The head of Japan's largest business group says the organization will consider new programs to step up cooperation with its South Korean counterpart, following Seoul's announcement of a plan to settle the wartime labor issue between the two countries.

Tokura Masakazu, the chairman of the Keidanren, or the Japan Business Federation, held a news conference on Monday.

He said he appreciates that the Japanese government welcomed South Korea's plan for a solution and better bilateral ties. He also said he believes Tokyo is looking at the future and wants to work with Seoul to address the rising geopolitical risks.

Tokura also said the Keidanren will consider programs to strengthen cooperation in economic and other fields jointly with the Federation of Korean Industries.

He said he hopes future-oriented projects by two countries' business sectors will help improve bilateral ties even if it takes time.

Tokura pointed out that Japan and South Korea have similar problems, such as energy security and aging populations. He noted that his organization will explore what it can do in a wide range of fields.