URGENT: Japan, S. Korea business lobbies to launch youth exchange foundations

The major business lobbies in Japan and South Korea said Thursday they will each establish a foundation to promote exchanges between the youth of their respective countries, a move that could help repair bilateral relations that soured over a wartime labor compensation dispute. The announcement by the Japan Business Federation and the Federation of Korean Industries to launch their "future partnership" foundations came after South Korea last week announced a proposal to settle the long-running dispute with Japan.