Keynes and Bown are joined by Dukgeun Ahn (Seoul National University) to discuss Japan’s threat to limit South Korean access to inputs needed to make display panels and semiconductors for smartphones. The current dispute traces back to failures to resolve private reparations claims over World War II atrocities. They explain new economic threats to regional supply chains, Japan’s national security justification for its decision, the role of the WTO and a legal decision over the Fukushima nuclear accident, and even implications for the CPTPP.