current challenges as opportunities.