Japan’s currency policy of driving down the value of the yen may hurt South Korea’s exports to that country, according to Lee Soo Il, head of Hankook Tire Co.’s operations in China.

Lee, most recently president of Hankook Tire America Corp., told Bloomberg News yesterday that, "The Japanese government under (new Prime Minister Shinzo) Abe is trying to get their competitiveness by devaluing the yen against other currencies. Short term, it’s going to work because they have price competitiveness."

Hyundai Motor Co. affiliate Kia Motors Corp. have also gone on record and “expressed concerns about worsening exchange rates,” Bloomberg reported.

“The yen’s 18% drop against the won in the past six months is making everything from Japanese cars to vacuum cleaners more competitive vs. South Korean products in the U.S. and Europe,” Bloomberg reported.