Leaders representing Korean businesses will accompany President Yoon Suk Yeol on his visit to Japan on Thursday, as they expect to restore frayed trade ties with Tokyo which Seoul sees as disadvantageous for its export-driven, high tech-focused economy.

Samsung Electronics Chairman Lee Jae-yong, SK Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun and Lotte Chairman Shin Dong-bin are among the chiefs in the business delegation, according to Yoon's senior economic secretary Choi Sang-mok.

Through Yoon's official trip, the government will seek to reinstate ministerial-level cooperation channels between the two countries, specifically in areas such as finance, trade, science and technology, which have suffered from soured bilateral relations, he said.

Noting that improving relations with Japan, a key trading and supply chain partner, is “not an option for us but a necessity,” Choi suggested that Korea might have lost up to 20 trillion won ($15.3 billion) in economic value due to the bilateral ties that deteriorated since 2018.

Choi stated that the longer the delay in improving Korea-Japan relations, the greater the opportunity cost will be, adding that it is urgent to strengthen export partnerships, supply chain cooperation, and create synergies on basic science joint research.

When asked about the possibility of Japan easing its export regulations on three chip-related items, a senior presidential office told reporters on the condition of anonymity that the authorities of both countries are still in discussions. He further added that details on the outcome of the discussions will be outlined before the summit.

In 2019, the Japanese government strengthened its export control of three semiconductor-related items to Korea, which was a response to a final ruling by South Korea's Supreme Court.

Earlier in the day, Yoon's office said that leaders of South Korea and Japan will hold a joint press conference after their summit on Thursday, but no joint declaration will be given, citing time restraints.

“During the meeting between the leaders of the two countries, there won't be enough time to summarize their respective positions and refine any language to be included in a joint declaration,” said the official, requesting anonymity.

President Yoon and his Japanese counterpart, Prime Minister Fumio Kishida, are expected to have an in-depth meeting, and each will announce the results of the summit in separate press briefings, he added.

The official also told reporters that bilateral relations between South Korea and Japan have become strained and uncomfortable since 2018, following a final ruling by South Korea's Supreme Court that ordered Japanese companies to pay 100 million won per person in compensation for wartime forced labor.

The lawsuit filed by the victims of forced labor during Japan's 1910-1945 colonial rule of Korea is one of the significant events that aggravated the relationship between the two countries, he said.

Japan has insisted that it has no obligation to compensate individuals for damages caused by forced labor under the Korea-Japan agreement of 1965, but the Supreme Court ruled that the agreement was a political interpretation and could not be applied to individual claims.

Ahead of his first visit to Japan, a first by a Korean president in 12 years, a poll showed that Yoon's approval rating dropped.

A Realmeter survey released on Monday showed that Yoon's approval ratings dropped to 38.9 percent, which was 4 percentage points lower than the previous week. The survey also showed those who had a negative evaluation of state affairs had increased to 58.9 percent, which was up by 5.7 percentage points.

The main reason for the negative assessment was related to the relations with Japan and compensation for forced labor, which was ranked first at 16 percent, among other reasons. According to the survey, 59 percent of the respondents were "against" the government's solution to forced labor, while 35 percent "approved" of the solution.

Last week, the government announced that Seoul and Tokyo reached a deal to compensate the wartime laborers through a Korean foundation.